UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a leading Open Innovation services company, and Platina Energy Group, Inc. (OTCBB:PLGT) (FWB:O5Y), an exploration and production strategic reserve company, are pleased to announce that Platina has acquired Enhanced Oil Recovery, Inc., a wholly owned subsidiary of UTEK, in a stock transaction.
The technology transferred includes an exclusive worldwide license acquired from the University of Texas at Austin for a technology that utilizes a combination of an electrical submersible pump and a jet pump to separate liquid and gas streams. The potential benefit of this system is that it enables a submersible pump and a jet pump to be used in combination in a high gas-to-liquid ratio oil well without installing a gas vent line.
"Platina is pleased to be working with UTEK to develop our proprietary technology position, said Blair Merriam, Chief Executive Officer at Platina. "The company plans to install the licensed product in some of its production wells and sell the product to third parties.
"We are very enthusiastic about working with Platina as they help to develop and commercialize our technology, said Max Green, Licensing Specialist, Office of Technology Commercialization at the University of Texas at Austin.
"UTEK is pleased to consummate this technology transfer with Platina," said Joel Edelson, Vice President of Technology Licensing at UTEK Corporation.
About the University of Texas at Austin
The Office of Technology Commercialization (OTC) at the University of Texas at Austin is a bridge between the research community at the University and commercialization partners, ensuring a smooth and fast transfer of intellectual property created at the University. The University of Texas has been a highly prolific research institution for years. OTC's primary goal is to stay on the cutting edge of technology by carefully assessing and effectively commercializing the University's Intellectual Property. For more information about the University of Texas at Austin, please visit its website at www.otc.utexas.edu.
About Platina Energy Group, Inc.
Platina Energy is an environmentally responsible, E&P strategic reserve company. Since organization in 2005, it has acquired proven producing and proven non-producing reserves in addition to other possible reserves. The Company continues to be aggressive in acquiring new and existing producing fields. For more information about Platina, please visit its website at www.platinaenergygroup.com.
About UTEK Corporation
UTEK® is a leading Open Innovation services company. UTEK's services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or Platina "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Platina's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Platina, as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Platina believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that its expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Platina do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized and realized gains and losses of companies in its portfolio, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.