Rival Technologies, Inc. and UTEK Corporation Announce Strategic Alliance Agreement for Technology Transfer

Business Wire, April 26, 2005

PLANT CITY, Fla. & VANCOUVER, British Columbia -- UTEK Corporation (AMEX:UTK)(LSE:UTKA), an innovative technology transfer company, and Rival Technologies Inc. (OTCBB:RVTIF), a provider of emissions control solutions for the transportation industry, announced today the signing of a strategic alliance agreement. E[acute accent]Robin Harvey, President of Rival Technologies, Inc., said: "We are delighted to execute a Strategic Alliance agreement with UTEK Corporation. Rival Technologies is committed to become a leader in supplying emissions control solutions for the transportation industry. We have an on-going interest in enhancing our technology through the acquisition of exciting new discoveries in the emissions control sector." E[acute accent]"UTEK looks forward to working with Rival Technologies to identify proprietary technologies to enhance performance and reduce emissions for diesel engines," said Clifford M. Gross, Ph.D., Chairman and Chief Executive Officer of UTEK. E[acute accent]Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.

E[acute accent]About Rival Technologies, Inc.

E[acute accent]Rival Technologies, Inc. has developed technology that focuses on reducing diesel emissions for the transportation industry. Rival's CWI (Continuous Water Injection) technology is an application installed on existing or new diesel engines, resulting in reduced harmful nitrogen oxide emissions, improved fuel efficiency and cleaner engine operation. CWI technology has enormous market potential with millions of diesel trucks, buses and stationary engines currently in operation worldwide. For more information about Rival Technologies, Inc., please visit its website at http://www.rvti.com.

E[acute accent]About UTEK(R) Corporation

E[acute accent]UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories. UTEK facilitates the identification and acquisition of external technologies for clients internationally in exchange for their equity securities, while allowing research institutions to receive 100% of the royalties. This unique process is called U2B(R). UTEK transfers proprietary technologies with potential commercial applications to companies seeking product differentiation resulting in a strategic marketplace advantage. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at http://www.utekcorp.com.

E[acute accent]Forward-Looking Statements

E[acute accent]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 Rival Technologies "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Rival Technologies' 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 Rival Technologies, 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 Rival Technologies believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their 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 both UTEK and Rival Technologies do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. E[acute accent]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 gains and losses, UTEK's dependence on the performance of companies in its portfolio (including its dependence on the financial performance of Circle Group Holdings, Inc.), 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 filing with the Securities and Exchange Commission.