Tekcapital plc acquires University of Central Florida
Tekcapital plc (AIM: TEK), an international provider of technology and intellectual property services, announces that it has acquired the exclusive worldwide licencing rights to a portfolio of nine patents for the improvement of air conditioning efficiency from the University of Central Florida. The technology is aimed at improving the efficiency of central air conditioning systems and is designed to achieve up to a 25% efficiency improvement in condenser fan operations, compared with existing air conditioning units.
The system incorporates a condenser fan design that is based on aircraft propeller design elements. The blades can also include an air-foil for improving the airflow efficiency and can also be configured to reduce noise. This technology portfolio has the potential to be incorporated into both new and existing air conditioning systems.
This intellectual property portfolio was developed and tested at the Florida Solar Energy Center (FSEC), a research institute of the University of Central Florida. The Center is staffed with world renowned researchers and scientists with expertise in engineering, energy research, building science, energy and policy analysis, and education and training.
The Directors believe that this technology portfolio represents an important, energy efficiency enhancement for air conditioning systems with the potential for market adoption via out-licensing.
According to the Air Conditioning, Heating, and Refrigeration institute, there were 4,499,660 central air-conditioning units sold in the United States in 2014.
The Directors believe that the central air conditioning energy efficiency improvements contemplated in the licensed portfolio may become the condenser fan design of choice, and could gradually replace the relatively flat blade design that is currently used globally.
Svetlana Shtrom, Ph.D., Director, Office of Technology Transfer, University of Central Florida, added:
"We are pleased to have licensed this excellent portfolio of energy efficient air conditioning patents to Tekcapital, an international provider of technology and intellectual property services. We are very excited about the potential for this technology to improve existing central air conditioning systems and empower the next generation of improved products."
Commenting on the announcement, Clifford M. Gross, Ph.D., Executive Chairman of Tekcapital plc, said:
"We are excited to have agreed to acquire the exclusive license to this important portfolio of patents from the University of Central Florida. We look forward to working towards commercializing this technology with leading, forward thinking technology companies that can benefit from improving their products with these advanced energy efficient, air conditioning technologies."
Tekcapital will issue 69,800 new ordinary shares of 0.4p each ("Consideration Shares") to the University of Central Florida Research Foundation as the consideration for the acquisition of the exclusive license to this portfolio of nine patents.
Application will be made for the Consideration Shares to be admitted to trading on AIM, which is expected to become effective on or around 21 August 2015. The Consideration Shares will rank pari passu with the Company's existing ordinary shares in issue.
Following the issue of the Consideration Shares later this month, Tekcapital will have in issue 34,748,339 ordinary shares of 0.4p each with one voting right each ("Ordinary Shares"). The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares and voting rights in the Company will be 34,748,339. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
About Tekcapital - The World's Largest University Network for Open Innovation
Tekcapital helps clients profit from new, university-developed intellectual properties. With our proprietary discovery search engine, linked to 4,000+ universities in 160 countries, coupled with expert scientific review, we provide a turn-key service to make it easy for clients to find and acquire the IP they need to create a competitive advantage. Tekcapital plc is listed on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com
About the University of Central Florida
The University of Central Florida is the second-largest university in the U.S. With more than 60,000 students, it has grown in size, quality, diversity and reputation, and today the university offers more than 200 degree programs at its main campus in Orlando and more than a dozen other locations. Known as "America's Leading Partnership University®", UCF is an economic engine attracting and supporting industries vital to the region's success now and into the future. For more information, visit http://today.ucf.edu.