SANTA ANA, Calif., April 15, 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 the maker of a revolutionary technology designed to harness wind power. The contract with SUTIMCo is valued at $2,790,000. According to the terms of the Agreement, SUTIMCo will assist with the further development and commercialization of this technology for a period of three years at $77,500 per month.
The wind turbine design was developed at the University of Arizona by Dr. Israel Wygnanski. The wind turbine is capable of producing 50 percent more energy than a conventional wind turbine. According to reportlinker.com, the world market for turbines and related products was projected to increase 5.6 percent per year through 2010 to $135 billion. Growth will be driven by the wind turbine sector, which consistently exceeded industry growth estimates over the 2004 to 2009.
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.
"With events like the 2010 Gulf Oil Spill, advancements in alternative energy continue to be top of mind," stated Malcolm Lennie, President of AquaStar Holdings, Inc. "We are eager and excited to work with our clients to bring environmentally friendly innovation and advanced technologies to market."
In further news, AquaStar recently announced that its 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 for use anywhere antibody based testing can be done. The technology automates the entire testing process from start to finish, runs in just 22 minutes, is up to 4 times more sensitive and is the size of a shoebox.
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.