Nanotechnology Now - Press Release: American Institute of Chemical Engineers and UTEK Sign Innovation Services Alliance Agreement

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Abstract:
UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a leading Open Innovation services company, today announced that the American Institute of Chemical Engineers (AIChE) has signed an Agreement to co-market the innovation services of UTEK Corporation to AIChE's Society for Biological Engineering (SBE), which contains over 1,500 members representing over 300 companies.

American Institute of Chemical Engineers and UTEK Sign Innovation Services Alliance Agreement

TAMPA, FL and NEW YORK, NY | Posted on March 28th, 2008

SBE was chosen to pilot this program for AIChE due to the entrepreneurial spirit and fast pace of technology change in this market segment. AIChE's objective is to provide value to its members by leveraging UTEK's position as the first full service provider of Innovation Services, including: Innovation Strategic Consulting, Patent Analytics, Global Technology Licensing and Web Based Intellectual Property (IP) Services. AIChE and UTEK will jointly offer all of UTEK's services to AIChE SBE members as an initial pilot program, which could be expanded to AIChE's entire member base of over 40,000 members.

"This two year Alliance is a great opportunity for both parties as it will help connect the technology and business needs of SBE member companies with valuable innovations from around the world that are in UTEK's Open Innovation network. The Alliance will also connect AIChE member companies with innovative thinkers and researchers in the scientific community as well as provide our individual members with business opportunities through the UTEK TekScout service," said John Sofranko, Ph.D., Executive Director at AIChE.

According to William Porter, Chief Technology Transfer Officer at UTEK Corporation, "The Alliance with UTEK provides AIChE the opportunity to serve as the leader in facilitating the acquisition of Open Innovation services to members of the chemical engineering industry."

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About UTEK Corporation
UTEK® is a leading Open Innovation services company. UTEK’s services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.

About AIChE

AIChE, celebrating its 100th anniversary in 2008, is a professional society of more than 40,000 chemical engineers in 92 countries. Its members work in corporations, universities and government using their knowledge of chemical processes to develop safe and useful products for the benefit of society. Through its varied programs, AIChE continues to be a focal point for information exchange on the frontier of chemical engineering research in such areas as nanotechnology, sustainability, hydrogen fuels, biological and environmental engineering, and chemical plant safety and security. For more information about AIChE, please visit its website at www.aiche.org.

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 AIChE "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or AIChE’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 AIChE, 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 AIChE believe 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 or AIChE 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 and realized gains and losses of companies in its portfolio, 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.

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Contacts:
UTEK Corporation, Tampa
Tania Bernier
813-754-4330 x 223 (USA)
or
Bankside Consultants (UK)
Steve Liebmann or Simon Bloomfield
+ 44 (0) 20-7367-8883
or
AIChE
John Sofranko, Ph.D.
212-591-7330

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