UTK Utek Corp

    RNS Number : 5448F
  UTEK Corporation
  10 October 2008
   


 FOR IMMEDIATE RELEASE  10 October 2008


    UTEK CORPORATION

    COMPLETION OF ACQUISITION OF SOCIAL TECHNOLOGIES GROUP, INC.

    A Foresight and Innovation Consulting Firm


    Tampa, FL. & Washington, D.C. - UTEK Corporation ("UTEK" or "the Company"; NYSE Alternext US & LSE-AIM: UTK), a leading innovation
services company, is pleased to announce, further to its announcement of 12 September 2008, it has completed the acquisition of Social
Technologies Group, Inc. ("Social Technologies"), a leading strategic foresight company providing research and consulting services primarily
to Global 1000 companies.

    Founded in 1999, Social Technologies has offices in Washington, D.C., London, Tel-Aviv, and Shanghai. The firm has helped clients across
a wide range of industries guide policy, shape business strategy, explore new markets, and develop new products and services.  Social
Technologies is frequently referenced in leading news publications for its analysis of future trends and markets.  The company's roster of
active clients includes many of the leading names in business today, across a wide range of industries, among them: Motorola, PepsiCo,
McDonalds, Shell, Honda, Kraft, Marriott, Nissan and Mars. 

    Social Technologies has been acquired for an initial consideration of 499,014 shares in UTEK Corporation unregistered common stock which
have been delivered to the vendors, valued at $5,088,438 as at the date of the initial announcement.  Further payments of up to 499,013 UTEK
shares will be held in escrow and paid in three instalments after 12, 24 and 36 months subject to Social Technologies attaining revenue
milestones during months 12, 24, and 36 following the close of the transaction.  The Purchase Agreement restricts sales of the initial
unregistered shares for at least 12 months following closing of this transaction, with the remaining escrow shares eligible to be sold
pursuant to Rule 144 under the Securities Act of 1933.  

    Application will be made to the AIM Market of the London Stock Exchange ("AIM") for all of the 998,027 shares of Common Stock to be
admitted to AIM, which includes 499,013 shares of Common Stock that currently have no voting rights whilst they are held in escrow. The
shares are expected to be admitted to trading on AIM on 15 October 2008.

    As a result of the issue of shares noted above, the Company has a total of 12,134,664 Common Stock in issue.  

    Tom Conger, Chief Executive Officer and Founder of Social Technologies stated, "We completed our highest revenue year in 2007 and are on
track for an even better 2008. I am also pleased to report that last month we signed one of the largest contracts in our company's history.
On top of this good news, we see a terrific synergy between UTEK and Social Technologies and look forward to being part of their rapidly
expanding, global team. Together, I believe that we will be able to provide clients a one-stop solution for innovation that begins with a
broad understanding of how the future might unfold and ends with the acquisition of new technologies to enable our clients to grow their
businesses with improved products and services."

    "With the completion of the acquisition of Social Technologies, UTEK has more than 110 employees in five countries dedicated to helping
companies innovate more effectively. UTEK's continuing goal is to address our clients' desire to achieve rapid growth through enhanced
innovation capabilities. We are enthusiastic about the acquisition of Social Technologies as we believe that it will provide additional
value to our clients, enhance management depth and provide for an expanded base of global operations. In a difficult financial environment,
it is especially important for our clients to have good vision and foresight, along with a deep understanding of the marketplace and
technology trends that will affect business growth." said Clifford M. Gross, Ph.D., UTEK's Chief Executive Officer. In addition, Dr. Gross
mentioned, "We believe UTEK's focus on providing turn-key innovation services has resulted in revenue growth during the previous three
quarters and robust prospects for the remainder of the year."



    About UTEK Corporation

    UTEK� is a leading innovation services company. UTEK's services enable clients to become stronger innovators, rapidly source externally
developed technologies, create value from their intellectual property and gain foresight into marketplace and technology developments that
affect their business. UTEK is a business development company. For more information about UTEK, please visit its website at
www.utekcorp.com.


    About Social Technologies

    Social Technologies is a global research and consulting firm specializing in the integration of foresight, strategy and innovation. With
offices in Washington DC, London, Tel-Aviv, and Shanghai, Social Technologies serves many of the world's leading companies, government
agencies, and non-profits. For more information about Social Technologies, please visit its website at www.socialtechnologies.com.


    Contacts:

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

 Social Technologies Group, Inc.          +1 202-223-2801
 Tom Conger

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

 Fairfax I.S. PLC
 Jeremy Porter                       + 44 (0)20-7598-5368



    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, it cannot give any assurance
that its 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 and realized gains and losses of companies in its portfolio, UTEK's dependence on the performance of its operating divisions as
well as the 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, marketplace demand for innovation consulting
services 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
 
  END 
 
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