UTEK and Advanced Refractive Technologies, Inc. Announce Renewal of Strategic Alliance

Business Wire, August 22, 2006

TAMPA, Fla. & SAN CLEMENTE, Calif. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Advanced Refractive Technologies, Inc. (OTCBB:ARFR), a medical device company focused on the development and marketing of innovative ophthalmic applications, announced today that they have renewed their strategic alliance agreement.

"We are enthusiastic about renewing our strategic alliance with UTEK which we believe will enable us to identify synergistic technology acquisition opportunities," said Randy Bailey, Chief Executive Officer of Advanced Refractive Technologies, Inc.

"UTEK looks forward to continuing to work with Advanced Refractive Technologies, Inc. to identify potential technology acquisition opportunities that fit its strategic vision," commented Joel Edelson, Vice President of Technology Licensing at UTEK.

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.

About Advanced Refractive Technologies, Inc.

Advanced Refractive Technologies, Inc. is an ophthalmology development company focused on the identification, development and marketing of innovative ophthalmic applications that will result in faster, safer and more effective procedures for large surgical markets: corrective refractive surgery, cataract surgery and other ophthalmic pathologies. The company is also entering the area of drug discovery through strategic licensing opportunities. Advanced Refractive Technologies, Inc. is also in the process of developing its Accupulse, a next generation cataract emulsifier, which utilizes the company's proprietary waterjet technology. The Accupulse cataract emulsifier, currently under development, is a device that uses pulsed waterjet technology to remove cataracts - one of the most frequently performed surgical procedures in the world. For more information about Advanced Refractive Technologies, please visit its website at http://www.advancedrefractive.com.

About UTEK Corporation

UTEK(R) is a specialty finance company focused on technology transfer. UTEK enables companies to 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 companies the tools to search, analyze and manage university intellectual properties. UTEK is a business development company with 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 Advanced Refractive Technologies, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Advanced Refractive Technologies, Inc.'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 Advanced Refractive Technologies, Inc., 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 Advanced Refractive Technologies, Inc. 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 Advanced Refractive Technologies, Inc. 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 gains and losses, 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.