Luna
Innovations Incorporated (NASDAQ: LUNA) today announced an agreement
granting UltraTech International Incorporated an exclusive license to
commercialize Luna’s new textile repellent technology that can protect
first responders from pathogens and industrial workers from
contaminants, as well as address the common problem of keeping fabric
clean.
Under the agreement, Luna will license exclusive rights to UltraTech to
commercialize the technology while UltraTech will bring it to production
and market it through its global sales channels. The commercialization
potential for the technology is broad, as it may be sold as a standalone
product that can be applied to textiles or as treated fabric with the
technology embedded.
The proprietary chemical technology uses a nanostructured textile
coating to create an omniphobic treatment that repels both water- and
oil-based liquids so they roll off without penetrating the underlying
fabric. This technology provides protection against contaminants and can
also make clothes last longer and reduce laundering – a potentially
significant cost savings for both households as well as large
organizations such as the U.S. military and oil & gas operations.
The innovation first came about from research that Luna completed under
a U.S. Army contract awarded through the Small Business Innovation
Research (SBIR) program to develop self-cleaning uniforms based on the
use of omniphobic coatings, which are coatings that do not allow water,
oils, solvents, or chemicals to wet the surface. In UltraTech, Luna has
now found a partner to take its technology to market.
“This commercialization agreement is important for two key reasons,”
said My Chung, CEO of Luna. “First, it represents a commercialization
success story for us, with the recognition that our breakthrough
technology is now ready for the commercial marketplace. Additionally, it
demonstrates how Luna’s involvement in the SBIR program guides the
development of our technology to solve specific needs, which can then be
applied to meet commercial market demands.”
“Luna’s technology effectively complements our current advanced
technology product offerings,” added Mark Shaw, Co-President of
UltraTech, based in Jacksonville, Fla. “We’re pleased to partner with
Luna, a leader in technology development, to advance their
patent-pending textile treatment that we expect will have many
commercial and military applications. With our experience in introducing
new products and a global sales channel that matches needs with
solutions, we look forward to bringing this innovative coating to
market.”
Inspired by nature, Luna’s fluid-resistant coatings are based on
hierarchical particles composed of commercially available materials. The
particles are part of a water-based solution coated onto textiles to
create omniphobic fabrics. The self-cleaning coatings can be applied
over other treatments to a variety of synthetic and natural fabrics
using conventional textile finishing processes on a large scale. Fabrics
treated with the technology are breathable, lightweight, self-cleaning
and durable under harsh conditions.
About UltraTech
UltraTech
International Incorporated, based in Jacksonville, Fla., was
formed in 1993 with one goal in mind: to create the world’s finest
offering of spill containment and spill response products. Since then,
its vision has expanded into additional product categories and the
company now features a product line that consists of over 300 unique
products. UltraTech recently formed an Advanced Technology Group (ATG)
to bring nano and other advanced technologies such as the Luna product
to market. Ultra-Ever Dry was the first product offering from this
group. UltraTech introduces an average of 20 new products per year and
is credited with nearly 60 patents. Their lines of “problem solver”
products are market leaders in many categories. UltraTech’s products are
sold globally through an extensive network of safety, industrial and
environmental products distributors.
About Luna
Luna Innovations Incorporated (www.lunainc.com)
is a public company comprised of scientists, engineers, and business
professionals developing and manufacturing a new generation of
technologies and products. It has been successful in taking innovative
technologies from applied research to product development and ultimately
to the commercial market; driving breakthroughs in fields as diverse as
healthcare, telecommunications, aerospace, energy, automotive, and
defense.
Forward Looking Statements
This release includes information that constitutes “forward-looking
statements” made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995, including statements
regarding, but not limited to: product capabilities, infrastructure
deployment, technological attributes, advantages and applications, and
customer use. Statements that describe the company’s business strategy,
goals, prospects, opportunities, outlook, plans or intentions are also
forward-looking statements. Actual results may differ materially from
the expectations expressed in such forward-looking statements as a
result of various factors, including technological challenges in
specific applications and risks and uncertainties set forth in the
company’s periodic reports and other filings with the Securities and
Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov,
and at the company’s website at http://www.lunainc.com.
The statements made in this release are based on information available
to the company as of the date of this release and Luna Innovations
Incorporated undertakes no obligation to update any of the
forward-looking statements after the date of this release.
Copyright Business Wire 2013