Company Achieves Payment Obligation With Temple University for AOT Licensing Agreement
STWA Satisfies Payments of $285k to Temple Covering AOT Licensing Agreement
SANTA BARBARA, CA--(Marketwire - December 9, 2010) - STWA, Inc. (
Finalizing principal payment obligations for Applied Oil Technology's (AOT™) worldwide exclusive licensing and sublicensing authority marks a watershed event toward unlocking subsequent licensing agreements between the Company and the University.
"STWA continues to fulfill the obligations set forth in our agreement," stated Stephen Nappi, Director of Technology Transfer, Temple University. "STWA's commitment to this technology and the process of securing and developing the IP around it is critical for us to advance beyond our current agreement into further licensing negotiations. This technology may have a substantial impact across many industries and our primary objective remains focused on bringing it to market."
"Like it or not, 85% of the world's energy comes from a hydrocarbon, and this will not change overnight," stated Cecil Bond Kyte, Chairman and CEO of STWA, Inc. "It is critical to remain focused on technologies like AOT™ and related applications to serve as an 'extension cord' between fossil fuels and maturing alternative energies. Honoring existing obligations galvanizes our relationship with Temple and our future mutual prosperity."
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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 December 9, 2010