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Umbra Applied Technologies Group (UATG) has begun fulfilling orders for Ossifix orthopedic products, including allograft bone implants, targeting the orthopedic, dental, and general surgery markets. The implants, made from high-density allograft cortical bone, avoid allergic reactions associated with traditional materials. The market for resorbable implants, applicable in multiple surgical fields, is projected to grow at 14% annually, reaching $4.696 billion this year. UATG expects to post revenues in Q1 2022 and aims to expand its distribution to North America and beyond.
Umbra Applied Technologies Group's subsidiary, H2O Processing, has secured a distribution agreement with a Texas-based distributor for its mobile water treatment systems, primarily targeting the oil, gas, and mining sectors. The deal guarantees the delivery of at least three units in the first year, valued at approximately $7.6 million. This contract will renew annually without limits on unit supply. H2O Processing has also received a state-wide permit in Oklahoma for treating contaminated water, enhancing its market readiness and operational capabilities.
Umbra Applied Technologies Group (UATG) has appointed ClearTrust, LLC as its new registrar and transfer agent, replacing Equiniti Group PLC. Shareholders are not required to take any action regarding this change. All inquiries related to shareholder records and transfers should now be directed to ClearTrust. UATG is a holding company based in Tampa, focusing on advanced technologies and has interests in both public and private companies at different stages of development.
On October 20, 2021, Umbra Applied Technologies Group (UATG) announced a joint venture with Precision Process Design and Mechanical (PPD&M). The new entity, H2O Process Engineering, will develop advanced water treatment technologies targeting the Marcellus Shale region. The joint venture aims to treat contaminated water more efficiently, potentially saving oil companies up to 70% in disposal costs, with expected revenues reaching six figures daily in the first year. This venture is poised to significantly impact operational costs and environmental sustainability in the oil and gas sector.
Umbra Applied Technologies Group (OTC Pink: UATG) announced that its strategic partner, Next Casting Technologies, has received a Notice of Allowance from the U.S. Patent Office for its SmartCast, IntelliBrace, and BioSplint technologies. This signifies the final step before entering production. The SmartCast system allows for quick and effective casting, producing a waterproof and antimicrobial orthopedic cast. Production is expected to begin soon, with revenues anticipated to be reported in Q1 2022.
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.
Bacter Scientific, in collaboration with Umbra Applied Technologies Group (UATG), announced the launch of its handheld COVID-19 testing device, Novi. This innovative unit can test for various respiratory viruses and their variants, including COVID-19, using loop-mediated isothermal amplification (LAMP) technology. Unlike traditional PCR tests, which can take days, Novi provides results in minutes, enhancing the speed and accuracy of virus detection. The device's portability and built-in reporting capabilities aim to support public health efforts against emerging variants.
Umbra Applied Technologies Group's subsidiary, H2O Processing, has been invited by the Colorado Department of Public Health & Environment to help develop a water reuse program as part of the state's clean potable reuse initiative. This program aims to address increasing water demand due to population growth, with regulations expected to be finalized within 3-6 months. H2O Processing, known for its expertise in water treatment, has previously assisted Oklahoma in similar efforts. The company emphasizes its commitment to aiding Colorado in preserving its natural resources through advanced water purification technology.
Umbra Applied Technologies Group (UATG) announced that its strategic partner, Bacter Scientific, has received FDA acceptance for a Pre-Emergency Use Authorization request for its Novi COVID-19 testing device. The Novi's point-of-care test can deliver results in five minutes, is portable, and requires minimal training to operate. The company anticipates production of 500,000 units ready for immediate delivery post-approval and expects to offer 3 million units in the first production year. The device will cost $499.99 and aims to be the lowest cost per test in the market.
Umbra Applied Technologies Group (UATG) announced that its advanced wind turbine, the V-HET, will begin field testing in 90-120 days. The turbine, made from lightweight yet robust materials, boasts a unique design to maximize wind energy capture, even at low speeds. UAT's technology aims to reduce carbon emissions significantly, with each unit projected to generate 85,500 kilowatt-hours annually, enough to power seven homes. The company is partnering with long-time shareholders for testing across various environments, integrating shareholder feedback into development.