|KULR Technology Secures Contract With Leidos to Provide Purpose-Built Materials for Ongoing Defense Fieldwork|
CAMPBELL, Calif., Nov. 01, 2018 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (OTCQB: KUTG), (the “Company” or “KULR”), today announced that it will provide specific-use thermal management material to Leidos (NYSE: LDOS) for ongoing testing, research and development on defense-related projects.
Details of the agreement, the specific materials, and proposed projects are under security restrictions and will not be released but company leaders highlighted the importance of the relationship to continued programs within Leidos and with other partners.
“Whether in space, aerospace, defense or in consumer electronics, managing the heat of high-performance, high-demand components is always mission critical – too much heat, or not enough of it, in the wrong place at the wrong time can impair system performance or in the worst case be catastrophic,” said Dr. Timothy Knowles, co-founder and Chief Technology Officer at KULR. “We are proud to continue our work on safe and efficient thermal solutions with industry and research leaders such as Leidos.”
“The design and development of next-generation products and systems requires next-generation energy management or thermal management solutions,” said Vice President Billy Schaefer, Leidos Business Manager for Directed Energy. “Partnering with KULR will help us create these innovative products from conception to implementation for the customer.”
Though it’s not the company’s only thermal product, KULR’s core technology is a space-used, vertically-aligned carbon fiber material that is lighter, more flexible, and more efficient than traditional thermal management products. As pure carbon, KULR fiber is perfectly heat efficient and because it behaves like a flexible fabric it can fit with just about any power or electronic configuration in extremely demanding spaces with minimal contact pressure. Partners, including NASA and multiple defense agencies and contractors, have contributed decades of research and development on KULR’s thermal technology solutions.
“New areas of defense technology like directed energy systems, for example, require upgraded, optimal thermal systems, even just to test them,” said Michael G. Carpenter, Vice-President of Engineering at KULR Technology. “That’s why agreements with companies such as Leidos are so exciting for us.” Directed energy research programs are similar to those being promoted by the Directed Energy Professional Society.
About KULR Technology Group, Inc.
KULR Technology Group, Inc., through its wholly-owned subsidiary KULR Technology Corporation ("KULR"), develops and commercializes high-performance, space-used thermal management technologies for electronics, batteries and other components across an array of applications such as electrical vehicle, autonomous driving, AI/Cloud computing, energy storage and 5G communications technologies known collectively as e-Mobility. KULR's proprietary, core technology is a carbon fiber material with roots in aerospace and defense that provides superior thermal conductivity and heat dissipation in an ultra-lightweight, pliable material. By leveraging this break-through cooling solution, and its longstanding development partnerships with NASA, the Jet Propulsion Lab and others, KULR makes e-Mobility and other products safer and cooler. globenewswire.com
Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world’s toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company’s 32,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $10.17 billion for the fiscal year ended December 29, 2017. For more information, visit www.Leidos.com.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our parent entity’s Form 10-K filed on April 17, 2018. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.