Message #25 From:
NewsBot Date: December 10, 2006 11:00:00 PM
CRGO News UTEK Completes Technology Transfer to Cargo Connection Logistics Holding, Inc.
TAMPA, Fla., INWOOD, N.Y. & AIKEN, S.C.--(BUSINESS WIRE)--UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK) a specialty finance company
focused on technology transfer, and Cargo Connection Logistics Holding,
Inc. (OTCBB:CRGO) (Berlin:CD6.BE) (Frankfurt: CD6.F & 217026), a world
trade logistics company, today announced that Cargo Connection Logistics
Holding, Inc. has acquired Nuclear Material Detection Technologies Inc.,
a wholly owned subsidiary of UTEK Corporation, in a stock transaction.
Nuclear Material Detection Technologies contains an exclusive license
for a nuclear material detection technology developed by researchers at
the U.S. Department of Energy’s Savannah River
National Laboratory. The technology is a lightweight, portable system
for rapid detection of nuclear materials in sealed containers without
the use of x-rays. Using portable sensors, the system may be moved
between stacked shipping containers on cargo ships to detect radiation
levels.
Jesse Dobrinsky, Chief Executive Officer of Cargo Connection Logistics
Holding, Inc., said, "Cargo Connection is enthusiastic about the
potential of this technology to detect radioactive materials in
transport.”
"UTEK is pleased to consummate this technology transfer with Cargo
Connection Logistics Holding, Inc.," said Andrew Frost, Manager of
Technology Licensing at UTEK Corporation.
About the Washington Savannah River Company
Savannah River National Laboratory is owned by the U.S. Department of
Energy and operated for DOE by the Washington Savannah River Company, a
wholly owned subsidiary of Washington Group International. Its
researchers are recognized for putting science to work to develop and
deploy unique and innovative science and technology solutions in the
areas of national and homeland security, energy security, and
environmental protection and cleanup. For more information about
Washington Savannah River Company please visit its website at www.srs.gov.
About Cargo Connection Logistics Holding, Inc.
Cargo Connection Logistics Holding, Inc. consists of Cargo Connection
Logistics Corp. and Cargo Connection Logistics - International, Inc. The
Company is a transportation logistics provider for shipments importing
into and exporting out of the United States, with service areas
throughout the United States and North America. The Companies currently
provide a comprehensive variety of transportation and warehouse capacity
services to shippers throughout the nation. They also have container
freight station operations specifically designed to handle
internationally arriving freight for the major retail suppliers through
its CFS facilities. Through Cargo Connection Logistics - International
it has expanded the scope of its services and most recently began
shipments from Vietnam and has taken a leadership position in trade
initiative with Costa Rica. The subsidiary also recently added staff in
Vietnam and has made the expansion of its business in the Pacific Rim a
top priority. For more information about Cargo Connection Logistics
Holding, Inc. please visit its website at www.cargocon.com.
About UTEK Corporation
UTEK® is a specialty
finance company focused on technology transfer. UTEK’s
services enable companies to acquire innovative technologies from
universities and research laboratories worldwide. UTEK facilitates the
identification and acquisition of external technologies for clients in
exchange for their equity securities. This unique process is called U2B®.
In addition, UTEK offers companies the tools to search, analyze and
manage university intellectual properties. UTEK is a business
development company with operations in the United States, United Kingdom
and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.
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 Cargo Connection Logistics Holding, Inc.
"expects," "should," "believes," "anticipates" or words of similar
import. Similarly, statements that describe UTEK's or Cargo Connection
Logistics Holding, 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 Cargo Connection Logistics Holding, 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 Cargo Connection Logistics Holding, 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
Cargo Connection Logistics Holding, Inc. do not undertake any obligation
to publicly update such forward-looking statements to reflect subsequent
events or circumstances.
UTEK's operating results could fluctuate significantly due to a number
of factors. These factors include the small number of transactions that
are completed each quarter, the value of individual transactions, the
timing of the recognition and the magnitude of unrealized gains and
losses, UTEK's dependence on the performance of companies in its
portfolio, the possibility that advances in technology could render the
technologies it has transferred obsolete, the loss of technology
licenses by companies in its portfolio, the degree to which it
encounters competition in its markets, the volatility of the stock
market and the volatility of the valuations of the companies it has
invested in as it relates to its realized and unrealized gains and
losses, the concentration of investments in a small number of companies,
as well as other general economic conditions. As a result of these and
other factors, current results may not be indicative of UTEK's future
performance. For more information on UTEK and for a more complete
discussion of the risks pertaining to an investment in UTEK, please
refer to UTEK's filings with the Securities and Exchange Commission.
