Los Alamos & Reading Pa., September 21, 2009 - Manhattan Scientifics Inc. (OTC BB: MHTX) announced the signing of a contract with Carpenter Technology Corporation (NYSE, CRS) 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 % 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 break-through 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.”
Manhattan Scientifics, Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of disruptive technologies in the nano medicine space. The company is presently developing commercial medical prosthetics applications for its ultra-fine grain metals and plans to commercialize the cancer research work and nano medical applications developed by Senior Scientific LLC, a unit of the Company.
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.