TIDMUTK
RNS Number : 0858O
UTEK Corporation
02 March 2009
UTEK Corporation Reports Financial Results for Quarter and Year Ended December
31, 2008
Tampa, FL -- (BUSINESS WIRE) - March 2, 2009 -- UTEK Corporation (NYSE Alternext
US LLC & LSE-AIM: UTK) today announced financial results for the three months
and fiscal year ended December 31, 2008.
Year Ended 2008 Financial Results
For the year ended December 31, 2008, income from operations (revenue) was $20.2
million as compared to $20.3 million for the year ended December 31, 2007. Net
(loss) income from operations for the year ended December 31, 2008 was
$(8.4) million, as compared to $3.8 million for the year ended December 31,
2007. Approximately 23% and 84% of our income from operations (revenue) was
received in the form of unregistered shares of common stock of our clients for
the years ended December 31, 2008 and 2007, respectively.
The net decrease in net assets from operations (including net income from
operations and realized and unrealized gains and losses on investments) was
$(24.8) million or $(2.50) per weighted average diluted shares outstanding for
the year ended December 31, 2008, as compared to $(8.5) million or $(0.94) per
weighted average diluted shares outstanding for the year ended December 31,
2007.
The value of the Company's investment portfolio was $12.4 million at December
31, 2008, as compared to $30.4 million at December 31, 2007. Net asset value per
common share outstanding decreased to $3.57 at December 31, 2008, from $4.85 at
December 31, 2007.
The Company ended the year with cash and cash equivalents, CD's and U.S.
Treasuries of $4.2 million, total assets of $45.9 million and net assets of
$38.9 million.
Weighted average diluted shares outstanding were 9,947,221 and 8,989,234 for the
years ended December 31, 2008 and 2007, respectively.
Fourth Quarter 2008 Financial Results
For the fourth quarter of 2008, income from operations (revenue) and net income
(loss) from operations were $4.5 million and ($2.0) million, respectively, as
compared to $2.3 million and ($581,000), respectively, for the fourth quarter of
the prior year. Approximately 0% and 71% of our income from operations (revenue)
was received in the form of unregistered shares of common stock of our clients
for the quarter ended December 31, 2008 and 2007, respectively.
The net decrease in net assets from operations (including net income (loss) from
operations plus realized and unrealized gains and losses on investments) for the
fourth quarter of 2008 was $(4.1) million, or $(0.38) per weighted average
diluted shares outstanding as compared to the net decrease in net assets from
operations of $(4.4) million, or $(0.48) per weighted average diluted shares
outstanding for the fourth quarter of 2007.
Weighted average diluted shares outstanding were 10,828,310 and 9,010,184 for
the quarters ended December 31, 2008 and 2007, respectively.
2008 Highlights
Some of the highlights from 2008 include:
* Approximately 450 active client accounts across all business divisions
* 100% of fourth quarter revenue was in the form of cash as opposed to securities
of our clients, first occurrence since company inception
* Technology licensing group attained record cash retainer revenue for the
second-half of 2008
* Subscription and other services cash revenue rose to $4.0 million in 2008 from
$3.3 million in 2007
* Successfully completed first Innovation Webinar, more than 115 participants
attended
* More than half of current technology search clients are from Global 2000
* End of year headcount of approximately 115 employees vs. 55 at the end of 2007
* Managerial expertise enhanced through recent acquisitions
* 2008 equity annual monetization of $2.3 million
Subsequent Events
Following the conclusion of the term of his employment agreement, on March 1,
2009, Clifford M. Gross, Ph.D, retired from the position of Chief Executive
Officer of the Company. In addition, Dr. Gross, who is also the Chairman of our
Board of Directors, will not stand for re-election as a member of our Board of
Directors at our 2009 annual meeting of stockholders. Pursuant to the terms of
his employment agreement, Dr. Gross is entitled to receive a severance payment
equal to the number of years Dr. Gross has worked for the Company times $100,000
per year, "grossed-up" to cover any tax liability on such severance payment. Dr.
Gross was employed by the company for 11.5 years.
"We greatly appreciate the significant contribution that Dr. Gross has made to
the Company during the past 11.5 years. His vision, leadership and dedicated
service were instrumental in building and developing the Company," said Keith
Witter, Lead Director for the Company.
Dr. Gross commented, "I am pleased with the results of our efforts to transition
UTEK from its original business model to one that builds on that traditional -
and unique - strength in putting technology to use in business. By focusing on
innovation consulting, we are extending our expertise to our clients' benefit. I
am also proud of the strong management team that we have built at UTEK. Part of
the succession plan was to create a strong collaborative internal management
structure, as most recently indicated by the promotion of Doug Schaedler as
President."
