XL TechGroup agreement with Arizona State University for preferential access to new technologies
25 January 2006
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces an agreement with Arizona Technology Enterprises (“AzTE”), the technology commercialisation arm of Arizona State University (“ASU”), which provides XL TechGroup with priority review of all technologies in the AzTE portfolio that might form the basis of new XL TechGroup companies.
In the case of technologies selected by XL TechGroup and AzTE for further evaluation, XL TechGroup will obtain an exclusive option providing time for a detailed appraisal of the technology to be undertaken. When XL TechGroup's strict selection criteria conclude that a technology warrants the creation of a new company, XL TechGroup will fund such newly created ventures, and will manage them until the point that a mature and self-sustaining business has been created.
XL TechGroup and AzTE are already collaborating on a number of projects which have added exciting possibilities to the XL TechGroup technology pipeline. This agreement will facilitate a consistent flow of information between the XL TechGroup team and AzTE. AzTE will benefit from an increase in the efficiency and speed with which the market potential of these technologies is assessed, and from an ongoing equity interest in technologies that reach the commercialisation stage.
XL TechGroup has chosen to partner with AzTE due to its unique expertise in identifying commercialisation opportunities for the early stage technologies in the portfolios of its affiliated research institutes. AzTE commercialises technology for ASU, Northern Arizona University, and other Arizona-based research centres in the areas of health and physical sciences, medical devices and engineering.
Peter Slate, President and Chief Executive Officer of AzTE, said: “We have worked with the team at XL TechGroup on a number of projects and have been impressed by their ability to identify disruptive technologies, assess the market potential of these technologies and exploit significant market opportunities within a short period of time. We believe XL TechGroup's unique approach to value creation will greatly enhance the commercial potential of the technologies emanating from ASU. We very much look forward to building this relationship further.”
John Scott, Chief Executive Officer of XL TechGroup, said: “The relationships we have developed with our technology partners are crucial to the success of the XL TechGroup methodology. We are delighted that our existing relationship with ASU continues to evolve and that the results we have achieved to date have led to this preferential arrangement. We in turn have been impressed with the quality of the technologies being developed at the University and are excited about the future opportunities.”
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