Solutions Group Announces Award of Contract for Feasibility Study of New Medical Technology
14 Dicembre 2009 - 10:54PM
Marketwired
Santa Barbara-based Solutions Group Inc. (PINKSHEETS: SOLU)
announced that it has been awarded a contract from CrowleyJones to
head up a team that will study the feasibility of a ground-breaking
technology for use in a new medical application.
The contract, which covers the viability of the technology for
the specific application, manufacturability, and probability of FDA
approval, is scheduled to be completed in the first quarter of
2010. Upon successful completion of the proof of concept, parties
have agreed to terms of a follow-up contract for the development
stage of the product which will include an equity position for
SGI.
Due to the complexity of the technology, SGI will be working
closely with Dr. Steven Robert Biegalski {PRIVATE}, P.E., Director;
Nuclear Engineering Teaching Laboratory at The University of Texas
at Austin, to ensure the success of the project.
Terry Jones, Managing Director of CrowleyJones, stated,
"Solutions Group has presented an innovative solution to a medical
problem with a significant market for us. We look forward to
working with them on this proof the concept stage, and to moving on
to the engineering and manufacturing of the product."
Sean O'Neil, Solutions Group CEO, stated, "It is exciting to
work with this experienced team on this new medical device."
CrowleyJones develops, manufactures and distributes innovative
and functional products. The company holds a diverse IP portfolio
of "Best in Class" products that are distributed worldwide through
First Tier sales channels, including retail dealers and direct
response consumer markets. More information on CrowleyJones be can
found at www.crowleyjones.com
About Solutions Group:
Solutions Group is an international provider of Managed
Engineering Services. The Company seamlessly integrates its
regional design centers in North America with its lower cost
off-shore engineering locations in Romania and Mexico to provide
exceptional blended pricing solutions and reduced product design
cycle times. Solutions Group creates greater value for its
shareholders by leveraging its core engineering competencies into
other opportunities including royalty partnerships, intellectual
property creation and selective acquisitions. SGI's customers
currently include major Fortune 500 companies, small and mid-range
OEMs and early stage product companies.
For more information please visit our website at:
www.solutionsgroupcorp.com
View this release in video format:
http://www.vodnewswire.com/vodnewswire/news/solutionsgroup-20091214/
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This press release contains forward-looking statements that are
made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995, particularly those
statements regarding the effects of the proposed transaction and
those preceded by, followed by or that otherwise include the words,
"believes," "expects," "anticipates," "intends," "estimates," or
similar expressions. Forward-looking statements relating to
expectations about future results or events are based upon
information available to The Company as of today's date, and The
Company does not assume any obligations to update any of these
statements. The forward-looking statements are not guarantees of
the future performance of The Company and actual results may vary
materially from the results and expectations discussed.
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Contact: Solutions Group, Inc. Kim Carroll Investor Relations +1
949 630 9831 World Market Media, Inc. Executive Editor +1 877 801
8408 editor@worldmarketmedia.com
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