LOS ANGELES--(BUSINESS WIRE)--MATECH Corp. (OTCBB: MTCH - News) (MATECH) announces that the Alabama House has passed a bill to inject $1 billion into repairing the state’s roads and bridges, as well as new road and bridge construction.
Though amended heavily since the bill passed the State Senate and went to the House, Democratic Rep. Billy Beasley of Clayton stated that he agreed to all the amendments in an attempt to keep the bill alive due to his serious concern over the state’s aging roads and bridges.
Recently, Massachusetts had also passed a similar measure, devoting over $3 billion to tackle its own infrastructure problem. In 2009, President Obama signed the landmark $787 billion federal stimulus program.
“Alabama, like the rest of the nation, has significant infrastructural concerns and needs to begin to take serious steps to fix its ailing roads and bridges,” said Tony Cataldo, CEO of MATECH Corp. “Less than a week ago we informed our shareholders that the state of Massachusetts had devoted $3 billion to rapid its aging infrastructure. It seems clear that states are beginning to invest a significant share of the federal stimulus program into rebuilding and revitalizing their roads and bridges. We look forward to continuing to work with these states on their efforts. We are confident that such increases in bridge repair spending will translate into increased contracts using our revolutionary Electrochemical Fatigue Sensor (EFS).”
MATECH’s revolutionary Electrochemical Fatigue Sensor (EFS) System has proven its efficacy on over 35 bridges in 10 different states and on railroads across the nation. The leader in bridge crack detection technology, MATECH’s EFS is the only non-destructive method able to detect growing cracks in bridges as small as 0.01 inches.
About MATECH
MATECH Corp., formerly Material Technologies, Inc., was founded in 1983 and is based in Los Angeles. It is an engineering, research and development company that specializes in technologies to measure microscopic fractures in metal structures and to monitor metal fatigue. The Company has already completed significant work for the federal government -- generating $8.3 million to develop technology to detect metal fatigue in aircraft. It has also received $5 million in private investments. Building on that base, it is now marketing its technologies to companies and government agencies involved in the inspection of metal highway and railroad bridges. To learn more, go to www.matechcorp.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited." These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
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