SOURCE: UTEC Inc.

January 08, 2008 06:00 ET

UTEC Inc. 2007 Review and 2008 Waste Destruction Negotiations

FOX ISLAND, WA--(Marketwire - January 8, 2008) - UTEC INC. (PINKSHEETS: UTEI) -- The management team, headed by Dr. Fortunato Villamagna, Ph.D., Managing Director and CEO of UTEC Inc., trading symbol (PINKSHEETS: UTEI), is pleased to share with its Shareholders, Friends and the Market its Annual Review and Shareholders' Address.

2007 was an exciting internal growth and international expansion year for UTEC (PINKSHEETS: UTEI). Over the past 50 plus years, the UTEC Laboratory has been involved in the research and development of successful commercial explosive products for use by the worldwide mining industry. During this time, the Laboratory has obtained 17 U.S. and foreign patents to cover its explosive technology. On May 25th UTEC announced sales contracts in excess of 2 million and further contracts for $506,000 for its newly formed Chemical Division on June 13th.

UTEC has also entered into an agreement with a major chemical supplier in India to distribute Pentaerythritol in the Latin American market. Pentaerythritol is primarily used in the surface coatings industry. Additionally it has applications in the commercial explosives and munitions industries. UTEC Inc. is also pleased to announce as a result of the new distribution agreement with its new partner in India, that the Company has recently signed a contract with a major producer of commercial explosives products in the Latin American market, to supply 72MT of Pentaerythritol for the 1st half of 2008.

Dr. Fortunato Villamagna announced on September 27th, that the company had posted profits for its first two quarters of 2007. (The UTEC 2nd Quarter Financials are available on the Pink Sheets website). The Company has announced UTEC's intention to file for Over the Counter Bulletin Board (OTC-BB) Listing and has retained Cole & Reed P.C. to audit its financials.

In late June, UTEC launched the formation of its 3rd Unit, the Hazardous Waste Destruction Division and our program to manufacture the Glyd-Arc Plasma Oxidizer focusing on the complete destruction of solid and liquid hazardous chemicals and biological waste. "The demand for safe destruction of Medical wastes, excess Munitions and waste streams generated from Specialty Chemical and Active Pharmaceutical Intermediate production represents an important growth market for UTEC," stated Dr. Villamagna.

The UTEC Plasma Oxidizer System addresses the dilemma faced by the Hospital and Medical industry with the storage and transportation of materials such as cancerous tissues, HIV contaminated materials and associated highly contagious products (bandages, wrappings, wipes, etc.) by providing a low cost, on-site solution. Hospitals and medical facilities are at special risk from these contaminants and currently medical facilities are forced to store these wastes for long periods of time or ship them at very high cost to facilities using very specialized systems. Additionally, a larger unit capable of destroying 50 tons per year of hazardous chemicals and biological waste is also being engineered and built.

In 2008, the Company is poised to see significant expansion which will be driven predominantly by the commercialization of the Company's patented waste destruction system. The Company is currently in discussions with a large chemical producer to handle their waste on-site as well as a large munitions producer. These negotiations will lead to the installation of multiple waste destruction units at multiple locations.

"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.

Compensation Disclaimer: Capital Pros Network CPN has been compensated the equivalent of $46,750 for its work with (PINKSHEETS: UTEI). Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by UTEI (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.

Contact Information