Tampa, Florida–(Newsfile Corp. – March 4, 2021) – Umbra Applied Technologies Group, Inc (OTC Pink: UATG) announced today that it has purchased 20% of the Austin, Texas based medical company Next Casting Technologies. The global orthopedic casting, splinting, braces and support market was valued at US $4.6 billion in 2015 and is expected to reach US $7.9 billion by 2024, at a CAGR of 6.4%. Next Casting Technologies has projected its first-year revenues to be $16.1M once it launches with a five-year evaluation in excess of $80M. UAT Group will deliver the $5M purchase price amortized over the next 24 months.
Chief Executive Officer, Alex Umbra commented, “Next Cast represents the tip of the spear in casting technology. What they have created is impressive and singular in the market. We initially partnered with NextCast on producing one of the components in their next generation cast which utilizes our industry leading antimicrobial technology Hygieia. After 2 years of collaborating on this unique project, it seemed only natural to have Next Cast become part of our family in a more definitive way. This addition to our suite of companies supports our commitment to building value within our subsidiary and strategic network”.
Next Casting Technologies (NCT) founded in 2016, 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 ready for commercial production and introduction into the market, with advances in second generation models currently under development. The next generation SmartCast will feature an integrated microprocessor not just for simplifying and managing the cast curing time, but will also include the ability to detect swelling, and promote the fracture healing process with active bone growth stimulation. Their patent pending technology provides multiple pathways for product line expansion within the lucrative specialty casting and custom bracing markets.
The CEO and inventor of the NCT product line stated,” We are currently in the final stages of initial commercial production and building domestic sales. As revenue increases, design and production work will continue to expand product offerings to include bracing, splinting and specialty casting, utilizing NCT’s unique technology. Over the next 36 months, the NCT Board vision is to guide the company into an international brand. We are currently engaged with a national medical products and service provider to provide our product lines to their clients. I know I speak with everyone at Next Cast when I say we could not be more excited about our future with our new strategic partner UAT Group”.
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 [email protected]
NEITHER THE SECURITIES EXCHANGE COMMISION NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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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