Industry News

Preservation Sciences, Inc. Announces Strategic Alliance Agreement for Technology Transfer

Published on 2005-05-17. Author : SpecialChem

ST. PETERSBURG, Fla. -- Preservation Sciences, Inc. (OTC Pink Sheets: PSVI), a research and development company that manufacturers and markets preservative technologies, announced the signing of a strategic alliance agreement with UTEK Corporation.

Gary Harrison, Chairman and CEO of Preservation Sciences, Inc., said: "We are pleased to enter into a Strategic Alliance agreement with UTEK Corporation to potentially enhance our products with university developed technologies that will continue our strategic plan to grow the coating segment of our company."

"UTEK looks forward to working with Preservation Sciences, Inc. to identify proprietary technologies for transfer that may expand their new product pipeline," said Clifford M. Gross, Ph.D., Chairman and Chief Executive Officer of UTEK.

About Preservation Sciences, Inc.

Preservation Sciences, Inc. is a company that researches, manufactures and markets preservative products for the food, beverage and industrial coating markets.

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. UTEK facilitates the identification and acquisition of external technologies for clients internationally in exchange for their equity securities, while allowing research institutions to receive 100% of the royalties. This unique process is called U2B®. UTEK transfers proprietary technologies with potential commercial applications to companies seeking product differentiation resulting in a strategic marketplace advantage. UTEK has operations in the United States, United Kingdom and Israel.

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 Preservation Sciences, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Preservation Sciences, Inc.'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 Preservation Sciences, Inc., 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 Preservation Sciences, Inc. 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 Preservation Sciences, Inc. do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Source: Preservation Sciences, Inc.

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