UTEK Corporation (AMEX:UTK - News) (LSE-AIM:UTK) today announced financial
results for the three months ended March 31, 2008.

Results of Operations

For the quarter ended March 31, 2008, income from operations (revenue)
was $3,665,566 as compared to $7,947,771 for March 31, 2007. Net income
(loss) from operations for the quarter ended March 31, 2008 was
($378,399), as compared to $2,233,391 for the quarter ended March 31,
2007. Approximately 72% and 88% of our income from operations (revenue)
was received in the form of unregistered shares of stock for the
quarters ended March 31, 2008 and 2007, respectively.

The net decrease in net assets from operations (including net income
(loss) from operations and realized and unrealized gains and losses on
investments) was ($5,055,277) or ($0.55) per weighted average diluted
share outstanding for the quarter ended March 31, 2008, as compared to
($406,569) or ($0.05) per weighted average diluted share outstanding for
the quarter ended March 31, 2007.

The value of the Company's investment portfolio was $23,973,161 at March
31, 2008, as compared to $30,401,757 at December 31, 2007. Equity
monetization for the quarter was approximately $1.5 million. Net asset
value per common share outstanding was $4.47 at March 31, 2008 as
compared with $4.85 at December 31, 2007.

Liquidity and Financial Condition

The Company ended the quarter with cash, cash equivalents and
certificates of deposit of $5,500,209, total assets of $43,134,610 and
net assets of $41,084,100. The Company had no long-term debt outstanding
at March 31, 2008.

Weighted average diluted shares outstanding were 9,161,046 and 8,938,565
for the quarters ended March 31, 2008 and 2007, respectively.

Overview

UTEK is refining its corporate strategy for 2008 to enhance the value of
our business. Improvements in our strategy include positioning UTEK as
the first turn-key provider of innovation services, through the:

• Acquisition of Strategos, Inc., a Chicago based strategic innovation
  consulting firm
• Acquisition of Pharmalicensing, the leading Open Innovation exchange
  in the life sciences, based in York, England, and
• Launch of the TekScout™
  Open Innovation Network.

We believe that these steps leverage our technology transfer
capabilities while enabling UTEK to provide a more comprehensive
solution to those companies that seek to innovate more rapidly.

In addition, some of the recent changes we have made include:

• Expanded our technology search team to enhance our global search
  capacity;
• Hired an experienced head of business development formerly employed by
  IBM to oversee our sales efforts;
• Hired an Executive to head our technology licensing, who was formerly
  president of Lucent’s technology licensing
  business;
• Hired an experienced manager to run our TekScout Open Innovation
  Network; and
• Engaged Professor Henry Chesbrough, the world’s
  thought leader on Open Innovation, as a strategic advisor to the
  Company.

As a result of these efforts, we have experienced an increase in the
number of active engagements and the average market capitalization of
our clients, as well as the number of on-line clients and consulting
clients compared with the first quarter of last year. Our business
objective is to provide a comprehensive range of innovation services to
enable our clients to grow their businesses while reducing their R&D
expenditures. Technology transfers with larger clients will normally
require additional time to close, as the transactions involve expended
periods of due diligence on behalf of our clients. This resulted in a
decrease in the number of executed technology transfers and revenues
during the first quarter of 2008 as compared to the first quarter of
2007.

In subsequent periods we will focus our business on innovation
consulting services, on-line subscription based IP services, and
technology search and licensing primarily for cash remuneration. Equity
based licensing transaction will still occur, however on a more
selective basis.

Our financial goal remains the growth of our net assets and improved
cash-flow in subsequent periods.

Recent Developments

On February 26, 2008, the Company entered into a Stock Purchase
Agreement with Strategos, Inc. (“Strategos”).
The transaction closed and became effective on April 17, 2008, at which
time Strategos was acquired for 1,248,960 shares of UTEK Corporation
unregistered common stock. The number of shares is based on the average
ten-day closing price prior to execution of the stock purchase
agreement. Under the terms of the agreement, Strategos shareholders
received one third of the UTEK shares at closing and the remaining UTEK
shares will be held in escrow until such time as Strategos achieves
certain performance milestones over the next two years. The shareholders
of Strategos have agreed not to sell any of the UTEK unregistered shares
for at least 12 months following the close of the transaction.

Strategos, Inc. was organized under the laws of California and is based
in Chicago, Illinois. Strategos is a leading strategic innovation
consulting firm that provides consulting services primarily to Fortune
500 companies.

Financial Position Information

The following tables contain comparative selected financial data as of
March 31, 2008 and December 31, 2007 and for the three month periods
ended March 31, 2008 and 2007:

Conference Call at 10:00 a.m. EDT on Tuesday, May 6, 2008

UTEK will hold a live conference call on Tuesday, May 6, 2008 at 10:00
a.m. EDT to discuss its first quarter 2008 results. All interested
parties are invited to attend the conference call.

Conference call dial-in numbers:

US & Canada: 866-672-2663

UK: 0-800-032-3836

Other International Callers: 973-582-2772

Please reference conference ID# 45897390

About UTEK Corporation

UTEK^® is a leading
Innovation services company. UTEK’s services
enable clients to become stronger innovators, rapidly source externally
developed technologies and create value from their intellectual
property. 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 "expects," "should," "believes," "anticipates" or
words of similar import. Similarly, statements that describe UTEK'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 and the
valuation of UTEK's investment portfolio, which could cause actual
results to differ materially from those currently anticipated. Although
UTEK believes 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 UTEK
does 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.