Conference Call Information
We will host a live conference call at 10:00 a.m. ET today to discuss the
results. Investors and analysts are invited to attend the conference call.
+----------------+
| US & |
| Canada: |
| 866-672-2663 |
+----------------+
| UK: |
| 0-800-032-3836 |
+----------------+
| Other |
| International |
| Callers: |
| 973-582-2772 |
+----------------+
| Please |
| reference |
| conference |
| ID# |
| 87012611 |
+----------------+
About UTEK
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.
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, 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, levels of consulting activity, variability in
the growth rate of our business, consultant utilization rates, consultant and
project billing rates, and number of revenue-generating professionals; our
ability to expand our service offerings; that we successfully integrate the
businesses we acquire; challenging financial conditions, including those in the
credit markets, the number of transactions and engagements that are completed
each quarter, the value of individual contracts and 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.
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.
Financial Position Information
The following tables contain comparative selected financial data as of December
31, 2008 and December 31, 2007 and for the three and twelve-month periods ended
December 31, 2008 and 2007:
UTEK Corporation
Consolidated Statements of Assets and Liabilities
+-----------------------------------------------------------------+--------------+--+--------------+
| | December | | December |
| | 31, | | 31, |
| | 2008 | | 2007 |
+-----------------------------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| ASSETS | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Investments: | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Non-affiliate investments (cost: | $5,603,440 | | $6,705,850 |
| 2008 - $36,994,463; 2007 - | | | |
| $31,588,337) | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Affiliate investments (cost: 2008 - | 3,477,200 | | 14,429,000 |
| $38,559,629; 2007 - $43,779,616) | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Controlled investments (cost: | 2,987,500 | | 7,768,561 |
| 2008 - $10,637,748; 2007 - | | | |
| $17,231,458) | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| U.S. Treasuries and certificates of | 291,581 | | 1,498,346 |
| deposit (cost: 2008 - $291,581; 2007 | | | |
| - $1,498,346) | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Total investments | 12,359,721 | | 30,401,757 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Cash and cash equivalents | 3,922,297 | | 5,254,576 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Accounts receivable, net of allowance for bad debt | 2,290,363 | | 358,338 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Prepaid expenses and other assets | 750,502 | | 378,248 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Fixed assets, net | 653,208 | | 476,578 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Goodwill | 15,246,143 | | 2,821,064 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Intangible assets | 10,663,975 | | 123,812 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Deferred tax asset | - | | 5,406,704 |
+-----------------------------------------------------------------+--------------+--+--------------+
| TOTAL ASSETS | 45,886,209 | | 45,221,077 |
+-----------------------------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| LIABILITIES | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Accounts payable | 575,988 | | 421,595 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Accrued expenses | 995,652 | | 369,098 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Notes payable and other debt | 839,765 | | - |
+-----------------------------------------------------------------+--------------+--+--------------+
| Deferred revenue | 2,849,270 | | 755,836 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Deferred tax liability | 1,773,441 | | |
| | | | - |
+-----------------------------------------------------------------+--------------+--+--------------+
| TOTAL LIABILITIES | 7,034,116 | | 1,546,529 |
+-----------------------------------------------------------------+--------------+--+--------------+
| NET ASSETS | $38,852,093 | | $43,674,548 |
+-----------------------------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Commitments and Contingencies | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Composition of net assets: | - | | - |
| Preferred stock, $.01 par value, 1,000,000 | | | |
| shares authorized; none issued and outstanding | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Common stock, $.01 par value, 29,000,000 | $108,800 | | |
| shares authorized; 12,134,959 and 9,011,276 | | | $90,114 |
| shares issued; 10,879,900 and 9,011,276 shares | | | |
| outstanding at December 31, 2008 and 2007, | | | |
| respectively | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Additional paid-in capital | 75,067,857 | | 53,148,643 |
+-----------------------------------------------------------------+--------------+--+--------------+
| Accumulated income: | 25,115,109 | | 33,498,108 |
| Accumulated net operating income | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Net realized loss on investments, net of income taxes | (7,744,736) | | (3,512,598) |
+-----------------------------------------------------------------+--------------+--+--------------+
| Net unrealized depreciation of investments, net of deferred | (51,921,150) | | (39,703,173) |
| income taxes | | | |
| | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Foreign currency translation adjustment | (1,773,787) | | 153,454 |
