SANTA ANA, Calif., Oct. 25, 2012 /PRNewswire/ -- SUTIMCo International, Inc. (Pink Sheets: SUTI) is pleased to announce that the Company has signed Letter Agreements with Cornell University and University of California, Berkeley which allows them to finalize negotiations to acquire the option rights to two prestigious University technologies.
SUTIMCo management has been in negotiations to acquire the rights to two consumer products developed at the University of California, Berkeley and Cornell University respectively. The first product technology is designed to limit the risks from multiple food borne outbreaks of Salmonella and E.Coli which can occur from contaminated fresh produce. The second product is a revolutionary patented outdoor furniture design which defies gravity. This simple, yet revolutionary design is easy to mass produce and does not require additional hardware for assembly. Both products will be placed in the new Consumer Products Business Unit.
"SUTIMCo management believes that these two products, with limited investment and expense, can make it to market and provide a rapid return for our shareholders," 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 and WildCap board of directors have mutually elected to terminate their contract as WildCap has decided to no longer pursue the development of the windmill technology it previously acquired. SUTIMCo and WildCap remain committed to developing other technologies and may work together again in the future.
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.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results
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SOURCE SUTIMCo International, Inc.