UTEK Corporation (AMEX:UTK)(LSE-AIM:UTKA), an innovative technology transfer company, and Trio Industries Group, Inc. (OTC:TRIG.PK), a fully integrated manufacturer of finished household cabinet components and contract furniture, announced today that Trio Industries Group, Inc. has acquired Kenaf Core Technologies, Inc. (KCT), a wholly owned subsidiary of UTEK Corporation, in a stock transaction.
KCT holds the license for manufacturing low-density boards and panels made of kenaf core material and a thermosetting binder or resin. Additional materials may be incorporated in the board or panel, such as waxes, colorants and stabilizers.
“The resulting materials of this method are water absorbent. Upon 24 hours of soaking, the material exhibits acceptable modulus and dimensional stability,” said Dan Seale, professor, at Mississippi State University‘s Forest and Wildlife Research Center and one of the inventors of the process. “In situations where water absorption presents a problem, it can be reduced through a variety of methods.”
“Trio Industries Group, Inc. is enthusiastic about this technology and its potential for being a suitable and practical replacement to existing structural panel products. We are looking forward to expanding upon this technology,” said Rob Gyemant, CEO of Trio Industries Group, Inc.
“UTEK is pleased to consummate this technology transfer with Trio Industries Group, Inc. and we look forward to continuing our efforts to identify additional technology acquisition opportunities for their consideration,” said Joel Edelson, VP of Technology Alliances for UTEK Corporation.
About Mississippi State University
Mississippi State University is a comprehensive, doctoral-degree-granting university offering to a diverse and capable student body a wide range of opportunities and challenges for learning and growth; to the world of knowledge, vigorous and expanding contributions in research, discovery, and application; and to the State and its people in every region, a variety of expert services. The Carnegie Foundation designates Mississippi State University as a Doctoral/Extensive institution for the Advancement of Teaching. For more information about Mississippi State University, please visit its website at http://www.msstate.edu.
About Trio Industries Group, Inc.
Trio Industries was formed in early 2000 to capitalize on disruptive new coatings technologies developed by DuPont, and Rohm and Haas Company, two leading specialty chemical firms which patented powder coating applications that provide an enhanced performance acrylic coating finish to wood products. Such coated wood products are used in a variety of industries, including leading starter homes and multi-family housing developments, office furniture components, and ready-to-assemble products being sold by today’s “big box” retailers. For more information on Trio Industries, please visit its website at http://www.trioindustries.net.
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.
Source: Business Wire Oct. 07, 2005.