+-----------------------------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Net assets | $38,852,093 | | $43,674,548 |
| | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------------------------+--------------+--+--------------+
| Net asset value per share | $3.57 | | $4.85 |
+-----------------------------------------------------------------+--------------+--+--------------+
UTEK Corporation
Consolidated Statements of Operations
+----------------+--------+---------------+--------------+--------------+--------------+
| | | Year Ended | Three Months |
| | | December 31, | Ended December |
| | | | 31, |
+----------------+--------+------------------------------+-----------------------------+
| | | 2008 | 2007 | 2008 | 2007 |
+----------------+--------+---------------+--------------+--------------+--------------+
| Income | | | | | |
| from | | | | | |
| operations: | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Innovation | | $11,134,855 | $ - | $ | $ - |
| consulting | | | | 3,415,545 | |
| services | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Sale | | 4,684,680 | 16,372,550 | - | 1,537,000 |
| of | | | | | |
| technology | | | | | |
| rights | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Subscription | | 3,959,243 | 3,343,134 | 964,029 | 627,040 |
| and other | | | | | |
| services | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Investment | | 399,341 | 585,265 | 144,955 | 105,775 |
| income, | | | | | |
| net | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| | | 20,178,119 | 20,300,949 | 4,524,529 | 2,269,815 |
+----------------+--------+---------------+--------------+--------------+--------------+
| Expenses: | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Direct | | 10,124,462 | - | 3,238,768 | - |
| costs | | | | | |
| of | | | | | |
| innovation | | | | | |
| consulting | | | | | |
| services | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Acquisition | | 1,780,000 | 3,815,844 | - | 645,000 |
| of | | | | | |
| technology | | | | | |
| rights | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Salaries | | 4,501,957 | 3,518,769 | 996,349 | 855,113 |
| and | | | | | |
| wages | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Professional | | 1,257,307 | 1,358,668 | 423,078 | 240,060 |
| fees | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Sales | | 2,322,406 | 2,035,860 | 486,386 | 547,472 |
| and | | | | | |
| marketing | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| General | | 3,781,008 | 2,625,559 | 1,068,317 | 681,251 |
| and | | | | | |
| administrative | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Amortization | | 1,096,490 | 212,350 | 433,387 | 51,226 |
| and | | | | | |
| depreciation | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Goodwill | | - | 210,140 | - | 177,110 |
| impairment | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| | | 24,863,630 | 13,777,190 | 6,646,285 | 3,197,232 |
+----------------+--------+---------------+--------------+--------------+--------------+
| Income | | (4,685,511) | 6,523,759 | (2,121,756) | (927,417) |
| (loss) | | | | | |
| before | | | | | |
| income | | | | | |
| taxes | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Provision | | 3,697,487 | 2,747,017 | (156,140) | (346,745) |
| for | | | | | |
| income | | | | | |
| taxes | | | | | |
| (benefit) | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Net | | (8,382,998) | 3,776,742 | (1,965,616) | (580,672) |
| (loss) | | | | | |
| income from | | | | | |
| operations | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Net | | | | | |
| realized | | | | | |
| and | | | | | |
| unrealized | | | | | |
| gains | | | | | |
| (losses): | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Net | | (4,232,138) | (1,447,380) | (479,961) | 242,858 |
| realized | | | | | |
| gains | | | | | |
| (losses) | | | | | |
| on | | | | | |
| investments, | | | | | |
| net of | | | | | |
| income tax | | | | | |
| expense | | | | | |
| (benefit) | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Net | | (12,217,977) | (10,806,048) | (1,628,701) | (4,013,552) |
| change | | | | | |
| in | | | | | |
| unrealized | | | | | |
| depreciation | | | | | |
| of | | | | | |
| investments, | | | | | |
| net of | | | | | |
| deferred | | | | | |
| income tax | | | | | |
| benefit | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
| Net | | $(24,833,113) | $(8,476,686) | $(4,074,278) | $(4,351,366) |
| decrease | | | | | |
| in net | | | | | |
| assets | | | | | |
| from | | | | | |
| operations | | | | | |
+----------------+--------+---------------+--------------+--------------+--------------+
UTEK Corporation
Consolidated Statements of Cash Flows
+-----------------------------------------------+---------------+---------------+----------------+-------+
| | Year Ended December 31 |
+-----------------------------------------------+------------------------------------------------+
| | 2008 | 2007 | 2006 |
+-----------------------------------------------+---------------+---------------+----------------+
| Operating Activities: | | | |
+-----------------------------------------------+---------------+---------------+------------------------+
| Net decrease in net assets from operations | $(24,833,113) | $(8,476,686) | $(4,910,798) |
+-----------------------------------------------+---------------+---------------+----------------+
| Adjustments to reconcile net increase | | | |
| (decrease) in net assets from operations to | | | |
| net cash flows from operating activities: | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Change in net unrealized depreciation of | 10,466,219 | 17,325,713 | 41,298,325 |
| investments | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Proceeds received on sale of equity | 2,265,430 | 1,923,528 | 9,740,302 |
