GTI Receives $120,000 Contract
Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative industrial technologies, announced today that last month it entered into a $120,000 development contract with a major consumer products company to continue work on using the gyrotron in a high-volume consumer application. This contract is a follow-on to a smaller contract successfully completed in ’13, during which GYTI successfully demonstrated its ability to cure specialized material to customer specifications in a fraction of the time, and using a fraction of the energy, required by conventional technology. GYTI expects to complete its work under the contract in the 3rd quarter of this year.
GTI Receives $120,000 Contract
GTI Announces Successful Launch of First Commercial Cryogenic – Free Gyrotron Installation
Gyrotron Technology Inc. (GYTI), a developer of unique industrial heating technologies, announced today that it has successfully launched its first commercial cryogenic-free gyrotron installation. The customer is now expected to spend the coming months developing and perfecting production techniques for a range of products using the gyrotron and the new production line it has developed and built. Thereafter, the line is to be put into regular use and generate a royalty stream for GYTI.
GTI is committed to providing its customers with the best, most cost-effective, and energy efficient thermal process heating solutions. GTI is an industrial technologies company that develops heat-treatment processes for many industries worldwide using a revolutionary heat source: a high frequency microwave beam.
Gyrotron beam developments are used in a variety of industries and processes, including what you see here. Utilize the bar at the left or click on ‘Process Headings’ to learn about this technology’s applications and uses. If you currently have a thermal process requirement, please contact us. We are constantly developing new applications and look forward to discussing our technology solutions with you.
GTI Updates Installation Information
Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative processing technology solutions, has been informed by its customer that its cryogenic-free gyrotron installation is now being used in regular production and has begun generating a royalty stream for GYTI. Based on discussions with the customer, GYTI believes that over time the customer will order four or more additional gyrotron installations related to the current project. The customer also indicated its intention to commence at least one additional project with GYTI involving a different application in 2014.
GTI Receives $355,000 Equity Investment
Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative processing technology solutions, announced today that it has received $355,000 in equity investment, $340,000 of which was provided by a major shareholder. The Company sold 10,145 Units at $35/Unit, each unit consisting of (a) one share of 10% junior convertible preferred stock with a liquidation preference of $35 convertible into 50 shares of common stock (i.e. a fixed conversion price of $0.70/shr) and (b) 50 warrants exercisable at $1.00, expiring 12/31/16. However, if after 12/31/14 the common stock underlying the warrants is registered, the warrants will expire 60 days after such registration. The company is seeking additional capital, from accredited investors only, on similar terms.
GTI Announces Chuck Mitman as Senior Consultant
Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative industrial technologies, announced today that as of October 1 it has retained Chuck Mitman, co-founder of MC 2 Advisory Group, as a senior consultant to assist GYTI with marketing and business development. GYTI and Mr. Mitman also anticipate that Mr. Mitman will join the senior management of GYTI in the first quarter of 2014.
GTI Successfully Tests Technology for High-Volume Consumer Application
Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative industrial technologies, announced today that a major consumer products company had contracted with GYTI for paid testing to study the feasibility of using the gyrotron in a high-volume consumer application. During testing, GYTI successfully demonstrated its ability to cure a specialized plastic foam to customer specifications in a fraction of the time, and using a fraction of the energy, required by conventional technology.
Glass Tempering Technology Provisional Patent Application Filed by GTI
Gyrotron Technology Inc. (PINKSHEETS: GYTI), developer of innovative industrial technologies, has filed a provisional patent application for a new technology for glass tempering, one of the primary methods of producing safety glass. The technology utilizes the gyrotron, a very powerful source of high frequency microwave energy. Most safety glass is produced by tempering and/or by laminating. Tempered glass is used extensively in the automotive and construction industries.