Los Alamos, NM, October 15, 2002 -Manhattan Scientifics, Inc. (MHTX) said today it has sold the intellectual property of its holographic data storage subsidiary to a company actively engaged in developing the ultra high-density data storage technology.
The patents and equipment assets of Tamarack Storage Devices Inc., a wholly owned subsidiary of Manhattan Scientifics, were sold for an undisclosed amount of cash and securities. The company said it would provide additional details in the near future.
Jack Harrod, chief operating officer of Manhattan Scientifics, said, "We believe the portfolio of 21 patents has the potential to play an important role in the future development of holographic memory. We have taken this step in order to focus our efforts on our fuel cell and e-Touch Software activities."
Manhattan Scientifics CEO Marvin Maslow said, "This transaction provides us with useful funding that will help see us through these difficult markets. We continue to make what we believe is useful progress in finding appropriate partnerships and alliances to commercialize our portfolio of disruptive technologies."
Manhattan Scientifics, Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of disruptive technologies in the nano medicine space. The company is presently developing commercial medical prosthetics applications for its ultra-fine grain metals and plans to commercialize the cancer research work and nano medical applications developed by Senior Scientific LLC, a unit of the Company.
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.