TAMPA, Fla., Aug. 22, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE - Umbra Applied Technologies Group, Inc. (UATG:PK) announced today that it has delivered the first shipment of Hygieia™ antimicrobial inserts to NextCast & Brace for their production run prototypes of their advanced casting system. This signals the beginning of a five-year contract with their new strategic medical devices partner.
Chief Executive Officer, Alex Umbra stated, “This strategic partnership once again, highlights precisely what we envisioned for Hygieia™ from the beginning. I have said this before and it's worth stating again, this product is a value-add to potentially every other product on the market. If you or your loved ones come in contact with it, it should be protected by Hygieia™. This is just part of the initial roll-out of Hygieia™ via corporate partnerships and I am very much excited about the future of Hygieia™."
The strategic partnership between Umbra Applied technologies and NextCast & Brace is in keeping with UAT’s focus on expansion through strategic partnerships and value-add growth management. The Company continues to field inquiries and is currently in negotiations with other companies interested in partnering with UAT.
The Company also confirmed rumors that it has expanded its manufacturing and distribution relationships which it anticipates being fully online within the coming weeks. Additionally, the Company has expanded its inventory management and fulfillment capabilities by adding an additional warehouse and office location in Hudson Florida. This was done in preparation for the upcoming holiday season which the Company anticipates will be a significant revenue driver. The Hygieia™ line of products, which is expected to grow to more than nine products with multiple versions and colors, is poised to deliver significant revenues by year end.
Mr. Umbra added, “We have kept our noses to the grind-stone as it were and have made significant progress. The clock is always ticking and progress has to be made every single day sometimes seven days a week when necessary. We have restructured the company and streamlined processes, designed and finalized products and packaging, formulated and have begun to execute marketing strategies, forged new manufacturing and fulfilment partnerships and begun the process to prepare the company for its targeted up-listing. I honestly am very proud of our team and cannot thank them enough for their commitment to this company’s success.”
The company further outlined its strategy to expand its Biotech division with the release of its acclaimed ClearView® bone fixation system to include its revolutionary new titanium Aegis™ surgical bone pin. The company added that it anticipates the release of the Apex™ interphalangeal implant around the same time as the ClearView® product in the first quarter of 2019. This is the most significant expansion of the UAT Biotech division since the launch of the Hygieia™ product line.
Chief Financial Officer, Thomas L. Crom, commented, “We have reviewed multiple aspects of UAT’s capital allocation expenditures and have implemented the necessary cost management processes to better streamline inventory control, control cost overruns and maximize available capital. UAT is exceptionally well positioned to deliver significant shareholder value by the end of the fiscal year.”
About Umbra Applied Technologies, Inc.
Umbra Applied Technologies is a member of the Umbra Applied Technologies Group, Inc (OTC: UATG) family of companies. Headquartered in Tampa, Florida UAT Group is a technology and innovation leader specializing in defense, civil government and technology solutions. UAT Group is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services for defense, civil, and commercial applications in United States and internationally. It also provides management, engineering, technical, scientific, logistic, and information services.
For more information visit www.uatgroup.com or www.umbraappliedtechnologies.com
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Forward-Looking Information
This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and a secondary listing on the OTC as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of Umbra Applied Technologies including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Risks and uncertainties about Umbra Applied Technologies business are more fully discussed in the company's disclosure materials, including its MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Umbra Applied Technologies does not assume the obligation to update any forward-looking statement, except as required by applicable law.