SUTIMCo International, Inc. Signs Option Agreement with Penn State University
SANTA ANA, Calif., Nov. 8, 2012 /PRNewswire/ — SUTIMCo International, Inc. (Pink Sheets: SUTI) is pleased to announce that the Company has signed an Option Agreement with Penn State University. The Option Agreement between The Penn State Research Foundation and SUTIMCo International gives SUTIMCo an exclusive remuneration bearing license under the PATENT RIGHTS to make, sell and perform processes covered by the Patent entitled “Composition and Method to Control Acid Rock Drainage.”
The License being acquired by SUTIMCo is a solution to acid mine drainage. Acid mine drainage (AMD) is a national problem, but one-third of waters impacted by that problem are located in Pennsylvania, which after over a century of coal extraction, has produced more coal tonnage than any other state in the U.S. AMD is Pennsylvania’s single largest non-point source water pollutant, impacting 2,500 miles of streams (PA DEP, 1999b). There are over 1,200 coal mines in the United States, and each mine spends up to $1,000,000 annually as part of the clean up due to Acid Mine Drainage.
As opposed to the traditional methods of cleaning up the pollution after the fact, the AMD Solution will allow mines to apply a coating prior to the extraction which will prevent Acid Mine Drainage and ultimately the negative environmental impact of coal mining. As part of the Agreement, SUTIMCo will be providing The Penn State Research Foundation a business plan and will need to raise $500,000. SUTIMCo’s Management believes there is tremendous value in this Patent as this AMD Solution has applications in Fracking operations. It is management intention that this technology will be a key part of SUTIMCO’s Resource Extraction business unit.
“SUTIMCo strongly believes Penn State’s work in this area is truly significant and that this Acid Mine Solution will have a real positive financial and environmental impact on both the mining, oil and gas and infrastructure sectors of the economy,” stated Fred Rogers, President SUTIMCo International, Inc.
SUTIMCo’s early stage management services and infrastructure are provided through Business Units (parent companies that manage and support up to four portfolio companies). The mission of each Business Unit is to finance, grow and sell successful companies as they mature out of the start?up stage and become attractive to larger companies. SUTIMCo plans to operate Business Units in the areas of Quality of Life, Alternative Energy, Food Safety, Environmental Technologies, and Consumer Products.
SUTIMCo’s robust portfolio of relationships with prestigious American universities is unique and strategic. North American universities invest over $42 billion in science and technology research, with about 15,000 new technologies disclosed annually. SUTIMCo’s portfolio of technology and innovation start-ups, in partnership with more than two-dozen of the nation’s premier research universities, includes technologies and products in the pre-funding stage and projects in the development process. Each of these business entities is being advanced by the SUTIMCo management team and methodology.
Currently, SUTIMCo is working to fund and operate three Business Units, Quality of Life, Environmental Technologies, which will include its AquaStar Corporation, and Alternative Energy Unit. Although the new business model is tremendously profitable, SUTIMCo’s clients do not have the capital necessary to pay SUTIMCo on a timely basis. SUTIMCo must wait for its clients to either raise money or generate revenues in order to receive money from its Venture Accelerator Agreements (VAA). SUTIMCo’s management believes that the short term risk will pay off as the technologies behind the VAA are based upon both University Research and Government support.
SUTIMCo previously announced that it retained the services of L.L. Bradford to complete its financial audits so the Company can achieve its goal to up list to the OTC Markets OTCQB marketplace. L.L. Bradford is in its final stages of the 2 Year Audit and believes it can have it completed in the next 30 days.
For more information on SUTIMCo, its portfolio technologies, and University partners, please visit; http://www.suti.com
About SUTIMCo International, Inc.:
SUTIMCo International, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. SUTIMCo International through its wholly owned subsidiary SUTIMCo, Inc. provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, SUTIMCo can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company’s Annual Report filing and other filings with the OTC Markets Group (available at www.otcmarkets.com). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
SOURCE SUTIMCo International, Inc.