Other States Pledge Similarly Significant Investment in Infrastructure
LOS ANGELES, April 8, 2010 (GLOBE NEWSWIRE) -- The Massachusetts Department of Transportation will devote $3 billion to repairing the state's deteriorating bridges over the next seven years. The program, known as the "Accelerated Bridge Program," is designed to rapidly revitalize the state's economy by improving transportation efficiency and commerce, while also creating jobs in the community.
The program will be funded by the Commonwealth's share of the $787 billion federal stimulus program signed by President Obama last year.
"When combined with our unprecedented Accelerated Bridge Program and federal stimulus projects, we are putting thousands of people to work and jumpstarting our economy as we rebuild our transportation infrastructure," said Massachusetts Governor Deval Patrick.
"The Massachusetts Department of Transportation like others around the country understands that money spent revitalizing our infrastructure is both a short-term and a long-term investment in America's economic future," stated Tony Cataldo, Chairman & CEO of MATECH Corp. (OTCBB:MTCH - News) (MATECH). "We at MATECH look forward to continuing to work with the various state DOT's on their increased efforts to improve the safety and efficiency of our nation's bridges."
As the leader in bridge crack detection technology, MATECH is confident that such increases in bridge repair spending will translate into increased contracts using its revolutionary Electrochemical Fatigue Sensor (EFS) technology, 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 http://www.globenewswire.com/newsroom/ctr?d=188075&l=6&a=www.matechcorp.com&u=http%3A%2F%2Fwww.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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