UTEK Corporation’s TekScout™ and The United Inventors Association Announce Joint Marketing Alliance

TAMPA, Fla. & HENRIETTA, N.Y.--(BUSINESS WIRE)--UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a leading Innovation services company, and The United Inventors Association (UIA), the world’s leading center for inventor and entrepreneur education, are pleased to announce an alliance which will bring UTEK’s TekScout service to the UIA’s base of over 10,000 independent inventors.

TekScout is an online open innovation network, which brings together independent scientists and engineers from across the world to solve R&D challenges focused in the areas of Life Science, Physical Science, Chemistry, Engineering and Design, Math and Computer Science, and Renewable Energy and Sustainable Product Design. These challenges are posted in an online forum by large corporations who seek outside expertise. Through this open innovation process, companies are able to drive product development faster, less expensively, and more effectively than they might be able to do using only internal resources. Scientists and engineers who solve these challenges earn financial rewards and industry recognition.

“The UIA brings a great new pool of talent and innovative knowledge to our base of TekExperts,” stated Edward Weisberg, Vice President of UTEK and General Manager of TekScout. “We are pleased to provide a forum for these inventors to leverage their knowledge and innovative capabilities.”

“As an educational organization, we always look for new opportunities to help our inventors secure the information, recognition and financial rewards they deserve. We see this alliance, with the TekScout's open innovation network, as a valuable benefit which we can deliver to our members,” said Bonnie Griffin Kaake, Executive Director of the UIA.

R&D Challenges and their associated success fees can be viewed at www.TekScout.com.

About UTEK Corporation

UTEK^® is a leading innovation services company. UTEK’s services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK is a business development company with operations in the United States and the United Kingdom. For more information about UTEK, please visit its website at www.utekcorp.com. TekScout™ is a service of UTEK, and can be viewed at www.tekscout.com.

About The United Inventors Association

The United Inventors Association is the world’s leading center for inventor/entrepreneur education. Founded in 1990 and based in upstate NY, the UIA was established as an umbrella association supporting and networking local and regional inventor organizations. UIA membership now has expanded throughout the USA and abroad to include individual inventors and innovators, academia, small and medium enterprise, service providers and non-profit companies. For more information about UIA, please visit its website at www.uiausa.org.

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words such as UTEK or UIA "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or UIA’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or UIA, as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and UIA believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that its expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and UTEK or UIA do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized and realized gains and losses of companies in its portfolio, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.