--------------------------------------------- Press Release Source: Material Technologies, Inc.
Material Technologies, Inc. Announces Plans for Capital Reorganization Tuesday November 7, 4:05 pm ET
LOS ANGELES, Nov. 7 /PRNewswire-FirstCall/ -- Material Technologies, Inc. (OTC Bulletin Board: MTNA - News; "MATECH" or the "Company") announced today the details of its planned capital reorganization. ADVERTISEMENT
Effective on October 27, 2006, the Company entered into a series of agreements with its existing debenture holders whereby they extended the due date on over $2,100,000 in debt for two years from December 31, 2006 to December 31, 2008.
"This extension will be very beneficial to the Company. Our largest debt holders were able to recognize where we are as a growing business and understand the importance of our first two recently announced state contracts. This agreement will provide us with the time and ability to secure additional state contracts and cannot be understated. Furthermore, their willingness to extend the due dates by two years shows us how much confidence they have in our technology and business model, and continue to want to be a part of the company going forward," said CEO Robert M. Bernstein
Additional details about the reorganization can be found in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 1, 2006.
Effective on the open of business tomorrow, November 8, 2006, the outstanding shares of Class A common stock will undergo a 1-for-300 reverse split. Fractional shares will be rounded up to the next whole share. The trading symbol will change to "MTTG."
About Material Technologies, Inc.
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 0.01 inches -- critical information that allows structural engineers to isolate and repair the more than 100,000 steel bridges in the US 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.
Material Technologies, Inc. 1-310-208-5589 matech*matechcorp.com www.matechcorp.com
-------------------------------------------------------------------------------- Source: Material Technologies, Inc.
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