DELTA, BC, Sept. 30 /CNW/ - AirTest Technologies (TSXV: AAT) is pleased to announce that its plan to acquire the proprietary rights to a revolutionary technology in gas sensing is in its final stages. Major components to a final agreement have been agreed to in a revised Memorandum of Understanding, including confirmation that negotiations with the inventor have become exclusive with AirTest. Another important step has been completed in the form of a third-party verification of the technology that has recently been conducted by Oak Ridge National Laboratories as part of the due diligence process.
The infrared measurement of gases is a well-established technology that has been in widespread use for over 60 years in industrial, medical, scientific and commercial applications. Infrared has generally been considered a superior method of gas measurement, however it has proved to be too costly for many applications. Infrared sensors have also subject to drift which affects reliability and lifetime maintenance costs. AirTest's pending new technology eliminates sensor drift and allows for a low-cost design that can easily be applied to measure a variety of gases. According to Mike Schell, VP of business Development at AirTest "This gives the company an opportunity to supply better more cost effective technology to existing companies targeting safety, environmental and process control applications. It also enables us to enter a number of multi-million dollar markets by working with companies needing various gas sensing technologies in high volume consumer, commercial and appliance applications."
As part of the due diligence process undertaken by Airtest, Oak Ridge National Laboratories (ORNL), based in Oak Ridge, Tennessee was asked to provide a third party assessment of this new sensor approach. The Engineering Science And Technology Division at Oak Ridge has been investigating various sensor technologies for safety and building applications for a number of years and have been concerned about the impact sensor drift has on the viable use of sensors for many energy saving and control applications. In reviewing this new technology Oak Ridge found that this new "NDIR (Non Dispersive Infrared) sensor design addresses the central weakness in NDIR sensors - calibration stability, by eliminating sensor drift."
According to George Graham, President of AirTest, "We expect to finalize the exclusive license agreement for this technology in the very near future." Graham added "We are withholding the name of the inventor of the new technology for public release until we have finalized a definitive agreement."
About AirTest: AirTest Technologies (www.airtest.com) is a Green-Tech company specializing in sensors that improve commercial building operating efficiency and at the same time create energy savings. These sensors are all based on technical innovations developed in the last ten years, and comprise a growing second wave of energy saving technologies that will make a significant contribution to the Sustainable Buildings Program. AirTest offers its products to leading-edge building owners, contractors and energy service companies targeting the buildings market. AirTest also provides energy cost reduction solutions to building equipment and controls manufacturers who incorporate AirTest sensor components in their products.
About Oak Ridge National Laboratories (ORNL): (www.ornl.gov) ORNL is a multi-program science and technology laboratory managed for the U.S. Department of Energy by UT-Battelle, LLC. Scientists and engineers at ORNL conduct basic and applied research and development to create scientific knowledge and technological solutions that strengthen the nation's leadership in key areas of science; increase the availability of clean, abundant energy; restore and protect the environment; and contribute to national security.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
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SOURCE AIRTEST TECHNOLOGIES INC.
For further information: For further information: Mr. George Graham, President, Phone: (604) 517-3888, Fax : (604) 517-3900, Email: email@example.com, Website: www.airtesttechnologies.com