Tampa, FL, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group, Inc. (OTC Pink: UATG) announced today that it has purchased an additional 6% of the Austin, Texas based medical company Next Casting Technologies.
Chief Executive Officer, Alex Umbra commented: "Increasing our equity position to 26% will further expand our value position and ROI. Continuing to expand on this partnership is in keeping with our growth through acquisition strategy and is a core principle of our business model”.
Next Casting Technologies (NCT), is a research and design-centric, biomedical technology company, with an expanding portfolio of intellectual property. The NCT team of experienced engineers, designers, certification experts and business professionals combine advanced design with paradigm shifting technology engineered to disrupt and transform the casting, bracing and splinting space.
The current SmartCast technology is now ready for commercial production. Next Cast anticipates production molds to be delivered to manufacturing site within the next 60 days. Production is scheduled to begin in Q3 of this year, with the first unit being delivered to customers across the United States in November of this year.
The global orthopedic casting, splinting, braces and support market was valued at US $4.6 billion in 2015 and is expected to reach US $7.9 billion by 2024, at a CAGR of 6.4%. Next Casting Technologies has projected its first-year revenues to be $16.1M once it launches, with a five-year evaluation in excess of $80M.
Next Cast expects to file additional patents ahead of the Q3 launch, with several patents supporting next generation casts currently under development.
For more information about Next Cast go here: https://www.nextorthocast.com/
About Umbra Applied Technologies Group, Inc.:
The firm is located in Tampa Florida and focuses on advanced technologies across many disciplines. UAT Group is a holding company with interests in both public and private companies during the early stages of development as well as growth stages of companies with a synergistic business model to UAT Group subsidiaries.
For more information, visit www.uatgroup.com
Investor and Media Contact: UAT Group at info@uatgroup.com
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Forward-Looking Information
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subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of Umbra Applied Technologies Group, 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. Umbra Applied Technologies Group does not assume the obligation to update any forward-looking statement, except as required by applicable law.
