UTEK Corporation Appoints Professor Henry Chesbrough as Strategic Advisor

Business Wire, Sept 5, 2007

TAMPA, Fla. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a technology transfer company focused on Open Innovation, today announced that it has appointed Henry Chesbrough as a Strategic Advisor.

In his role as Strategic Advisor, Professor Chesbrough will assist UTEK with its program of Open Innovation. Open Innovation is a strategy to accelerate corporate innovation through the acquisition of externally developed discoveries combined with the out-licensing of internally developed Intellectual Property. UTEK is focused on helping its clients achieve Open Innovation with its technology transfer and intellectual property analysis services.

Professor Chesbrough has valuable experience in Open Innovation and educating companies on the importance of looking outside of their own internal R&D departments for new discoveries. His 2003 book, Open Innovation, was named one of the best business books of 2003 by Strategy and Business Magazine. Scientific American named him one of their top 50 business and technology leaders that same year. His most recent book, Open Business Models (HBS Press, 2006) examines Business Model Innovation, as well as Open Innovation. Professor Chesbrough is currently at the Haas School of Business, University of California, Berkeley as an Adjunct Professor and and serves as Executive Director, Center for Open Innovation, Institute of Management, Innovation & Organization. He holds a Ph.D. from Berkeley, an MBA from Stanford, and a BA from Yale University, summa cum laude.

"We are very pleased to appoint Professor Chesbrough as our Strategic Advisor for Open Innovation. As a thought leader in Open Innovation, and the one who literally wrote the book on the subject, we believe that Dr. Chesbrough has significant experience in helping leading companies develop the strategy and insight needed to embrace Open Innovation," commented Clifford M. Gross, Ph.D., Chief Executive Officer.

About UTEK Corporation

UTEK([R]) is a technology transfer company focused on Open Innovation. UTEK's services enable companies to acquire externally developed technologies from universities and research laboratories worldwide. In addition, UTEK provides services to help companies create value from their intellectual property. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its web site at 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 "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK'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, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any 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. 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 UTEK does 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.