UTEK Completes Technology Transfer With Avalon Oil And Gas

Tampa, FL & Minneapolis, MN - UTEK Corporation, a specialty finance company focused on technology transfer, and Avalon Oil and Gas, Inc., an oil and gas company engaged in the acquisition of oil and gas producing properties, announced that Avalon Oil and Gas, Inc. has acquired Leak Location Technologies, Inc., a wholly owned subsidiary of UTEK, in a stock transaction.

Leak Location Technologies, Inc. contains an exclusive license to a system for determining the presence and location of leaks in underground pipes. The technology was developed by researchers at Rensselaer Polytechnic Institute.

"We believe that the acquisition of this technology will lead to new service opportunities and potentially increase leak detection efficiency for Avalon Oil and Gas, Inc.," said Kent Rodriguez, Chief Executive Officer of Avalon Oil and Gas, Inc.

"We are very enthusiastic about working with Avalon Oil and Gas, Inc. as they help to develop and commercialize our new leak detection technology," said Paul E. Fredette, Ph.D., Associate Director of the Office of Technology Commercialization at Rensselaer Polytechnic Institute.

"UTEK is pleased to consummate this technology transfer with Avalon Oil and Gas, Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK Corporation.

SOURCE: UTEK Corporation