KLGG Klegg Electronics Inc (CE)

UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Klegg Electronics, Inc. (Pink Sheets:KLGG), a manufacturer of wholesale and retail consumer electronic products, today announced that Klegg Electronics, Inc. has acquired a wholly owned subsidiary of UTEK Corporation, containing a storage technology, in a stock transaction. The subsidiary of UTEK contains a license to a high performance network bridge chip that enables the host to attach one or more storage devices directly to a network. Research laboratories believe that there is an increasing need for high volume multimedia data storage as a result of the confluence of digital media and multimedia electronics. As this technology is designed to connect directly to the network, the data process path is less complex and should therefore be faster than other network storage devices. "Klegg Electronics, Inc. is enthusiastic about this technology transfer and we are seeking to integrate this technology into our product line. Klegg is committed to innovation in consumer electronics and we believe the addition of this network bridge chip is consistent with this strategy," said Dennis Gentles, President of Klegg Electronics, Inc. "UTEK is pleased to consummate this technology transfer with Klegg Electronics, Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK Corporation. About Klegg Electronics, Inc. Klegg Electronics, Inc. is a manufacturer and distributor of high quality consumer electronics. Klegg Electronics has designed a variety of electronics products that work seamlessly together within the home. For more information about Klegg Electronics, please visit its website at www.klegg.com. About UTEK Corporation UTEK� 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�. In addition, UTEK offers companies the tools to search and analyze 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 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 Klegg Electronics, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Klegg Electronics, 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 Klegg Electronics, 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 Klegg Electronics, 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 Klegg Electronics, 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.