SOURCE: Gyrotron Technology Inc.

Gyrotron Technology Inc.

October 14, 2013 15:19 ET

Gyrotron Technology Inc. Announces Retention of Chuck Mitman as Senior Consultant and Reports Progress to Shareholders

BENSALEM, PA--(Marketwired - Oct 14, 2013) - Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative industrial technologies, announced today that as of October 1 it has retained Chuck Mitman, co-founder of MC 2 Advisory Group, as a senior consultant to assist GYTI with marketing and business development. GYTI and Mr. Mitman also anticipate that Mr. Mitman will join the senior management of GYTI in the first quarter of 2014. 

"I'm very pleased that Mr. Mitman will be working with GYTI in the coming months," stated Dr. Vlad Sklyar, President of GYTI. "His broad experience will provide invaluable insight and assist us in the next phase of the growth of our company."

"I'm excited about the opportunity at GYTI," said Mr. Mitman. "Dr. Sklyar is a brilliant innovator, and I look forward to assisting him in commercializing GYTI's breakthrough technologies."

GYTI also provided some business updates.

In August '12, GYTI announced the launch of its first commercial gyrotron installation and stated that the customer was expected initially to develop and perfect production techniques for a range of products using the gyrotron and a new production line the customer has developed and built. The customer has informed GYTI that it intends to place the gyrotron and the new production line into regular commercial use by 1/1/14, which will produce a royalty stream for GYTI. The customer also informed GYTI that it intends to initiate additional projects with GYTI, and that the operating division using the gyrotron is requesting budget allocation for additional gyrotron based production lines for the same product category for '14.

In July '13 GYTI announced that, while doing feasibility testing for a major consumer products company, GYTI successfully demonstrated its ability to cure specialized plastic foam to customer specifications in a fraction of the time, and using a fraction of the energy, required by conventional technology. GYTI successfully completed this $45,000 feasibility study in the 3rd quarter, and the customer has commenced negotiations for a licensing agreement with GYTI.

About Gyrotron Technology -- (PINKSHEETS: GYTI) -- GYTI develops and markets unique industrial technologies for a broad range of industries, including glass, plastics, semiconductors, and food. Most of these utilize the gyrotron, a very powerful source of high-frequency microwave energy. These technologies open new horizons, substantially enhancing productivity and cutting costs by, among other things, applying heat in a dramatically more efficient and effective manner than is possible with legacy technologies. Please visit our website http://www.gyrotrontech.com/ or go to http://www.gyrotrontech.com/EXPAGES/gyti.asp for GYTI summary information.

Forward-Looking Statements This release and the materials referred to herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, as they are based on current expectations and assumptions concerning future events or future performance of GYTI. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties inherent herein and in publically available information on GYTI. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.

Contact Information

  • Technical Contact:
    Dr. Vlad Sklyar
    President
    215-244-4740
    Email Contact

    Investor Contact:
    Jack N. Mayer
    Director
    215-244-4740
    Email Contact