SOURCE: Gyrotron Technology Inc.

Gyrotron Technology Inc.

May 08, 2014 16:29 ET

Gyrotron Technology Inc. Receives $120,000 Follow-on Development Contract for High-Volume Consumer Application

BENSALEM, PA--(Marketwired - May 8, 2014) - Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative industrial technologies, announced today that last month it entered into a $120,000 development contract with a major consumer products company to continue work on using the gyrotron in a high-volume consumer application. This contract is a follow on to a smaller contract successfully completed in '13, during which GYTI successfully demonstrated its ability to cure specialized material to customer specifications in a fraction of the time, and using a fraction of the energy, required by conventional technology. GYTI expects to complete its work under the contract in the 3rd quarter of this year.

"We are very pleased with the customer's continued serious interest in investigating the use of our technology for this very large consumer application," stated Dr. Vlad Sklyar, President of GYTI. "We are optimistic that a commercialization agreement with this customer can be achieved within the coming 12 months."

About Gyrotron Technology - OTC:GYTI - GYTI develops and markets unique processing technology solutions 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 solutions 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/ for additional 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