UTEK Completes Technology Transfer to Cargo Connection Logistics Holding, Inc.

TAMPA, Fla., INWOOD, N.Y. & AIKEN, S.C. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK) a specialty finance company focused on technology transfer, and Cargo Connection Logistics Holding, Inc. (OTCBB:CRGO) (Berlin:CD6.BE) (Frankfurt: CD6.F & 217026), a world trade logistics company, today announced that Cargo Connection Logistics Holding, Inc. has acquired Nuclear Material Detection Technologies Inc., a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

Nuclear Material Detection Technologies contains an exclusive license for a nuclear material detection technology developed by researchers at the U.S. Department of Energy's Savannah River National Laboratory. The technology is a lightweight, portable system for rapid detection of nuclear materials in sealed containers without the use of x-rays. Using portable sensors, the system may be moved between stacked shipping containers on cargo ships to detect radiation levels.

Jesse Dobrinsky, Chief Executive Officer of Cargo Connection Logistics Holding, Inc., said, "Cargo Connection is enthusiastic about the potential of this technology to detect radioactive materials in transport."

"UTEK is pleased to consummate this technology transfer with Cargo Connection Logistics Holding, Inc.," said Andrew Frost, Manager of Technology Licensing at UTEK Corporation.

About the Washington Savannah River Company

Savannah River National Laboratory is owned by the U.S. Department of Energy and operated for DOE by the Washington Savannah River Company, a wholly owned subsidiary of Washington Group International. Its researchers are recognized for putting science to work to develop and deploy unique and innovative science and technology solutions in the areas of national and homeland security, energy security, and environmental protection and cleanup. For more information about Washington Savannah River Company please visit its website at www.srs.gov.

About Cargo Connection Logistics Holding, Inc.

Cargo Connection Logistics Holding, Inc. consists of Cargo Connection Logistics Corp. and Cargo Connection Logistics - International, Inc. The Company is a transportation logistics provider for shipments importing into and exporting out of the United States, with service areas throughout the United States and North America. The Companies currently provide a comprehensive variety of transportation and warehouse capacity services to shippers throughout the nation. They also have container freight station operations specifically designed to handle internationally arriving freight for the major retail suppliers through its CFS facilities. Through Cargo Connection Logistics - International it has expanded the scope of its services and most recently began shipments from Vietnam and has taken a leadership position in trade initiative with Costa Rica. The subsidiary also recently added staff in Vietnam and has made the expansion of its business in the Pacific Rim a top priority. For more information about Cargo Connection Logistics Holding, Inc. please visit its website at www.cargocon.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, analyze 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.

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 Cargo Connection Logistics Holding, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Cargo Connection Logistics Holding, 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 Cargo Connection Logistics Holding, 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 Cargo Connection Logistics Holding, 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 Cargo Connection Logistics Holding, 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.