TUALATIN, Ore., Jan. 4 /PRNewswire-FirstCall/ -- Waytronx, Inc. (OTC Bulletin Board: WYNX), a platform company dedicated to the acquisition, development, and commercialization of new, innovative technologies, today announced, as follow-up to its press release of August 10, 2009, that it has signed an exclusive, worldwide licensing agreement directly with GL Industrial Services UK Ltd (GL), formerly British-based Advantica Ltd, to manufacture, sell, and distribute its second generation Gas Quality Inferential Measurement Device (GASPT2).
The GASPT2, designed by GL, is a low cost solution to measuring gas quality. It can be connected to a natural gas system to provide a fast, accurate, close to real time measurement of the gas physical properties, such as thermal conductivity, speed of sound and carbon dioxide content. From these measurements it infers an effective gas mixture comprising four components: methane, propane, nitrogen, and measured carbon dioxide and then uses ISO6976 to calculate the gas quality characteristics of calorific value (CV), Wobbe index (WI), relative density (RD), and compression factor (Z).
This new relationship between GL and Waytronx eliminates the joint venture with Test Products International ("TPI"). TPI will be receiving a "finder's fee" from Waytronx.
In conjunction with this new relationship, Waytronx recently attended the World Gas Conference in Buenos Aires with GL. GL and Waytronx have had follow-up meetings in Houston, Texas with some of the largest natural gas producers in the World, including ExxonMobil, BP, and BG Energy Group.
"The interest and enthusiasm we witnessed in our meetings in Houston clearly demonstrate the potential value of this technology to Waytronx," explained Waytronx's President & CEO, William Clough. "The unique nature of the GasPT product, including its 'real-time' analysis and potential use as a fiscal monitoring device creates significant interest from the largest natural gas producers," Clough continued.
"Finally, the fact that the cost of installation, acquisition, and maintenance is less than half the cost of a similar gas chromatograph, makes the device extremely attractive to an industry that is increasingly more sensitive to infrastructure costs," Clough concluded.
As set forth in the earlier press release, the license agreement between GL on the one hand and Waytronx on the other, calls for an estimated $35.0 to $40.0 million in gross revenues during the first four years.
Waytronx intends to set up a separate operating unit to coordinate manufacturing, marketing, sales, and distribution of the device. Shipments to customers will begin in Third quarter of 2010.
Waytronx has now obtained exclusive rights to market and sell the product on a worldwide basis. The product is fully protected by more than 85 separate international patents held and enforced by GL.
"GL, through its Advantica heritage is recognized as an industry leader in the natural gas industry and Waytronx greatly values this relationship. We are delighted to announce this new product line and our direct relationship with GL, which allows us direct access to GL's worldwide infrastructure, including offices in 80 countries and a network of thousands of engineers already consulting in the natural gas industry," stated Clough.
About Waytronx, Inc.
Waytronx, Inc. has pioneered and is developing innovative thermal management solutions capable of revolutionizing the semiconductor, solar and electronic packaging industries, among others, utilizing its patented WayCool(TM)/WayFast(TM) hybrid mesh architecture. In addition, through its acquisition of CUI in May 2008, Waytronx has developed the infrastructure, expertise, and platform necessary to acquire, develop, and commercialize new, innovative technologies. Waytronx changed its name from OnScreen Technologies in December 2007. For more information, please visit www.waytronx.com.
About CUI, Inc.
CUI, Inc. is a solutions provider of electromechanical components and industrial controls for OEM manufacturing. Since its inception in 1989, CUI has been delivering quality products, extensive application solutions, and superior personal service. CUI's solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly-owned subsidiary of Waytronx, Inc. For more information, please visit www.cui.com.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
WayCool, WayFast, Waytronx and OnScreen are trademarks of Waytronx, Inc. Other names and brands are the property of their respective owners.
SOURCE Waytronx, Inc.