SANTA BARBARA, CA -- (Marketwire) -- 12/14/09 -- Santa Barbara-based Solutions Group Inc. (SOLU) announced that it has been awarded a contract from CrowleyJones to head up a team that will study the feasibility of a ground-breaking technology for use in a new medical application.
The contract, which covers the viability of the technology for the specific application, manufacturability, and probability of FDA approval, is scheduled to be completed in the first quarter of 2010. Upon successful completion of the proof of concept, parties have agreed to terms of a follow-up contract for the development stage of the product which will include an equity position for SGI.
Due to the complexity of the technology, SGI will be working closely with Dr. Steven Robert Biegalski {PRIVATE}, P.E., Director; Nuclear Engineering Teaching Laboratory at The University of Texas at Austin, to ensure the success of the project.
Terry Jones, Managing Director of CrowleyJones, stated, "Solutions Group has presented an innovative solution to a medical problem with a significant market for us. We look forward to working with them on this proof the concept stage, and to moving on to the engineering and manufacturing of the product."
Sean O'Neil, Solutions Group CEO, stated, "It is exciting to work with this experienced team on this new medical device."
CrowleyJones develops, manufactures and distributes innovative and functional products. The company holds a diverse IP portfolio of "Best in Class" products that are distributed worldwide through First Tier sales channels, including retail dealers and direct response consumer markets. More information on CrowleyJones be can found at www.crowleyjones.com
About Solutions Group:
Solutions Group is an international provider of Managed Engineering Services. The Company seamlessly integrates its regional design centers in North America with its lower cost off-shore engineering locations in Romania and Mexico to provide exceptional blended pricing solutions and reduced product design cycle times. Solutions Group creates greater value for its shareholders by leveraging its core engineering competencies into other opportunities including royalty partnerships, intellectual property creation and selective acquisitions. SGI's customers currently include major Fortune 500 companies, small and mid-range OEMs and early stage product companies. |
