Manhattan Scientifics Signs Development Agreement with General Cable
NEW YORK--Manhattan Scientifics, Inc. (OTCQB:MHTX) announced today that it has signed a $500,000 Joint Development Agreement with General Cable (NYSE: BGC).
“We are committed to being the industry leader in innovation for overhead conductors for transmission and distribution. This partnership strengthens our focus on nano-structured aluminum, an important technology platform that creates differentiated solutions for the Utility industry.”
The agreement calls for the design and development of nano-structured aluminum for wire and cable applications with a strong focus on overhead conductor for the transmission of power.
Currently, approximately 7% of energy is lost between a generation source and customer meter in the U.S. The cost of the energy losses is estimated at approximately $25 billion per year. Transmission and distribution overhead conductor line losses are the dominant source of these energy losses. Nano-structured aluminum has the potential to offer superior balance of strength and conductivity, which can be leveraged to significantly improve the efficiency of electrical power transmission and distribution. It can also improve safety and reliability of the transmission grid, as the nano-structured aluminum based conductors are expected to be resistant to high temperatures and sag.
Manhattan Scientifics’ CEO Manny Tsoupanarias, said, “We are very pleased to announce this agreement with General Cable and our goal is to take a completely new approach in order to create a lighter, more efficient aluminum conductor and, in the process, lead to a successful future licensing arrangement with General Cable.”
Dr. Srini Siripurapu, Vice President of R&D at General Cable, said, “We are committed to being the industry leader in innovation for overhead conductors for transmission and distribution. This partnership strengthens our focus on nano-structured aluminum, an important technology platform that creates differentiated solutions for the Utility industry.”
About Manhattan Scientifics, Inc.
Manhattan Scientifics Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of transformative technologies in the nano medicine space.
This press release contains forward-looking statements, which 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. Management at Manhattan Scientifics believes that purchase of its shares should be considered to be at the high end of the risk spectrum. 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.