UAT Group Inc. Acquires Additional 6% of Next Casting Technologies
Umbra Applied Technologies Group (OTC Pink: UATG) has increased its stake in Next Casting Technologies from 20% to 26%, acquiring an additional 6%. CEO Alex Umbra stated this aligns with their growth strategy. Next Casting Technologies is set to launch its SmartCast technology by Q3 2021, anticipating first-year revenues of $16.1 million, with a five-year projection exceeding $80 million. The orthopedic casting market is projected to grow from $4.6 billion in 2015 to $7.9 billion by 2024, at a CAGR of 6.4%. The company plans to file additional patents ahead of the launch.
- Acquisition increases stake in Next Casting Technologies to 26%, enhancing strategic partnership.
- Next Casting Technologies projects first-year revenues of $16.1M from SmartCast technology.
- Orthopedic market projected to grow significantly, offering potential revenue opportunities.
- None.
Tampa, FL, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group, Inc. (OTC Pink: UATG) announced today that it has purchased an additional
Chief Executive Officer, Alex Umbra commented: "Increasing our equity position to
Next Casting Technologies (NCT), is a research and design-centric, biomedical technology company, with an expanding portfolio of intellectual property. The NCT team of experienced engineers, designers, certification experts and business professionals combine advanced design with paradigm shifting technology engineered to disrupt and transform the casting, bracing and splinting space.
The current SmartCast technology is now ready for commercial production. Next Cast anticipates production molds to be delivered to manufacturing site within the next 60 days. Production is scheduled to begin in Q3 of this year, with the first unit being delivered to customers across the United States in November of this year.
The global orthopedic casting, splinting, braces and support market was valued at US
Next Cast expects to file additional patents ahead of the Q3 launch, with several patents supporting next generation casts currently under development.
For more information about Next Cast go here: https://www.nextorthocast.com/
About Umbra Applied Technologies Group, Inc.:
The firm is located in Tampa Florida and focuses on advanced technologies across many disciplines. UAT Group is a holding company with interests in both public and private companies during the early stages of development as well as growth stages of companies with a synergistic business model to UAT Group subsidiaries.
For more information, visit www.uatgroup.com
Investor and Media Contact: UAT Group at info@uatgroup.com
NEITHER THE SECURITIES EXCHANGE COMMISSION NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Forward-Looking Information
This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and a secondary listing on the OTC as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are
subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of Umbra Applied Technologies Group, including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Umbra Applied Technologies Group does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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