Carpenter Technology Corporation (NYSE:CRS) and Manhattan Scientifics Inc. (OTC BB: MHTX) announced today a joint technology agreement involving a new class of high strength metals with broad applications in medical, aerospace, transportation, energy, defense and consumer products.
Manhattan Scientifics holds the exclusive U.S. license for a family of patents to produce super-strong metals developed at the Los Alamos National Laboratory and in Russia. Carpenter, a leading steel and specialty alloys manufacturer, will develop, manufacture and market the new generation of advanced metals.
"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"
Manhattan Scientifics' CEO Manny Tsoupanarias said, "Carpenter Technology Corporation is exactly the kind of industrial manufacturing partner that can bring our new class of metals to the broad market. The initial technology transfer payments along with eventual royalties from Carpenter will provide Manhattan Scientifics quick and sustained revenue, positive cash flow and profitability beginning this year. This is a major break-through for our 8,600 shareholders."