Company Achieves Payment Obligation With Temple University for AOT Licensing Agreement
STWA Satisfies Payments of $285k to Temple Covering AOT Licensing Agreement
SANTA BARBARA, CA--(Marketwire - December 9, 2010) - STWA, Inc. (
Finalizing principal payment obligations for Applied Oil Technology's (AOT™) worldwide exclusive licensing and sublicensing authority marks a watershed event toward unlocking subsequent licensing agreements between the Company and the University.
"STWA continues to fulfill the obligations set forth in our agreement," stated Stephen Nappi, Director of Technology Transfer, Temple University. "STWA's commitment to this technology and the process of securing and developing the IP around it is critical for us to advance beyond our current agreement into further licensing negotiations. This technology may have a substantial impact across many industries and our primary objective remains focused on bringing it to market."
"Like it or not, 85% of the world's energy comes from a hydrocarbon, and this will not change overnight," stated Cecil Bond Kyte, Chairman and CEO of STWA, Inc. "It is critical to remain focused on technologies like AOT™ and related applications to serve as an 'extension cord' between fossil fuels and maturing alternative energies. Honoring existing obligations galvanizes our relationship with Temple and our future mutual prosperity."
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