| investments | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Net proceeds from sale (purchases) of | 1,206,766 | 3,086,305 | 7,555,540 |
| short-term investments | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Net repayment from | 1,965,261 | (783,789) | (1,181,472) |
| (investment in) | | | |
| UTEK Real Estate | | | |
| Holdings, Inc. | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Depreciation and amortization | 1,096,490 | 212,350 | 211,933 |
+-----------------------------------------------+---------------+---------------+----------------+
| Goodwill and intangible asset impairment | - | 210,140 | 301,469 |
+-----------------------------------------------+---------------+---------------+----------------+
| (Gain) loss on sale of investments | 6,785,540 | 2,320,637 | (1,448,344) |
+-----------------------------------------------+---------------+---------------+----------------+
| Loss on disposal of fixed assets | 13,448 | 22,403 | 37,263 |
+-----------------------------------------------+---------------+---------------+----------------+
| Bad debt expense | 78,150 | 364,586 | 108,943 |
+-----------------------------------------------+---------------+---------------+----------------+
| Stock-based | 779,866 | 612,893 | 504,589 |
| compensation | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Deferred income taxes | 2,870,820 | (4,645,904) | (2,911,021) |
+-----------------------------------------------+---------------+---------------+----------------+
| Investment | (4,559,680) | (16,172,550) | (51,190,576) |
| securities | | | |
| received in | | | |
| connection with | | | |
| the sale of | | | |
| technology rights | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Consulting and | (45,269) | (1,021,117) | (2,104,287) |
| other services | | | |
| rendered in | | | |
| exchange for | | | |
| investment | | | |
| securities | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Changes in operating assets and | | | |
| liabilities: | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Accounts receivable | 1,749,091 | 124,231 | 55,859 |
+-----------------------------------------------+---------------+---------------+----------------+
| Prepaid expenses and other assets | (126,445) | (3,241) | 73,801 |
+-----------------------------------------------+---------------+---------------+----------------+
| Deferred revenue | (577,448) | (222,059) | (22,145) |
+-----------------------------------------------+---------------+---------------+----------------+
| Accounts payable and accrued | (1,468,053) | 363,920 | 48,969 |
| expenses | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Net cash flows from operating | (2,332,927) | (4,758,640) | (3,831,650) |
| activities | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Investing Activities: | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Purchases of fixed assets | (23,772) | (50,042) | (443,536) |
+-----------------------------------------------+---------------+---------------+----------------+
| Cash received (paid) in connection with | 813,211 | | (1,000,000) |
| acquisitions | | - | |
+-----------------------------------------------+---------------+---------------+----------------+
| Net cash flows from investing | 789,439 | (50,042) | (1,443,536) |
| activities | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Financing Activities: | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Net proceeds from issuance of common stock | - | - | 8,955,182 |
+-----------------------------------------------+---------------+---------------+----------------+
| Proceeds from exercise of stock options / | 189,794 | 542,681 | 755,518 |
| warrants | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Distributions to stockholders | - | (179,032) | (177,865) |
+-----------------------------------------------+---------------+---------------+----------------+
| Payments on notes payable and other debt | (12,248) | - | |
| | | | - |
+-----------------------------------------------+---------------+---------------+----------------+
| Net cash flows from financing | 177,546 | 363,649 | 9,532,835 |
| activities | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Foreign currency translation adjustment | 33,663 | 14,498 | 151,836 |
+-----------------------------------------------+---------------+---------------+----------------+
| | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Increase (decrease) in cash and cash | (1,332,279) | (4,430,535) | 4,409,485 |
| equivalents | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Cash and cash equivalents at beginning of | 5,254,576 | 9,685,111 | 5,275,626 |
| period | | | |
+-----------------------------------------------+---------------+---------------+----------------+
| Cash and cash equivalents at end of period | $3,922,297 | $5,254,576 | $9,685,111 |
+-----------------------------------------------+---------------+---------------+----------------+
| | | | |
+-----------------------------------------------+---------------+---------------+----------------+-------+
+---------------------------------------+
| Contacts: |
+---------------------------------------+
| |
+---------------------------------------+
| USA: |
+---------------------------------------+
| Allen & Caron, Inc. |
+---------------------------------------+
| Brian Kennedy |
+---------------------------------------+
| brian@allencaron.com |
+---------------------------------------+
| 212-691-8087 |
+---------------------------------------+
| |
| UK: |
+---------------------------------------+
| Fairfax I.S. Plc - AIM Nominated |
| Adviser & Broker |
+---------------------------------------+
| Jeremy Porter |
+---------------------------------------+
| + 44 (0)20 7598 5368 |
+---------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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