Carpenter Plans to Manufacture & Market Super Strong Metals Utilizing the Patented Manhattan System
Manhattan Scientifics Inc. ~ September 21, 2009,
Carpenter Technology Corp.
Manhattan Scientifics, Inc.
LOS ALAMOS, N.M. and READING, Pa.--(BUSINESS WIRE)--Manhattan Scientifics, Inc. (OTCBB: MHTX - News) announced the signing of a contract with Carpenter Technology Corporation (NYSE: CRS - News), wherein Carpenter will fully develop, manufacture and market a new class of high strength metals under an exclusive license from Manhattan Scientifics and the Los Alamos National Laboratory. The contract includes minimum annual payments to Manhattan Scientifics during a 4-year period, together with royalty payments as a percent of gross sales.
Manhattan Scientifics previously acquired the exclusive perpetual U.S. license to a family of patents that have been developed by scientists at the Los Alamos National Laboratory and in Russia.
The proprietary process will enable super-strength metals and alloys to make products that weigh far less than in the past and without significant cost premiums. A patented new form of titanium metal originally developed by Russian scientists, in concert with scientists at the Los Alamos National Laboratory, is expected initially to significantly improve medical prosthetics. Studies have shown that bone integrates with these new metals up to 20 times faster than with conventional metals. In December 2008, FDA approval was received for the $2 billion dental implant market. Carpenter is studying and considering other applications, including the transportation industry, where stronger, lighter metals may impact fuel economy.
“Carpenter continues to forge ahead as the leading developer of stainless steels and specialty alloys,” said Anne L. Stevens, Carpenter’s chairman and chief executive officer. “Our relationship with Manhattan Scientifics will ultimately give us new, cutting-edge manufacturing techniques that we can apply to many of our alloys to service an increasing global need for high strength materials.”
Manny Tsoupanarias, Manhattan’s CEO, said, “Carpenter Technology Corporation, a billion dollar multi-national organization, is exactly the kind of manufacturing partner we were looking for to bring our superior ultrafine grain metals to market throughout the world.” CEO Tsoupanarias continued, “The contract will provide quick and sustained revenue to Manhattan Scientifics. Moreover, we anticipate positive cash flow, reliable revenue and profitability during the next 12 months. This is a major breakthrough for our 8,600 shareholders.”
Marvin Maslow, Manhattan’s Chairman Emeritus, said, “Under Manny Tsoupanarias’s leadership, Manhattan Scientifics has re-invented itself. We have now demonstrated the efficacy of our business model by partnering with Carpenter. Manhattan’s objective has always been to identify and ‘partner’ with industrial manufacturers and marketers. The Carpenter relationship will become the tipping point to our success.”
In addressing Manhattan Scientifics, Mr. Maslow said, “We continue to be in close contact with brilliant scientists employed at the U.S. government’s multi-billion-dollar national security laboratories, who are developing disruptive, sea-change technologies. Manhattan’s goal is to show them the commercial path, provide them the capital, the courage and leadership under partnership arrangements with us. Manhattan will continue to demonstrate its ability in this respect, and plans to repeat the Carpenter-type experience with other large industrial corporations in other technical areas as it moves forward to create significant profit for its shareholders.”
About Manhattan Scientifics, Inc.:
Manhattan Scientifics’ business model capitalizes on inventions and technology from which profits may be earned primarily through licensing. Operations include identifying, developing, patenting, supporting and marketing technical innovations by harvesting top technology talent to bring game-changing technology to the market. Manhattan’s science team includes technology leaders like Dr. Martin Cooper, inventor of the cellular telephone, Dr. Arthur Kaufman, founder of H-Power, Dr. Terry Lowe, nano-science pioneer, and Donald Sandstrom, a 42-year veteran of the Los Alamos National Laboratory and a Materials Science expert. Information about Manhattan Scientifics can be found on the Internet at www.mhtx.com.
About Carpenter Technology Corporation:
Carpenter Technology Corporation (NYSE:CRS - News), based in Wyomissing, Pa., produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products. Information about Carpenter Technology can be found on the Internet at www.cartech.com.
Safe Harbor Statement:
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, failure to realize projected revenues and cash flows, inability to raise capital and market conditions that negatively affect the market for our technology. The Company disclaims any responsibility to update any forward-looking statements.
Investor Relations Contact:
Premier Media Service Inc.
Kelly Black or Heather Mund, 480-649-8224
Manhattan Scientifics, Inc.
Director of Investor Relations,
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