UTK Utek Corp

RNS Number:4144L
UTEK Corporation
02 November 2006


FOR IMMEDIATE RELEASE                                         2 November 2006

                                UTEK CORPORATION

                 TECHNOLOGY TRANSFER TO KLEGG ELECTRONICS, INC.

Tampa, FL, Las Vegas, NV & Cincinnati, OH - UTEK Corporation (AMEX & LSE-AIM:
UTK), a specialty finance company focused on technology transfer, and Klegg
Electronics, Inc. (Pink Sheets: KLGE), a manufacturer and distributor for
wholesale and retail consumer electronic products, have completed a technology
transfer in a stock-for-stock transaction.

The technology transfer includes a worldwide exclusive licence for a single
integrated wireless chip developed at the University of Cincinnati. This chip
facilitates simultaneous operations of both the Bluetooth(TM)and 802.11 standards
. Existing technologies have attempted to resolve the problem of interference by
either preventing the simultaneous use of the two standards in a manner that
requires an explicit choice by the end user or by requiring two separate
antennas controlled by a switching matrix.

Mathew Willenbrink, Senior Licensing Associate at the University of Cincinnati
said, "We look forward to the opportunity to work with Klegg Electronics, Inc.
as they seek to develop and commercialise this technology."

"Klegg Electronics, Inc. is enthusiastic about our acquisition of this
technology" said Dennis Gentles, President of Klegg Electronics, Inc. "We are
looking forward to integrating this new technology into our next generation of
portable media players as we reiterate our commitment to becoming a leader in
consumer electronic innovation."

"UTEK is pleased to consummate this technology transfer with Klegg Electronics,
Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK
Corporation.

Terms of the transaction

Universal Wireless Technologies, Inc., a company established by UTEK
specifically for this transaction, has been acquired by Klegg Electronics, Inc.,
in a tax-free stock-for-stock exchange. Klegg Electronics, Inc. issued
28,771,428 shares of common stock to UTEK Corporation in exchange for 100% of
the issued and outstanding shares of Universal Wireless Technologies, Inc. The
shares acquired in the exchange are restricted and may only be resold pursuant
to the requirements of the Securities Act of 1933. The value of the
consideration will be determined based on a valuation in accordance with UTEK's
valuation policy as of the closing date of the transaction.

About University of Cincinnati

Since its founding in 1819, the University of Cincinnati has been the source of
many discoveries creating positive change for society, including the first
antihistamine, co-op education, the first electronic organ, the Golden Gate
Bridge designer and the oral polio vaccine. Each year, this urban, public,
research university graduates 5,000 students, adding to more than 200,000 living
alumni around the world. For more information about the University of
Cincinnati, please visit its website at www.uc.edu.

About Klegg Electronics, Inc.

Klegg Electronics, Inc. is a manufacturer and distributor of high quality
consumer electronics. Klegg Electronics has focused on designing a variety of
products that work seamlessly together within the home. For more information
about Klegg Electronics, please visit its website at www.klegg-america.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, analyse 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 www.utekcorp.com.



CONTACT:

Klegg Electronics, Inc.
Dennis Gentles                                                +1 702-363-2277

University of Cincinnati
Mathew Willenbrink                                            +1 513-558-5696

UTEK Corporation
USA:
Tania Bernier                                            +1 813-754-4330 x223

Consulting for Strategic Growth 1
Stan Wunderlich                                               +1 800-625-2236

UK: Bankside
Steve Liebmann or Simon Bloomfield                           +44 20-7367-8888


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 unrealised 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 realised and unrealised 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.






                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
CNTEANFFEEXKFFE

Utek Corp (LSE:UTK)
Historical Stock Chart
From Jun 2024 to Jul 2024

Utek Corp (LSE:UTK)
Historical Stock Chart
From Jul 2023 to Jul 2024