STWA in Discussions With Temple University to Redefine Licensing Agreement and Further Secure Technology Rights
MORGAN HILL, CA--(Marketwire - January 6, 2009) - Save The World Air, Inc. (
Cecil Bond Kyte, Chairman of Save The World Air, Inc., commented, "I recently traveled to Temple and met personally with Steve Nappi, Director of Tech Transfer Operations for the University. We had a productive discussion regarding the current licensing agreement, our status as it regards to payments, and how the licensing agreement could be improved to benefit both STWA and Temple.
"Our initial discussions are focused on extending the January 10th payment date and creating a revised structure for future payment dates and amounts due. We are very optimistic that the terms we finalize will be in the best interest of our company and Temple University."
Steve Nappi, the University's Director of Tech Transfer Operations, said, "Cecil Bond Kyte and I had a very positive discussion on how we can best redefine our relationship in a manner that benefits Temple University and provides substantial opportunity for STWA. We discussed the new team at STWA and the renewed focus and energy that is driving the company. I look forward to working with Cecil and his team, completing our negotiations and moving ahead as quickly as possible."
Nappi came to Temple in May as the new Director of Tech Transfer Operations, to help push technologies through the patent and licensing process, and enable the University's corporate partners to achieve success in bringing these new products to market. Once licensed, the technologies provide an important revenue stream to Temple and its corporate partners.
About Save The World Air, Inc.
Save The World Air, Inc. develops and licenses patented and patent pending flux field pollution control and performance improvement technologies, including the ELEKTRA, ZEFS and MKIV, which have been scientifically tested and proven to significantly reduce harmful exhaust emissions, improve performance and enhance fuel economy. The products have been engineered to serve as either stand alone pollution control systems or can be used (in conjunction with catalytic converters) to create a more effective total pollution control system that not only reduces harmful emissions, but also decreases greenhouse gases, improves fuel efficiency and boosts performance.
More information is available at: www.stwa.com.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Released January 6, 2009