Tampa, Florida--(Newsfile Corp. - March 16, 2021) - Umbra Applied Technologies Group, Inc. (OTC Pink: UATG) (UAT Group), announced today that it has initiated the acquisition of the Texas based company Ossifix Technologies, Inc.
The Ossix Orthopedics line of products will compete in one of the fastest growing, emerging markets, specically, the resorbable implant market, in three distinct surgical segments; orthopedic, dental, and general. Ossifix products are designed to be used in hospitals, ambulatory surgical centers, and specialty clinics. Distribution is scheduled throughout North America, and globally in Latin America, Europe, Asia Pacic, as well as the Middle East and Africa. This global market is currently experiencing an estimated growth of 14% per year to reach $4.696 billion US this year.
Ossifix Technologies has projected its first-year domestic gross revenues to be $25.5M once it launches; with a three-year evaluation in excess of $88.6M. The cash-and-stock acquisition is valued at $5M USD with about half being delivered as a cash payment. The new addition to the public holding company is expected to assist UAT Group subsidiary UAT, in bolstering existing research and product lines within the Company's BioTech division.
Chief Executive Officer, Alex Umbra commented, "We are pleased to integrate Ossifix into our growing suite of companies. I as well as the rest of the team, look forward to building the synergy across all of our subsidiaries by combining the resources and market footprints of the Umbra suite of companies. We believe that this "growth through acquisition approach", will serve to exponentially expand our capabilities so that we can gain a competitive edge in relevant market spaces. I have no doubt that the addition of Ossifix to the Umbra family will be a significant contributor to our collective success."
U.S. based company, Ossifix Orthopedics products are manufactured in Austin, TX from select, high-density, allograft cortical bone. Ossifixs' unique manufacturing process and patent pending designs yield an engineered cortical bone implant that provides secure fixation and virtually eliminates any allergic or autoimmune reactions associated with metal or plastic/polymer implants. All Ossifix Orthopedics Pin, Screw and Plate Systems are single-use surgical kits containing all necessary instruments for implantation and are based on decades of clinical experience in the operating room. Ossifix implants are shipped in comprehensive, sterile, single-use surgical kits designed in house. Each kit contains all instrumentation, bits, and xtures required for the implant placement, with the components thoughtfully laid out in the exact order they are required. The provided instrumentation that accompanies every Ossifix surgical kit is constructed of an eco-friendly, bio-degradable polymer.
Ossifix is currently working in cooperation with Umbra Applied Technologies to develop biodegradable polymer based surgical instrumentation engineered with their antimicrobial technology brand - Hygieia.
Ossifix CEO, Mark Estrada shared, "I have a longstanding relationship with all the folks over at UAT and UAT Group, which made it a no brainer to join forces. My team and I are very excited about this move and we are eager to show everyone what the future holds."
For more information about Ossifix Technologies go here: https://ossifixtech.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 COMMISION 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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