UTEK Completes Technology Transfer to Industrial Biotechnology Corporation; License for a Method to Produce an Effective Aphid Repellant.

TAMPA, Fla. & SARASOTA, Fla. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Industrial Biotechnology Corporation (Pink Sheets:IBTY), a company dedicated to new biotechnologies and innovations in the chemicals industry, announced today that Industrial Biotechnology Corporation has acquired Advanced Pheromone Technologies, Inc. (APTI), a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

APTI holds a license to patents developed at Washington State University (WSU) for the isolation and expression of a sesquiterpene synthase that produces the aphid alarm pheromone (E)-B-Farnesene. Aphids, also known as the greenfly, blackfly or plant lice, are minute soft-bodied insects found worldwide that suck the sap from the stems and leaves of various plants and cause damaging effects to crops, fruit trees, gardens, house plants and more. This industrial chemical product may be an effective aphid repellant as well as an attractant for aphid predators, which includes the seven-point lady bug.

"The results of our work suggest that using the Farnesene Synthase gene may be an effective way to produce (E)-B-Farnesene. (E)-B-Farnesene may help to protect agricultural plants from aphid infestation," said Dr. Rodney Bruce Croteau, one of the inventors of the technology developed at Washington State University.

"This adds another biological solution to our unique technology that, when implemented with the ALCHEMx Production Platforms(TM), may enable us to generate innovative and environmentally friendly solutions for the natural pesticide market," said Dr. Gurinder Shahi, Chief Technologist for Industrial Biotechnology Corporation.

"UTEK is pleased to consummate this technology transfer with Industrial Biotechnology Corporation 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 Washington State University Research Foundation

The Washington State University Research Foundation (WSURF) is a non-profit Washington Corporation that facilitates the efficient transfer of technology, proprietary information, and materials from Washington State University to the private sector for the purpose of increasing the impact of research conducted at WSU. The WSURF functions under the mandate of the dissemination of knowledge created at WSU and fostering and promoting the public, scientific, and commercial value of inventions, discoveries and processes developed at WSU. For more information about WSURF, please visit its website at http://wsurf5.respark.wsu.edu.

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 may enable IBC to more efficiently manufacture high-value chemicals at significantly lower costs, with a higher purity and with a substantially lower environmental impact than traditional methods. 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, cosmeceuticals, agricultural, biopesticides, bioenergy, biomaterials and biopolymer industries. 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. 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. For more information about Industrial Biotechnology Corporation, please visit its website at http://www.industrialbiotechnology.com.

About UTEK Corporation

UTEK(R) is a specialty finance company focused on technology transfer. UTEK enables companies to 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 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 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.