UTEK Corporation
03 August 2006



FOR IMMEDIATE RELEASE                                              3 August 2006

                                 UTEK CORPORATION
                          
              STRATEGIC ALLIANCE AGREEMENT FOR TECHNOLOGY TRANSFER                   
                    SIGNED WITH TURBINE TRUCK ENGINES, INC.
                                       

Tampa, FL, & Deland, FL - UTEK Corporation (AMEX & LSE-AIM: UTK), a specialty
finance company focused on technology transfer, and Turbine Truck Engines, Inc.
(OTC BB: TTEG), a company that manufactures and markets heavy duty highway truck
engines, are pleased to announce that they have signed a strategic alliance
agreement.

"We are enthusiastic about forming a strategic alliance with UTEK which we
believe will enable us to identify synergistic technology acquisition
opportunities related to our business," commented Michael Rouse, Chief Executive
Officer of Turbine Truck Engines, Inc.

"UTEK looks forward to working with Turbine Truck Engines, Inc. to identify
potential technology acquisition opportunities that fit its strategic vision,"
commented William Porter, Chief Technology Transfer Officer of UTEK Corporation.

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

About Turbine Truck Engines, Inc.

Turbine Truck Engines, Inc. is a technology company dedicated to the development
of its New Environmental Age Truck Engine for mass market in the U.S. and
abroad. Our new engine design can utilise any fuel (gasoline, diesel, propane,
natural gas, hydrogen, methanol or ethanol) or fuel mixture, yet needs no
coolant, lube oil, filters, or pumps. This unique, light weight turbine design
has few moving parts, thus requiring less maintenance. Our innovative cyclic
detonation process produces complete combustion of fuel-oxidation mixtures,
resulting in greater fuel economy and fewer harmful exhaust emissions. For more
information about Turbine Truck Engines, Inc., please visit its website at
www.turbinetruckengines.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 www.utekcorp.com.


CONTACTS:

Turbine Truck Engines, Inc.                             +1 386-943-8358 - office
Michael Patterson                                          +1 386-943-9910 - fax                                       
                                              mpatterson@turbinetruckengines.com
                                                            

UTEK Corporation
USA:
Tania Bernier                                               +1 813-754-4330 x223

Consulting for Strategic Growth 1
Stan Wunderlich                                                  +1 800-625-2236

UK: Bankside
Steve Liebmann or Simon Bloomfield                           +44 (0)20-7367-8888
                                                                    

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
Turbine Truck Engines, Inc. "expects," "should," "believes," "anticipates" or
words of similar import. Similarly, statements that describe UTEK's or Turbine
Truck Engines, 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 Turbine Truck
Engines, 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 Turbine Truck Engines, 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 Turbine Truck Engines, 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 unrealised 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 licences 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 realised and unrealised 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.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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