UTEK Completes Technology Transfer with Broadcast International, Inc.; Technology Facilitates Video Delivery to Mobile Devices
Video Processing Technologies, Inc. holds the exclusive license to two patent pending technologies developed at the University of California, San Diego, which provides for smoother motion animations on wireless systems that normally lack sufficient bandwidth to sustain frame rates high enough to avoid jerky movement.
“Broadcast International, Inc. is enthusiastic about this technology transfer. Implementing these technologies for image and video processing into low-power low-cost systems will complement our core technology, CodecSys, and allow for expansion of our product pipeline”
"The efficient, robust and fully standard-compliant motion processing algorithm enhances the viewing experience at the decoder by generating additional frames in case of frame skipping and dropout due to inefficient bandwidth or noisy channel," said Truong Nguyen, Ph.D., Professor of Electrical and Computer Engineering and the inventor of these technologies. Professor Nguyen added, "These innovative technologies enable video delivery to mobile devices and thin-clients using existing communication channels."
"Broadcast International, Inc. is enthusiastic about this technology transfer. Implementing these technologies for image and video processing into low-power low-cost systems will complement our core technology, CodecSys, and allow for expansion of our product pipeline," said Rod Tiede, Chief Executive Officer of Broadcast International, Inc.
"UTEK is pleased to consummate this technology transfer with Broadcast International, Inc. and we look forward to continuing our efforts to identify additional technology acquisition opportunities for their consideration," said Jennifer Willis, Manager of Technology Alliances for UTEK Corporation.
About University of California, San Diego
University of California, San Diego (UCSD), one of the ten campuses in the world-renowned University of California system, has rapidly achieved the status as one of the top institutions in the nation for higher education and research. UCSD is an engine for regional economic growth. UCSD faculty and alumnae have spun-off close to 200 local companies, including over a third of the region's biotech companies. UCSD's total research funding for 2004-05 was $728.3 million. The National Science Foundation ranks UCSD seventh in the nation in federal research and development expenditures. For more information about University of California, San Diego, please visit its website at http://www.ucsd.edu.
About Broadcast International, Inc.
Broadcast International, Inc. (BI) is a leading provider of video-powered business solutions, including IP and digital satellite, Internet streaming, and other types of wired/wireless network distribution. In addition, BI assists clients with video production, rich media development and a full range of network support services. BI also possesses a patent-pending technology, CodecSys, which provides enhanced video at current bandwidths and reduces the cost of bandwidth while maintaining quality. Broadcast International was founded in 1984 and is a public company headquartered in Salt Lake City, UT. For more information about Broadcast International, Inc. and CodeSys, please visit their websites at http://www.brin.com and http://www.codecsys.com.
About UTEK Corporation
UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition to its U2B(R) service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at http://www.utekcorp.com.
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or Broadcast International, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Broadcast International, Inc.'s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Broadcast International, Inc., as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Broadcast International, Inc. believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Broadcast International, Inc. do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filing with the Securities and Exchange Commission.