Date: Nov 04, 2013 Author: press release Source: Company Data (
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ROANOKE, Va., (November 4, 2013) -- Luna Innovations Incorporated (NASDAQ: LUNA) today announced an agreement granting UltraTech International Incorporated an exclusive license to commercialize Luna's new textile repellent technology that can protect first responders from pathogens and industrial workers from contaminants, as well as address the common problem of keeping fabric clean.
Under the agreement, Luna will license exclusive rights to UltraTech to commercialize the technology; while UltraTech will bring it to production and market it through its global sales channels. The commercialization potential for the technology is broad, as it may be sold as a standalone product that can be applied to textiles or as treated fabric with the technology embedded.
The proprietary chemical technology uses a nanostructured textile coating to create an omniphobic treatment that repels both water- and oil-based liquids so they roll off without penetrating the underlying fabric. This technology provides protection against contaminants and can also make clothes last longer and reduce laundering -- a potentially significant cost savings for both households as well as large organizations such as the U.S. military and oil & gas operations.
The innovation first came about from research that Luna completed under a U.S. Army contract awarded through the Small Business Innovation Research (SBIR) program to develop self-cleaning uniforms based on the use of omniphobic coatings, which are coatings that do not allow water, oils, solvents, or chemicals to wet the surface. In UltraTech, Luna has now found a partner to take its technology to market.
"This commercialization agreement is important for two key reasons," said My Chung, CEO of Luna. "First, it represents a commercialization success story for us, with the recognition that our breakthrough technology is now ready for the commercial marketplace. Additionally, it demonstrates how Luna's involvement in the SBIR program guides the development of our technology to solve specific needs, which can then be applied to meet commercial market demands."
"Luna's technology effectively complements our current advanced technology product offerings," added Mark Shaw, Co-President of UltraTech, based in Jacksonville, Fla. "We're pleased to partner with Luna, a leader in technology development, to advance their patent-pending textile treatment that we expect will have many commercial and military applications. With our experience in introducing new products and a global sales channel that matches needs with solutions, we look forward to bringing this innovative coating to market."
Inspired by nature, Luna's fluid-resistant coatings are based on hierarchical particles composed of commercially available materials. The particles are part of a water-based solution coated onto textiles to create omniphobic fabrics. The self-cleaning coatings can be applied over other treatments to a variety of synthetic and natural fabrics using conventional textile finishing processes on a large scale. Fabrics treated with the technology are breathable, lightweight, self-cleaning and durable under harsh conditions.
About UltraTech
UltraTech International Incorporated, based in Jacksonville, Fla., was formed in 1993 with one goal in mind: to create the world's finest offering of spill containment and spill response products. Since then, its vision has expanded into additional product categories and the company now features a product line that consists of over 300 unique products. UltraTech recently formed an Advanced Technology Group (ATG) to bring nano and other advanced technologies such as the Luna product to market. Ultra-Ever Dry was the first product offering from this group. UltraTech introduces an average of 20 new products per year and is credited with nearly 60 patents. Their lines of "problem solver" products are market leaders in many categories. UltraTech's products are sold globally through an extensive network of safety, industrial and environmental products distributors.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a public company comprised of scientists, engineers, and business professionals developing and manufacturing a new generation of technologies and products. It has been successful in taking innovative technologies from applied research to product development and ultimately to the commercial market; driving breakthroughs in fields as diverse as healthcare, telecommunications, aerospace, energy, automotive, and defense.
Forward Looking Statements
This release includes information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to: product capabilities, infrastructure deployment, technological attributes, advantages and applications, and customer use. Statements that describe the company's business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward-looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including technological challenges in specific applications and risks and uncertainties set forth in the company's periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC's website at http://www.sec.gov, and at the company's website at http://www.lunainc.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations Incorporated undertakes no obligation to update any of the forward-looking statements after the date of this release.
