ARLINGTON, TEXAS, April 14, 2020 (GLOBE NEWSWIRE) -- Greenway Technologies Inc. (OTCQB: GWTI), an advanced gas-to-liquids (“GTL”) technology development company today announced the recent signing of a comprehensive patent and technology license agreement with The University of Texas at Arlington (“UTA”) covering a broad range of patent pending applications, both domestic and international. These patents and pending patent applications relate to intellectual property created by UTA researchers in furtherance of Greenway’s proprietry GTL technology and processes. Under this new license agreement, these pending patent applications complement Greenway’s existing portfolio of issued patents and pending patent applications.
Greenway and UTA have a long history of working together on sponsored research focused on converting natural gas for use as high-grade diesel, gasoline, jet fuel and other petroleum-based products. In 2016, Greenway donated an additional $750,000 to establish the F. Conrad Greer Lab at UTA, which opened in June 2017 and was named in memory of the late Mr. Greer. As an original inventor of the technology and retired CEO of Greenway, Mr. Greer had been a longtime UTA supporter. The donation and opening of the lab allowed Dr. Fred MacDonnell, professor and chair in the Chemistry and Biochemistry Department, and Dr. Brian Dennis, professor in the Mechanical and Aerospace Engineering Department, along with a select group of PhD candidates, to continue conducting research to exponentially increase fuel production using Greenway’s innovative GTL process.
As Greenway begins commercialization of these systems, the University looks forward to using the related licensing income to generate an ever-increasing suite of inventions and new technology.
Ray Wright, chairman of the board and president of Greenway Innovative Energy, said, “Given the number of patents and complexity of our gas-to-liquids system, working through and completing this global patent license with UTA is a major milestone for Greenway. Specifically, reaching this agreement with the University eliminates uncertainty with respect to the Company’s future sales and licensing of our proprietary G-Reformer(™) reactor technology, as well as sets the financial stage for the expected multitude of patents and intellectual property considerations to come.”
Mr. Wright concluded: “The University of Texas at Arlington has worked hard to differentiate itself in the region and create an environment where companies like ours can cultivate institutions, not just individuals for our research needs. This union has allowed Greenway to foster long-term research relationships on the specific projects of interest to our business and industry on an ongoing basis. Plus, our direct association with the University creates a pipeline of graduate students who can seriously consider making their home with Greenway after they graduate. A win-win for all.”
Dr. MacDonnell added that this form of corporate-academia collaboration provides a robust, cooperative research and development model that enables companies to partner with universities in a structured manner, stating, “It allows our professors, doctoral candidates and research associates to stay continuously linked with early stage technology and to accelerate the conversion of such research into new products and services that drive economic growth.”
AdamsIP, LLC represented Greenway in the transaction.
About Greenway Technologies, Inc.
Based in Arlington, Texas, the Company is engaged in the research and development of proprietary gas-to-liquids syngas conversion systems and micro-plants that can be scaled to meet specific gas field production requirements. The company’s patented and proprietary technologies have been realized in its first commercial G-ReformerTM unit, a unique component used to convert natural gas into synthesis gas, which when combined with a Fischer-Tropsch reactor and catalyst, produces fuels including gasoline, diesel, jet fuel and methanol. G-Reformer units can be deployed to process a variety of natural gas streams including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane and/or biomass gas. When derived from any of these natural gas sources, the liquid fuels created are incrementally cleaner than conventionally produced oil-based fuels. For more information about Greenway Technologies, visit gwtechinc.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” or similar expressions or statements regarding intent, belief, or current expectations, are forward- looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based only on information available to the Company as of the date of this release. Any such forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law.
Investors & Analysts Contact:
Greenway Investor Relations
800-289-2515
ir@gwtechinc.com
SEC filings can be found at:
http://gwtechinc.com/SEC-filings/