Industrial Biotechnology Corporation and UTEK Corporation Announce Strategic Alliance.

SARASOTA & PLANT CITY, Fla. -- Industrial Biotechnology Corporation (Pink Sheets:IBTY), a company that commercializes technologies that enable the biological production of chemicals and UTEK Corporation (AMEX:UTK) (LSE-AIM:UTKA), an innovative technology transfer company, announced today the signing of a strategic alliance agreement.

John R. Doran, President of Industrial Biotechnology Corporation said, "We are very excited by this strategic alliance with UTEK, as it may accelerate the identification of promising new technology acquisition opportunities for us. We believe that our alliance with UTEK should enable us to enhance our portfolio of complementary biologically produced chemicals and processes."

"UTEK looks forward to working with Industrial Biotechnology Corporation to identify potential technology acquisition opportunities that fit their strategic vision," commented Clifford M. Gross, Ph.D., Chairman and Chief Executive Officer of UTEK.

Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. These strategic alliance agreements are generally cancelable by either party with thirty days written notice.

About Industrial Biotechnology Corporation

Industrial Biotechnology Corporation (IBC) commercializes proprietary technologies and intellectual property in the emerging field of biologically produced chemicals. Through licensing, partnerships, and direct sales via multiple distribution channels to several industries, IBC intends to bring to market chemicals that are in high demand for use in flavors and fragrances, fine chemicals, pharmaceutical, agricultural, environmental and bio-energy applications. IBC's intellectual property utilizes patented technologies licensed exclusively from Rice University and the University of Oxford. For more information about Industrial Biotechnology Corporation, please visit its website at http://www.industrialbiotechnology.com.

About UTEK(R) Corporation

UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition to its U2B(R) service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at http://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 Industrial Biotechnology Corporation "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Industrial Biotechnology Corporation'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 Industrial Biotechnology Corporation, 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 Industrial Biotechnology Corporation 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 Industrial Biotechnology Corporation 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 filing with the Securities and Exchange Commission.