UTEK Completes Technology Transfer with Liberty Diversified Holdings, Inc.
TAMPA, Fla. & ORANGE, Calif. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Liberty Diversified Holdings, Inc. (OTCBB:LDHI), a holding company in the health and wellness industry, today announced that Liberty Diversified Holdings, Inc. has acquired Sero Tonin Solutions, Inc., a wholly owned subsidiary of UTEK Corporation, in a stock transaction.
Sero Tonin Solutions, Inc. has recently entered into a license agreement with BackBay Scientific, Inc. for Serotrim([R]). Serotrim is a patented pre-meal appetite control snack developed by Dr. Judith Wurtman, a research scientist at the Massachusetts Institute of Technology. The product was evaluated at the Triad Weight Management Center of McLean Hospital, a teaching hospital associated with the Harvard University Medical School.
"We are very enthusiastic about working with Liberty Diversified Holdings, Inc. as they seek to commercialize Serotrim," said Marc Tobin, Co-Founder and Chief Operating Officer of Back Bay Scientific.
"Liberty Diversified is excited about bringing this novel weight loss technology to market," said Ron Touchard, Chief Executive Officer of Liberty Diversified Holdings, Inc. He added, "We believe that the Serotrim Weight Loss Program can potentially have a positive effect on the health and well-being of overweight people."
"UTEK is pleased to consummate this technology transfer with Liberty Diversified Holdings, Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK Corporation.
About Liberty Diversified Holdings, Inc.
Liberty Diversified Holdings, Inc. is focused on the health, wellness, weight loss and fitness industries. Liberty provides the management oversight and support to allow its subsidiaries to operate independently and synergistically. Liberty's business model currently consists of four components: (1) CelluBike; (2) Better Bodies Wellness Centers; (3) weight loss and nutritional supplements; and (4) personalized wellness and fitness programs. For more information about Liberty Diversified Holdings, Inc., please visit its website at www.libertydiversifiedholdings.com and www.cellubike.com.
About Back Bay Scientific, Inc.
Back Bay Scientific is a research-oriented company that develops and commercializes innovative products that address mass-appeal health needs. These products seek to improve the quality of life, and help people to enjoy longer, healthier and more productive lives. Back Bay Scientific's products are based on naturally-occurring compounds and have all undergone rigorous testing to confirm their efficacy. For more information, please visit their website at www.backbayscientific.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.
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 Liberty Diversified Holdings, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Liberty Diversified Holdings, 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 Liberty Diversified Holdings, 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 Liberty Diversified Holdings, 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 Liberty Diversified Holdings, 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.
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|Date:||Feb 14, 2007|
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