UTK Utek Corp

RNS Number:4703K
UTEK Corporation
16 October 2006


FOR IMMEDIATE RELEASE                                         16 October 2006

                                UTEK CORPORATION

              TECHNOLOGY TRANSFER TO WORLD ENERGY SOLUTIONS, INC.


 Transfer includes worldwide exclusive licence for technology to enhance indoor
                             air quality and safety

Tampa, FL & St. Petersburg, FL - UTEK Corporation (AMEX & LSE-AIM: UTK), a
specialty finance company focused on technology transfer, and World Energy
Solutions, Inc. (OTC BB: WEGY), a company engaged in the business of energy
conservation, have completed a technology transfer in a stock-for-stock
transaction.

The technology transfer includes a worldwide exclusive licence for a technology,
developed by researchers at the University of Florida designed to help eliminate
hazardous organic chemicals and micro-organisms from indoor environments. The
technology generates ozone within a building's heating, ventilating and air
conditioning system, eliminating organic pollutants and micro-organisms, and
then converts the ozone to oxygen and water vapour.

"World Energy Solutions, Inc. is excited about the implementation of this
technology because of its potential impact on indoor air quality and safety."
said Benjamin Croxton, Chief Executive Officer of World Energy Solutions, Inc.

"UTEK is pleased to consummate this technology transfer with World Energy
Solutions, Inc. and we look forward to continuing our efforts to identify
additional technology acquisition opportunities for its consideration," said
Jeffrey D. Bleil, Ph.D., Chief Technology Officer for UTEK Corporation.

Terms of the transaction

Pure Air Technologies, Inc., a company established by UTEK specifically for this
transaction, has been acquired by World Energy Solutions, Inc., in a tax-free
stock-for-stock exchange. World Energy Solutions, Inc. issued 100,000 shares of
convertible preferred stock to UTEK Corporation in exchange for 100% of the
issued and outstanding shares of Pure Air Technologies, Inc. The shares acquired
in the exchange are restricted and may only be resold pursuant to the
requirements of the Securities Act of 1933. The value of the consideration will
be determined based on a valuation in accordance with UTEK's valuation policy as
of the closing date of the transaction.

About World Energy Solutions, Inc.

World Energy Solutions, Inc. (WES) is an Energy Services Company (ESCO) and
electronics manufacturer. WES's primary business focus is the utilisation of
technology, techniques and common sense in lowering electrical, gas and water
usage for commercial, government and residential facilities. As an ESCO, WES
develops, installs and finances projects designed to improve the energy
efficiency and maintenance costs for facilities over a ten to twenty year time
period. In addition to the energy conservation related capabilities, WES also
manufactures and distributes transient voltage surge suppressors. For more
information about WES please visit its website at www.wesinc.net.

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, analyse 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.


CONTACT:

World Energy Solutions, Inc.
Benjamin Croxton                                              +1 727-525-5552

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 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
World Energy Solutions, Inc. "expects," "should," "believes," "anticipates" or
words of similar import. Similarly, statements that describe UTEK's or World
Energy Solutions, 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
World Energy Solutions, 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 World Energy Solutions, 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
World Energy Solutions, 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 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 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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