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Material Technologies Announces Corporate Update on Development and Marketing of Metal Fatigue Detection Solutions
LOS ANGELES, CA, May 23, 2006 (MARKET WIRE via COMTEX) -- Material Technologies, Inc. (OTCBB: MTNA) ("MATECH") today announced a corporate update to review the progress the company has made developing and marketing its patented metal fatigue detection solutions. In response to the $286 billion Federal Transportation Bill, which allocated $5 million to help states evaluate non-destructive methods like MATECH's Electrochemical Fatigue Sensor(TM) (EFS) to test growing fatigue cracks in steel bridges, the company has received interest from several state departments of transportation. MATECH recently completed reviews of three bridges at the request of Pennsylvania's DOT and also completed the inspection of a bridge in Culver City, California. In addition, Massachusetts has submitted information on seventeen bridges throughout the state where fatigue damage is a primary concern.
MATECH is building momentum marketing its nondestructive testing technology to the railroad industry where, according to a report published by the Association of American Railroads (AAR), major freight railroads will spend more than $8.2 billion laying new track, buying new equipment and improving infrastructure this year. EFS can satisfy new railroad safety requirements established by the U.S. Transportation Bill requiring railway track operators to include procedures to improve metal rail inspection and crack detection.
MATECH recently installed and tested EFS at the AAR's Transportation Technology Center, demonstrating its ability to accurately measure microscopic growing cracks and metal fatigue in railway bridges, track, and other equipment. The company has also been invited to present its revolutionary metal fatigue detection solutions at the 24th International Exhibition of Railtrack Technology later this month in Germany.
The company has obtained a listing on the Frankfurt Stock Exchange, the world's third largest securities exchange. Trading on the Frankfurt Stock Exchange facilitates global access to MATECH's securities and enables the company to communicate its value and potential to the international investment community.
MATECH has made several enhancements to its technology. The company recently completed the design and testing of a custom wireless potentiostat, a key element of the EFS system which will enhance the efficiency of the inspection process. MATECH has also developed new sensor and instrumentation configurations and refined its inspection techniques.
MATECH's technical staff has been asked to present EFS at four major bridge conferences later this year. To support these presentations the company is creating a video to highlight the technology, outline the inspection process and showcase the tangible benefits of utilizing the solution to ensure bridge integrity.
MATECH CEO Robert M. Bernstein commented: "MATECH is making excellent progress laying the groundwork for significant growth and market acceptance. The nondestructive metal fatigue detection technology we have developed serves a critical, high-visibility need, and both the bridge and railroad industries are responding with interest."
About Material Technologies, Inc.
MATECH is an engineering, research and development company specializing in technologies to monitor metal fatigue in real time. The company's leading edge metal fatigue detection and monitoring solutions can accurately test the integrity of metal structures and equipment including bridges, railroads, airplanes, ships, cranes, power plants, mining equipment, and heavy iron. MATECH owns the only non-destructive testing technology able to find growing cracks as minute as 0.010 inches -- critical information that allows structural engineers to isolate and repair the more than 100,000 steel bridges in the U.S. which have been classified as structurally deficient or functionally obsolete by the Federal Highway Administration. MATECH has exclusive rights to seven patents along with $8.3 million in already completed contracts from the US Government for research, testing and validation of its innovative solutions.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited." These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Contact: Robert M. Bernstein CEO matech*att.net www.matechcorp.com (310) 208-5589
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LOS ANGELES, CA, May 24, 2006 (MARKET WIRE via COMTEX) -- Material Technologies, Inc. (MTNA) ("MATECH") announced that it has begun trading on the Frankfurt Stock Exchange, the world's third largest securities exchange. Listing on the exchange enables MATECH to communicate its value and growth to the international investment community and gain access to global capital markets.
MATECH is trading under symbol "UAW" (FRANKFURT: UAW). Its International Security Identification Number (ISIN/CUSIP) is US5766782057 and German Security Code is AOCABD.
MATECH CEO Robert M. Bernstein commented: "MATECH has developed revolutionary metal fatigue detection technology that can accurately measure the integrity of critical structures including bridges and railroads. Our patented Electrochemical Fatigue Sensor (EFS(TM)) is the only nondestructive testing device able to find growing cracks as small as 0.010 inches. The Frankfurt Stock Exchange enables us to communicate MATECH's unique value to a wider pool of investors and invite them to share in our company's growth."
The Frankfurt Stock Exchange is the world's third largest trading center for securities and Germany's largest exchange. It is responsible for 90 percent of the securities trading volume in Germany. The Exchange facilitates advanced electronic trading, settlement and information systems and enables cross-border trading for international investors. For more information, please visit http://deutsche-boerse.com.
About Material Technologies, Inc. (MTNA)
MATECH is an engineering, research and development company specializing in technologies to measure microscopic fractures and flaws in metal structures and monitor metal fatigue in real time. The company's leading edge metal fatigue detection, measurement and monitoring solutions can accurately test the integrity of metal structures and equipment including bridges, railroads, airplanes, ships, cranes, power plants, mining equipment, piping systems and heavy iron. MATECH owns the only nondestructive testing technology able to find growing cracks as minute as 0.010 inches -- critical information that allows structural engineers to isolate and repair the more than 100,000 steel bridges in the U.S. which have been classified as structurally deficient or functionally obsolete by the Federal Highway Administration. MATECH has exclusive rights to seven patents along with $8.3 million in already completed contracts from the US Government for research, testing and validation of its innovative solutions.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited." These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
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