UTEK Corporation and Solomon Technologies, Inc. Enter into a Technology Acquisition Alliance

Business Wire, April 13, 2007

TAMPA, Fla. & TARPON SPRINGS, Fla. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Solomon Technologies, Inc. (OTCBB:SOLM), a developer and manufacturer of high-efficiency regenerative electric power drive systems as well as high-voltage, high-power direct current power supplies and power supply systems, today announced they have signed a technology acquisition alliance.

"Solomon Technologies is pleased to execute this technology acquisition alliance with UTEK," said Gary Brandt, Chief Executive Officer of Solomon Technologies, Inc. "This alliance will enable Solomon Technologies, Inc. to cost-effectively review and when appropriate acquire technologies to complement its patented Electric Wheel[TM], Electric Transaxle[TM], and hybrid and regenerative technologies."

"UTEK looks forward to working with Solomon Technologies to identify potential technology acquisition opportunities that fit its strategic vision," commented William R. Porter, Chief Technology Transfer Officer of UTEK Corporation.

Through its technology acquisition alliances, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Technology acquisition alliances are generally cancelable by either party with thirty days advance written notice.

About Solomon Technologies, Inc.

Solomon Technologies, Inc., through its Motive Power and Power Electronics divisions, develops, licenses, manufactures and sells precision electric power drive systems, including those utilizing its patented Electric Wheel[TM], Electric Transaxle[TM] and hybrid and regenerative technologies as well as direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial, automotive, "hybrid-electric" and "all-electric" vehicle applications. For more information about Solomon Technologies, please visit its website at www.solomontechnologies.com.

About UTEK Corporation

UTEK([R]) is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B([R]). In addition, UTEK offers companies the tools to search and analyze 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 www.utekcorp.com.

Forward-Looking Statements

This press release contains forward-looking statements. The statements regarding UTEK and Solomon Technologies, Inc. in this release that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes," or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Solomon, 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 Solomon 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. Stockholders, 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 neither UTEK nor Solomon undertakes any obligation to update such forward-looking statements publicly 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.