The University of York and UTEK Corporation Announce Alliance Agreement to Merchandise Intellectual Capital

Business Wire, August 6, 2002

Business Editors/High-Tech & Education Writers

PLANT CITY, Fla. & YORK, United Kingdom--(BUSINESS WIRE)--Aug. 6, 2002

UTEK Corporation ("UTEK") (AMEX:UTK) and The University of York announced jointly today the signing of an Alliance Agreement for the purpose of transferring to the marketplace, select University of York technologies.

According to Professor A. W. (Tony) Robards, Pro-Vice-Chancellor of The University of York, "We are enthusiastic about working with UTEK, as we believe that their unique approach to technology transfer may facilitate bringing select University of York technologies to the marketplace."

"UTEK and its PAX Technology Transfer group look forward to working with The University of York to assist in introducing their innovations to synergistic small and medium-sized enterprises," commented Clifford M. Gross, Ph.D., Chief Executive Officer of UTEK Corporation.

About The University of York

The University of York is one of Britain's leading research universities. From its inception in 1963, the University of York has concentrated on strong viable departments, the promotion of a positive research environment, academic excellence in all areas and teaching and research of the highest quality. In the last Research Assessment Exercise, carried out by the Higher Educations Funds Council for England in 2001, The University of York out performed all the large civic universities. It is currently rated 6th out of 172 Higher Education institutions for research, with 18 of its 23 departments rated 5 or 5 (Star). Now in its 39th year, the University of York has expanded to over 9,000 students and has over 30 academic departments and associated research centers.

About UTEK Corporation

UTEK(R) is an innovative technology transfer company dedicated to building bridges between university and laboratory developed technologies and commercial organizations. UTEK identifies, licenses and finances the further development of new technologies and then transfers them to growing companies for an equity stake. UTEK is a business development company.

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 the Company "expects," "anticipates" or words of similar import. Similarly, statements that describe the Company'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 the Company and market valuations of its stock, which could cause actual results to differ materially from those currently anticipated. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no 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. Forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.