UTEK Completes Technology Transfer with Fuel FX International, Inc.; Acquisition Transfers License for New Software to Measure Fuel Economy and Vehicle Emissions

Business Wire, Oct 20, 2005

PLANT CITY, Fla. & SAN DIEGO -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTKA), an innovative technology transfer company, and Fuel FX International, Inc., a developer of proprietary products to improve fuel economy and reduce vehicle emissions, today announced that Fuel FX International has acquired Emissions Analysis, Inc. (EAI), a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

EAI holds the license to a unique software program developed by researchers at the University of California, Berkeley for assessing fuel cost and operating efficiency from different energy production systems. Fuel FX International intends to utilize this program to measure the efficacy and performance of its products.

"Analytical tools are needed to understand the economic viability and environmental impact of new technologies designed to reduce emissions and costs. The software that UC Berkeley has licensed to EAI was developed to address this need," said Michael Cohen, in the University's Office of Intellectual Property and Industry Research Alliances.

"We are excited about the acquisition of EAI as we believe there are many advantages to using its software to objectively characterize our energy and emissions reduction products. In addition, we look forward to using this tool to assess the value of new features and products we may seek to add to our product line," said Erik Ulsteen, Chief Executive Officer of Fuel FX International, Inc.

"UTEK is pleased to facilitate this second technology transfer with Fuel FX International and we look forward to continuing our efforts to identify further technology acquisition opportunities for their consideration," said Clifford M. Gross, Ph.D., Chairman and Chief Executive Officer of UTEK.

About Fuel FX International, Inc.

Fuel FX International, Inc. is engaged in the development, and distribution of proprietary products focused on improving fuel economy and reducing environmental emissions in diesel and gasoline engines. For more information about Fuel FX International, please visit its website at http://www.fuelfxinternational.com.

About University of California, Berkeley

The University of California, Berkeley is one of the world's premier research universities. It is committed to maintaining a research environment conducive to creating and freely disseminating the very best scholarly contributions and scientific discoveries. Berkeley is consistently rated among the top institutions in the world for the quality and breadth of its research enterprise, for the scholarly distinction of its faculty, for the excellence of its Ph.D. programs, and for the amount of funding received for support of its research programs. Berkeley ranks first amongst U.S. universities in the number of its research programs considered "distinguished" (32), according to the most recent National Research Council study of American universities. It also ranks first in the number of its Graduate Programs (35) considered to be among the top ten in their fields. Among its current faculty are 8 Nobel laureates, 131 members of the National Academy of Sciences, 74 members of the National Academy of Engineering, 17 recipients of the National Medal of Science, and 235 Fellows of the American Academy of Arts and Sciences. Over the past two decades, Berkeley faculty also received 155 Guggenheim and 28 MacArthur Fellowships. To learn more about the University of California, Berkeley, please visit http://www.berkeley.edu.

About UTEK Corporation

UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition to its U2B(R) service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. 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.

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 Fuel FX International "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Fuel FX International'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 Fuel FX International, 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 Fuel FX International 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 Fuel FX International do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.