LONDON (Thomson Financial) - UTEK Corp said it has completed a technology
transfer to World Energy Solutions Inc in a tax-free stock-for-stock
transaction.
Hydrogen Safe Technologies Inc, established by UTEK specifically for this
transaction, was acquired by World Energy Solutions, which in turn issued 7.5
mln unregistered restricted shares to UTEK.
The amount to be paid will be determined on the closing date of the
transaction.
The technology transferred includes an exclusive, worldwide licence to a
hydrogen sensor technology, UTEK said.
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