Industry News

IGI & UCT Sign Marketing Joint Venture

Published on 2004-12-17. Author : SpecialChem

BUENA, N.J. -- IGI, INC. and Universal Chemical Technologies, Inc. (UCT) of Stuart Florida have agreed to form a Sales and Marketing Joint Venture to further develop the market for UCT's UltraCem metal finishing process technology. UCT and IGI had previously entered into a license agreement for the process and are now joining forces to create the demand in several applications for the finishing process.

IGI is a leading technology company which will provide a variety of compatible technologies to UltraCem. "We believe the UltraCem process offers our company a unique position in several markets and allows us to continue to grow in the specialty product area;" said Frank Gerardi, Chairman and CEO of IGI, "our micro encapsulation processes offer the potential to position UltraCem in many interesting markets."

"This expansion of the relationship with IGI offers UCT a solid market position in the Northeastern USA for furthering the development of UltraCem applications. The markets for our technology are broad and diverse and IGI is uniquely situated to help position our technology for continued growth," said Richard Bourret, Chairman and CEO of UCT.

IGI is a company committed to growth by applying its proprietary technologies to achieve cost-effective solutions with differential consumer advantages for its customers. IGI's patented Novasome® micro-encapsulation technology offers value-added qualities to cosmetics, skin care products, dermatological formulations and other consumer products, providing improved dermal absorption controlled and sustained release as well as improved stability and greater ease of formulation. IGI has licensed Novasome technology to leading global dermatological and skin care companies including Johnson & Johnson Consumer Products, Inc., Estee Lauder Corporation, Genesis Pharmaceutical, Inc. and Apollo Pharmaceutical, Inc., and recently sub-licensed Tarpan Therapeutics, Inc. to obtain FDA approval for and market IGI's PTH 1-34 compound using Novasome technology for psoriasis.

UCT is an international metal finishing Technology Company that develops high value-added engineered coatings that find broad utility in defense, aerospace, automotive, oil and gas and other industrial market segments. UCT holds patents on various multifunctional coatings that combine extreme hardness and abrasion resistance with very low friction regardless of the underlying metal. No competing material science technologies, coatings or processes have all these characteristics. The company positions its technology through a global licensing strategy and has job shop and OEM licensees throughout Europe, North America with plans in place for Asia.

The statements in this release by Frank Gerardi are forward-looking statements that are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: changes in demand for the Company's products, product mix, the timing of customer orders or deliveries, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity and other risks discussed from time to time in the Company's SEC filings. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the release.

Source: IGI, Inc.

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