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UTEK Corporation and the Indian Innovators Association Announce Alliance
TAMPA, Fla. & FARIDABAD, India-(Business Wire)-August 13, 2008 - UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), an innovation services company, and the Indian Innovators Association (IIA), today announced an alliance which will bring together UTEK's TekScout service and the IIA's broad network of India-based innovators and inventors.
TekScout is an online open innovation network, which brings together independent scientists and engineers from across the world to solve R&D challenges focused in the areas of, Life Science, Chemistry, Physics/Applied Physics, Engineering and Design, Math and Computer Science, and Renewable Energy and Sustainable Product Design.
Research & Development challenges are posted on TekScout's on-line exchange by corporations who seek outside expertise. Through this open innovation process, we believe that companies will be able to drive product development faster, less expensively, and more effectively than they could do using only internal resources. IIA scientists who solve these challenges have the opportunity to receive payments and industry recognition.
"Our alliance with IIA provides access to a new group of experts for our TekScout clients," stated Edward Weisberg, Vice President of UTEK and General Manager of TekScout. "Expanding our expert group beyond the United States and Europe brings fresh new solutions to technical challenges."
"Part of the IIA's mission is to help our members develop their inventions and innovative solutions," said Dr A.S. Rao, Honorary President of the Indian Innovation Association. "TekScout provides an additional and relevant forum for our members to achieve these goals."
To view TekScout's current R&D Challenges and their associated success fees please visit www.TekScout.com/Opportunities.aspx.
About UTEK Corporation
UTEK(R) is a leading 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 is a business development company with operations in the United States and the United Kingdom. For more information about UTEK, please visit its website at www.utekcorp.com. TekScout(TM) is a service of UTEK, and can be viewed at www.tekscout.com.
About the Indian Innovation Association
The Indian Innovation Association's mission is to provide a forum for information and education, and to provide opportunities for growth to inventors, innovators, entrepreneurs and practical thinkers of all ages and specialties, who are seeking to organize, develop, protect, produce, and/or commercialize their ideas. For more information about IIA, please visit its website at www.indianinnovatorsforum.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 IIA "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or IIA'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 IIA, 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 IIA 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 IIA 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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