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Carpenter

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Carpenter Technology Corp & Manhattan Scientifics Inc. Partner On Commercialization Of New Class Of Metal Alloys

READING, Pa.--(BUSINESS WIRE)--Sep. 21, 2009-- Carpenter Technology Corporation (NYSE:CRS) and Manhattan Scientifics Inc. (OTC BB: MHTX) announced today a joint technology agreement involving a new class of high strength metals with broad applications in medical, aerospace, transportation, energy, defense and consumer products.

Manhattan Scientifics holds the exclusive U.S. license for a family of patents to produce super-strong metals developed at the Los Alamos National Laboratory and in Russia. Carpenter, a leading steel and specialty alloys manufacturer, will develop, manufacture and market the new generation of advanced metals.

“Carpenter continues to forge ahead as the leading developer of stainless steels and specialty alloys,” said Anne L. Stevens, Carpenter’s chairman and chief executive officer. “Our relationship with Manhattan Scientifics will ultimately give us new, cutting edge manufacturing techniques that we can apply to many of our alloys to service an increasing global need for high strength materials”

Manhattan Scientifics’ CEO Manny Tsoupanarias said, “Carpenter Technology Corporation is exactly the kind of industrial manufacturing partner that can bring our new class of metals to the broad market. The initial technology transfer payments along with eventual royalties from Carpenter will provide Manhattan Scientifics quick and sustained revenue, positive cash flow and profitability beginning this year. This is a major break-through for our 8,600 shareholders.”

Carpenter Technology Corporation (NYSE:CRS), based in Wyomissing, PA, produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products. Information about Carpenter Technology can be found on the Internet at www.cartech.com.

About Manhattan Scientifics Inc.:

Manhattan Scientifics’ business model capitalizes on inventions and technology from which profits may be earned primarily through licensing. Operations include identifying, developing, patenting, supporting and marketing technical innovations by harvesting top technology talent to bring game-changing technology to the market. Manhattan’s science team includes technology leaders like Dr. Martin Cooper, inventor of the cellular telephone, Dr. Arthur Kaufman, founder of H-Power, Dr. Terry Lowe, nano-science pioneer, and Donald Sandstrom, a 42-year veteran of the Los Alamos National Laboratory, and a Materials Science expert and “father” of Manhattan Scientifics.

www.mhtx.com

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the year ended June 30, 2009.

Source: Carpenter Technology Corporation

Carpenter Technology Corporation
Investor and Media Inquiries:
David A. Christiansen, 610-208-3065
dchristiansen@cartech.com

Carpenter Technology CorporationCarpenter Technology Corporation

Carpenter Technology Corporation is a leading producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels.

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