AOGS News UTEK Corporation and Avalon Oil and Gas, Inc. Complete Technology Transfer
TAMPA, Fla. & MINNEAPOLIS--(BUSINESS WIRE)--UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company
focused on technology transfer, and Avalon Oil and Gas, Inc.
(OTCBB:AOGS), a company engaged in the acquisition of oil and gas
producing properties, today announced that Avalon Oil and Gas, Inc. has
acquired Intelli-Well Technologies, Inc., a wholly owned subsidiary of
UTEK, in a stock transaction.
Intelli-Well Technologies, Inc. holds a license for a borehole casing
technology developed by researchers at Lawrence Livermore National
Laboratory. The technology uses a densely spaced network of sensors
which are installed along and outside of the oil well casings before
they are grouted into place. The sensors monitor critical parameters in
the subsurface oil reservoir. Data from multiple sensors can provide
real-time information regarding the status of the reservoir and the
primary and secondary oil recovery process. The types of sensors that
can be installed include seismic sensors, electrical resistance
tomography electrodes, electromagnetic induction tomography coils and
thermocouples.
“One of our primary goals is to improve oil
recovery efficiency for existing resources,”
said Mr. Kent Rodriguez, Chief Executive Officer of Avalon Oil and Gas,
Inc. He added, “We believe this technology
potentially accomplishes this by deriving useful information about field
production.”
“We are very enthusiastic about working with
Avalon Oil and Gas, Inc. as they help to develop and commercialize our
new well casing-based geophysical sensor apparatus, system and method,”
said Randall Elder, Business Development Executivefor Lawrence
Livermore National Laboratory.
"UTEK is pleased to consummate this technology transfer with Avalon Oil
and Gas, Inc.," said Jennifer Willis, Manager of Technology Licensing at
UTEK Corporation.
About Lawrence Livermore National Laboratory
Lawrence Livermore National Laboratory is managed by the University of
California. Their national security and stockpile stewardship mission
has fostered the development of a range of technologies including
lasers, medical devices, nanotechnology, computational tools,
semiconductor manufacturing, sensors and detectors. For more information
about Lawrence Livermore National Laboratory, please visit its website
at www.llnl.gov.
About Avalon Oil and Gas, Inc.
Avalon Oil and Gas, Inc. is an independent domestic oil and natural gas
producer. The Company's strategy is to generate stable cash flows and
production by acquiring a portfolio of oil and gas leases, to use
efficient reservoir maintenance and innovative technology to generate
asset growth, and to deliver a sustainable rate of return for our
shareholders. For more information about Avalon Oil and Gas, Inc.,
please visit its website at www.avalonoilinc.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 Avalon Oil and Gas, Inc. "expects," "should,"
"believes," "anticipates" or words of similar import. Similarly,
statements that describe UTEK's or Avalon Oil and Gas, 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 Avalon Oil
and Gas, 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 Avalon Oil and Gas, 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
Avalon Oil and Gas, 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.
