UTEK Corporation and Genetic Technologies, Ltd. Announce Technology Acquisition Agreement.

TAMPA, Fla. & MELBOURNE, Australia -- UTEK Corporation (AMEX:UTK)(LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Genetic Technologies, Ltd. (Nasdaq:GENE)(ASX:GTG), an Australian life science company, specializing in genetics and genomics, today announced that they have signed a technology acquisition agreement.

Under this technology acquisition agreement, UTEK will assist Genetic Technologies, Ltd. to identify genetic analysis IP developed by US-based research entities which may be of interest to Genetic Technologies, Ltd.'s Melbourne based genetic testing business. The initial focus of this relationship will be in the area of non-coding DNA analysis.

"Genetic Technologies is pleased to execute this agreement with UTEK. We believe it may assist us in expanding our proprietary position in the offering of 'non-coding' DNA based genetic tests," said Genetic Technologies' Chief Executive Officer, Dr. Mervyn Jacobson. "Research based on the analysis of non-coding DNA is increasingly being commercialized and, through the concurrent granting of non-coding license, Genetic Technologies, Ltd. is often able to secure exclusive access to new tests which it can then offer to its Asia Pacific customer base."

William R. Porter, Chief Technology Transfer Officer of UTEK Corporation commented, "UTEK looks forward to working with Genetic Technologies, Ltd. to help it identify potential technology acquisition opportunities that fit its strategic vision."

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

About Genetic Technologies, Ltd.

Genetic Technologies, Ltd. is a leading Australian life science company, specializing in the fields of genetics and genomics. The company's methods and processes through which non-coding DNA can be analyzed and applied have been patented in 24 countries and form the basis of worldwide licensing activities. For more information about Genetic Technologies, Ltd., please visit its website at www.gtg.com.au.

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 Genetic Technologies, Ltd. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Genetic Technologies, Ltd.'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 Genetic Technologies, Ltd., 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 Genetic Technologies, Ltd. 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 Genetic Technologies, Ltd. 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.