LOS ANGELES, JERUSALEM & PLANT CITY, Fla., Feb 28, 2005 (BUSINESS WIRE) -- Health Sciences Group, Inc. (HESG), an integrated provider of science-based products and ingredients to customers in the nutrition, skin care, food and beverage industries, and UTEK Corporation (UTK), a leading technology transfer company, announced today that Health Sciences Group has acquired Open Cell Biotechnologies, Inc. ("OCBI"), a wholly-owned subsidiary of UTEK Corporation, in a stock transaction.
OCBI holds the exclusive license from Yissum, the Technology Transfer Company of the Hebrew University of Jerusalem, to a patented process for the production of open-cell sponge food, invented by Professor Amos Nussinovitch of the faculty of Agricultural Food and Environmental Quality Sciences. This edible, open-cell food technology is a proprietary ingredient that may be added to a variety of foods to enhance their nutritional value.
"We are enthusiastic about the various applications for this new edible food as we believe that it has the potential to improve the nutritional content of a wide variety of products," said Fred E. Tannous, Co-Chairman and CEO of Health Sciences Group.
"We are excited about working with Health Sciences Group to commercialize the edible sponge technology," said Dan Yardeni, a Marketing Consultant at Yissum, the Technology Transfer Company of the Hebrew University of Jerusalem. "With its high liquid-absorbing properties and the high degree of compressibility, these types of edible sponges may be used in the future as carriers for vitamins, minerals and other food supplements."
"UTEK is pleased to consummate this technology transfer with Health Sciences Group and we look forward to continuing our efforts to identify additional technology acquisition opportunities for their consideration," said Joel Edelson, Vice President of UTEK.
About Health Sciences Group
Health Sciences Group, Inc. is an integrated provider of innovative products and services in the nutraceutical, pharmaceutical, and cosmeceutical industries offering value-added ingredients, bioactive formulations, and proprietary technologies used in nutritional supplements, functional foods and beverages, and skin care products. For more information, visit http://www.HSciences.com.
About Yissum, the Technology Transfer Company of the Hebrew University of Jerusalem
Yissum is the commercializing arm of the Hebrew University of Jerusalem. Yissum protects, promotes and converts the practical ideas, discoveries and breakthroughs of the University's renowned researchers into fruitful business deals. Yissum offers hundreds of commercial projects for licensing or other types of cooperation in the fields of biotechnology, nanotechnology, homeland security, pharmaceutics, medicine, chemistry, physics, agriculture and computer sciences. For more information, please visit http://www.huji.ac.il/unew/yisum.html.
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 is the leading company that facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities, while allowing research institutions to receive 100% of the royalties. This unique process is called U2B(R). UTEK transfers proprietary technologies with potential commercial applications to companies seeking product differentiation resulting in a strategic marketplace advantage. For more information about UTEK, please visit its website at http://www.utekcorp.com.
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 "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe 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 Health Science Group, 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 Health Science Group 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 Health Science Group 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 a limited number of companies in its portfolio (including its dependence on the financial performance of Circle Group Holdings, Inc.), 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 filing with the Securities and Exchange Commission.