Quest Minerals and Mining Corporation and UTEK Corporation Announce Strategic Alliance.
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Sep 22, 2005
PIKEVILLE, Ky. & PLANT CITY, Fla. -- Quest Minerals and Mining Corporation (OTCBB:QMMG), a company that acquires and operates energy and mineral related properties in the southeastern part of the United States, and UTEK Corporation (AMEX:UTK)(LSE-AIM:UTKA), an innovative technology transfer company, announced today the signing of a strategic alliance agreement.
Eugene Chiaramonte of Quest Minerals and Mining Corporation said, "We are very pleased to retain UTEK to help identify proprietary technology acquisition opportunities. Quest Minerals and Mining is committed to providing cost-effective mining operations and we believe that our alliance with UTEK may enable us to enhance our efficiency, recovery, and safety improvements among others through the acquisition of proprietary technologies."
"UTEK looks forward to working with Quest Minerals and Mining Corporation to identify potential technology acquisition opportunities that fit its strategic vision," said Clifford M. Gross, Ph.D., Chief Executive Officer.
Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.
About Quest Minerals and Mining Corporation
Quest acquires and operates energy and mineral-related properties in the southeastern part of the United States. Quest focuses on properties that produce high quality compliance coal. Quest's owned, operated, and joint ventured coal holdings are in excess of 13 million tons of engineered coal and Quest expects those reserves to increase with the commencement of Its recently announced joint venture with JJ Resources. Quest's steam coal is currently sold on the spot market to certain brokers who in turn sell to utilities and industrial clients as fuel for power plants. For more information on Quest Minerals and Mining Corporation, please visit its website at http://www.questminerals.com.
About UTEK Corporation
UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B U2B - Youtube (website)(R). In addition to its U2B(R) service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at http://www.utekcorp.com.
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or Quest Minerals and Mining "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Quest Minerals and Mining's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Quest Minerals and Mining, as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Quest Minerals and Mining believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Quest Minerals and Mining do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filing with the Securities and Exchange Commission.
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