UTEK Corporation (AMEX:UTK - News)(LSE-AIM:UTK), a leading innovation services company, today announced that it has entered into a Technology Licensing Alliance with Science Applications International Corporation [SAIC] (NYSE:SAIC - News) to make SAIC’s proprietary technologies available to UTEK’s growing customer base.

UTEK will share with SAIC technology search requests. For any SAIC technologies which are deemed relevant to the search criteria and submitted by SAIC to UTEK for consideration, UTEK and its clients will have a 30-day right to first negotiate licensing terms.

“Our goal with this Alliance is to create value from the technology and expertise at SAIC,” said Gian Brown, Managing Director for SAIC’s Technology Commercialization Group. “We are enthusiastic to engage UTEK to assist us in our licensing efforts.”

"UTEK is pleased to consummate this relationship with one of the world’s leading corporate innovators," said William R. Porter, Chief Technology Transfer Officer at UTEK Corporation. “We believe that this Alliance will enhance the diversity of technology acquisition opportunities for our clients.”

The term of this Technology Licensing Alliance is five years.

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 and the United Kingdom. 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 SAIC "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or SAIC’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 SAIC, 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 SAIC 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 SAIC 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.