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| Press Release | Source: UTEK Corporation |
UTEK Corporation Completes Technology Transfer with Kwikpower International for Mobile Bio-Diesel Refineries
Monday October 10, 8:00 am ET
The technology transferred contained the license to a process enabling the continuous conversion for onward sale of plant-based oils into bio-diesel using a mobile refinery. This system uses a tubular oscillatory flow reactor and was demonstrated for the first time at the Clean Energy Technology Show in London earlier this year. Conventional bio-diesel plants require the use of large tanks which must be emptied and cleaned after each batch.
A substantial potential market for bio-diesel has been created by the European Directive 2003/30/EU which sets a target that, by the end of 2005, 2% of all road transport should be powered by bio-fuels, aiming for 5.75% by 2010. The UK government provides a rebate of 20p ($0.35) on the duty of every liter of bio-diesel. The technology was developed by Professor Malcolm Mackley and his team in the Department of Chemical Engineering at the University of Cambridge and is being licensed by Cambridge Enterprise on behalf of the University.
Dr. Jim Watkins, CEO and Chairman of Kwikpower International said: "This technology transfer of the bio-diesel intensification process with Cambridge and UTEK will allow us to rapidly expand Kwikpower's opportunities in the bio-fuels markets. We see major growth opportunities in both the USA and Europe."
He added: "Our KP Wellman engineering subsidiary is already working on integrating the new reactor design into an innovative continuous production module which will fit into a 40 foot container. This technology offers real promise to allow us to reduce the time and cost of production of bio-diesel from a variety of feedstocks, allowing bio-diesel to compete on a level playing field with crude oil derived diesel."
Dr. Clifford M. Gross, CEO and Chairman of UTEK said: "We are very pleased to have completed our first technology transfer to a UK based company since UTEK's admission to AIM in April this year. It demonstrates that our U2B technology transfer model works well on both sides of the Atlantic and can be used by UK companies to develop their product portfolios with university discoveries."
Terms of the Transaction
Biodiesel Technologies, Inc. ("BTI"), a company established by UTEK specifically for this transaction and which holds the technology rights being transferred, has been acquired by Kwikpower International plc in a securities exchange in which Kwikpower International plc issued a GBP 1.25 million (US $2,217,627) convertible debenture to UTEK Corporation in exchange for 100% of the issued and outstanding shares of BTI. The transaction closed on September 30, 2005.
About Kwikpower International plc
Kwikpower is a diversified renewable energy and fuels company offering 'Carbon Recycling' solutions through its engineering division, KP Wellman, and KP Renewables plc, its AIM quoted renewable energy subsidiary. Kwikpower utilizes proprietary technology for recycling carbon waste streams into clean burning renewable fuels or energy. The Kwikpower Group has a turnover of more than US$80.0 million (on an annualized basis) and employs around 280 people.
About Cambridge Enterprise
Cambridge Enterprise facilitates the commercial development of University of Cambridge's intellectual property. Specialist technology transfer staff manage all aspects of patents, copyright and contractual arrangements. Cambridge Enterprise licenses patents and other intellectual property to existing companies, both large and small, as well as to spinouts formed to exploit University technology. Working together with venture capital funds, Cambridge Enterprise forms around five new companies each year.
During 2004 the University applied for 61 patents based on 141 invention disclosures, while a total of 41 new licenses and other commercial agreements were completed. Income from patent and software licenses exceeded GBP 2m, and demand for academics' technical advice added a further GBP 1.8 million of revenue. 2004 saw the launch of five new University spin-out companies, and the University invested a total of GBP 800,000 in ventures formed by staff and students. Cambridge Enterprise is at http://www.enterprise.cam.ac.uk/.
About UTEK Corporation
UTEK® is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B®. In addition to its U2B® service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at http://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 Kwikpower International plc or KP Renewables plc "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Kwikpower International plc or KP Renewables plc'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 Kwikpower International plc or KP Renewables plc, 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 Kwikpower International plc or KP Renewables plc believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their 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 Kwikpower International plc or KP Renewables plc 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 gains and losses, 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 filing
with the Securities and Exchange Commission.
Contact:
Kwikpower International plc / KP Renewables plc
Dr. Jim Watkins, +44 (0)208-899-6140
or
Cambridge Enterprise
Karen Dean, +44 (0)1223-765542
or
UTEK Corporation, Plant City (USA)
Nicole Tyson, 813-754-4330, ext 231
or
Bankside Consultants (UK)
Steve Liebmann or Susan Scott
+44 (0)20-7367-8883 / 07802-888159
Source: UTEK Corporation_______________________________________________ Biofuel mailing list Biofuel@sustainablelists.org http://sustainablelists.org/mailman/listinfo/biofuel_sustainablelists.org Biofuel at Journey to Forever: http://journeytoforever.org/biofuel.html Search the combined Biofuel and Biofuels-biz list archives (50,000 messages): http://www.mail-archive.com/biofuel@sustainablelists.org/
