SANTA ANA, Calif., April 12, 2011 /PRNewswire/ -- AquaStar Holdings, Inc. (Pink Sheets: RPPR) is pleased to announce that the Company's wholly-owned subsidiary, SUTIMCo, has signed a Venture Acceleration Agreement with Capwave Sensor, Inc., valued at $2,790,000. Capwave is the maker of a revolutionary portable Enzyme-Linked ImmunoSorbent Assay (ELISA) test platform. According to the terms of the Agreement, SUTIMCo will assist Capwave with development and commercialization of its technology for a period of three years at $77,500 per month.
Developed at the State University of New York Binghamton by Professor Omowunmi Sadik, Capwave is a rapid, sensitive, and portable Enzyme-Linked ImmunoSorbent Assay (ELISA) platform for use anywhere antibody based testing can be done and is capable of detecting Bioweapons (anthrax, bacillus globigii), Biomarkers (cancer, stem cells), Toxins (E. coli and salmonella in foodborne illness), Contaminants and Diseases (both viral and bacterial). According to the Centers for Disease Control and Prevention (CDC), about 48 million people (1 in 6 Americans) get sick, 128,000 are hospitalized, and 3,000 die each year from foodborne diseases. The ability to detect the foodborne pathogens responsible for these illnesses in a timely fashion has the potential to offer faster treatment, reduce hospital stays and prevent deaths.
SUTIMCo operates as a Venture Accelerator, offering development services to start-up companies for up to three years. The company launches and manages businesses in health & wellness, energy/environmental, advanced materials, sensors and electronic technology ventures to build upon the research of a host of prestigious Universities across the United States. SUTIMCo's business model and methodologies help create high growth companies taking innovation from laboratory to marketplace.
"We are excited to have the opportunity to collaborate with Capwave," stated Malcolm Lennie, President of AquaStar Holdings, Inc. "It is SUTIMCo's ultimate desire to help drive transformative research that can change the world."
In further news, AquaStar recently announced that SUTIMCo is participating in the evaluation of technology-based projects from six other major American Universities including UC San Diego, Arizona State University and Penn State University for their viability to commercialize the technology and take it to market faster.
For more information on SUTIMCo, its portfolio companies, and University partners, please visit; http://www.suti.com
About AquaStar Holdings, Inc.:
AquaStar Holdings, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. AquaStar Holdings, through its wholly owned subsidiary SUTIMCo, Inc., provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, AquaStar Holdings can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE AquaStar Holdings, Inc.