GTI Enters Into Sub-Award and Development Agreement With PPG Industries Inc.
BENSALEM, PA–(Marketwired – May 12, 2015) – Gyrotron Technology Inc. (OTCBB: GYTI), announced today that it has entered into a Sub-award and Development Agreement (the “Agreement”) with PPG Industries, Inc. (“PPG”). GYTI will assist PPG as a subcontractor in a project majority funded by the Department of Energy (“DOE”) which calls for PPG to demonstrate components of a fabricate-on-demand vacuum insulating glazing manufacturing process. GYTI was retained by PPG to provide expertise relating to microwave heating techniques as applied to glass joining processes. PPG’s contract with the DOE calls for 70%/30% cost sharing between the DOE and PPG, and GYTI’s subcontract also calls for GYTI to bear 30% of the cost of its work. If the DOE continues to fund the project and the Agreement is not otherwise terminated, the Agreement contemplates that GYTI will receive $120,658 through PPG over a two and a half year period.
Inventions and intellectual property (together “IP”) conceived jointly by GYTI and PPG will be jointly owned by the parties, and IP developed solely by one party will be owned by that party. If within 90 days of the termination of the Agreement PPG determines to proceed with the commercialization of vacuum insulating glazing technology based on GYTI’s wholly or jointly owned IP, PPG will have exclusivity with respect to such IP under a separate agreement to be negotiated between the parties. If the parties do not come to an agreement, the terms under which such IP will be used will be determined by binding arbitration. In addition, as a consequence of the DOE funding, the US government retains certain statutory IP rights.
The complete information regarding the agreement may be found in the form 8K filed with the SEC last week by GYTI.
About Gyrotron Technology — (OTCBB: GYTI): GYTI develops and markets unique processing technology solutions for a broad range of industries, including glass, plastics, semiconductors, and food. Most of these utilize the gyrotron, a very powerful source of high-frequency microwave energy. These solutions open new horizons, substantially enhancing productivity and cutting costs by, among other things, applying heat in a dramatically more efficient and effective manner than is possible with legacy technologies. Please visit our website
https://www.gyrotrontech.com/ for additional information.
Forward-Looking Statements: This release and the materials referred to herein contain 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. All forward-looking statements are inherently uncertain, as they are based on current expectations and assumptions concerning future events or future performance of GYTI. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties inherent herein and in publically available information on GYTI, including filings with the SEC. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.