Westminster Securities Corporation Selected as Investment Banker By UTEK Corporation

Business Wire, Nov 4, 2002

Business Editors

PLANT CITY, Fla.--(BUSINESS WIRE)--Nov. 4, 2002

UTEK Corporation ("UTEK") (AMEX:UTK) announced today that it has retained Westminster Securities Corporation as its investment banker. Clifford M. Gross, Ph.D., CEO, stated, "We are pleased to retain Westminster Securities Corporation as our investment banker. Westminster will provide investment banking services to assist us in expanding our capital base to further our growth, provide strategic advice, and advise the company on continuing to increase shareholder value."

About Westminster Securities Corporation

Westminster Securities Corporation is a full service brokerage firm operating in five principal areas: Execution Services, Clearing & Operations, Investment Banking, Research, and Retail & Institutional Account Management. Combining the responsiveness of a boutique firm with the financial expertise of a well-established institution, Westminster provides its services to corporations, individuals and investment professionals worldwide. Founded in 1971, Westminster is a member of the New York Stock Exchange, National Association of Securities Dealers, and the Securities Investor Protection Corporation. They are headquartered at 100 Wall Street, New York, with branch offices in Atlanta, New York, Miami, Los Angeles, Toronto and Taiwan.

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.