UTEK Completes Technology Transfer to Industrial Biotechnology Corporation; Worldwide Exclusive License for the Use of Nootkatone in Natural Insect Control.

SARASOTA, Fla. & PLANT CITY, Fla. -- Industrial Biotechnology Corporation (Pink Sheets:IBTY) (IBC), a company dedicated to new technologies and innovations in the chemicals industry, and UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), the technology transfer company, announced today that Industrial Biotechnology Corporation has acquired Bio-Repellant Technologies, Inc. (BRT), a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

BRT holds the worldwide exclusive license for the use of vetiver oil extracts and derivatives as insect repellants and toxicants. Many soaps, perfumes and after-shave products include vetiver oil as an active ingredient. Nootkatone, one of the 300 components of vetiver oil, is also used to aromatize drinks with its distinctive grapefruit flavor. Leading researchers at the LSU AgCenter Department of Entomology have discovered that these eco-friendly compounds are a natural remedy against termites, ants, ticks and cockroaches.

"The results of our work shows that these compounds are able to disrupt termite behavior and physiology," said Dr. Gregg Henderson, one of the inventors of the patented and patent pending technology developed at the LSU AgCenter in Baton Rouge. Dr. Henderson added, "Ingestion of wood treated with vetiver oil or nootkatone causes the progressive death of the protozoa living inside the termite gut. Killing these symbiont microorganisms, on which these insects rely for the digestion of their wooden food, would mean a progressive decline of a termite colony."

"We are very enthusiastic about the commercial potential of this new discovery and the numerous products that can be developed. By combining our designer enzyme technology and the ability to produce low cost nootkatone, this research may provide the natural pesticide marketplace with a low cost, environmentally safe solution against insects. We will seek to leverage the distribution and marketing strength of targeted consumer products and pesticide corporations globally to get to the market quickly. It will provide them a distinct competitive advantage and potentially provide IBC with multiple product revenue streams," said Andy Badolato, CEO of Industrial Biotechnology Corporation.

"UTEK is pleased to consummate this technology transfer with IBC and we look forward to continuing our efforts to provide additional technology acquisition opportunities for their consideration," says Jeff Bleil, Ph.D. Chief Technology Officer of UTEK Corporation.

About Louisiana State University

As the research and outreach branch of the Louisiana State University System, the LSU AgCenter develops innovative technology, provides research-based information and directs educational programs that make a difference for the people of Louisiana, the nation and the world. Faculty and staff members in the LSU AgCenter's unique statewide network of parish extension offices and research stations provide educational services and conduct vital scientific studies across Louisiana. Their work helps all Louisiana citizens make the best use of natural resources, conserve and protect the environment, enhance agricultural enterprises and related businesses and develop human and community resources. In turn, that work contributes to the economic development of Louisiana and plays an integral role in enhancing both rural and urban areas. For more information on the LSU AgCenter, please visit its website at http://www.lsuagcenter.com.

About Industrial Biotechnology Corporation

Industrial Biotechnology Corporation (IBC) commercializes proprietary technologies and intellectual property in the emerging field of biologically produced chemicals. We believe these technologies enable IBC to more efficiently manufacture high-value chemicals at significantly lower costs, with a substantially lower environmental impact than traditional methods, and with a higher purity. Through licensing, partnerships, and direct sales via multiple distribution channels to several industries, IBC will seek to bring to market new and established chemicals that are in high demand for use in flavors and fragrances, fine chemicals, pharmaceutical, agricultural, environmental and bio-energy applications. IBC's pioneering and state-of-the-art biological production methods may replace large manufacturing facilities, many of which employ hazardous processes and toxic materials in their chemical production. These innovative methods involve fewer production steps, and through the use of "designer" enzymes and proprietary production systems, may enable IBC to produce greater yields of high-purity, natural compounds at significantly lower costs. We believe these processes can be readily scaled up to large commercial production levels. The company has assembled a team of leading scientists, management and industry leaders to implement these new technologies. IBC has a comprehensive technology and licensing acquisition strategy, and will seek to establish research and development partnerships with leading universities and corporations in the industrial biotechnology field to develop commercially viable, biological-based solutions and related intellectual property patents. For more information about Industrial Biotechnology Corporation, please visit its website at http://www.industrialbiotechnology.com.

About UTEK 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 filings with the Securities and Exchange Commission.