Tech transfer completed

    RNS Number : 4999E
  UTEK Corporation
  29 September 2008
   


 FOR IMMEDIATE RELEASE  29 September 2008



    UTEK CORPORATION 


    TECHNOLOGY TRANSFER TO WORLD ENERGY SOLUTIONS, INC.


    Tampa, FL & St Petersburg, FL - UTEK Corporation (AMEX & LSE-AIM: UTK), an innovation services company, and World Energy Solutions, Inc,
(OTC BB: WEGY) an energy services company and electronics manufacturer, have completed a technology transfer in a stock-for-stock
transaction. 

    The technology transferred includes the H-Hybrid (trademark pending) designation as well as a worldwide exclusive licence to patented
inventions for an apparatus and method of generating hydrogen and oxygen gases designed to increase fuel economy and decrease hydrocarbon
emissions in gasoline powered vehicles.  The gases are generated on demand by an electrolyser that separates water into a gaseous mixture of
hydrogen and oxygen. The electrolyser is designed to be adapted to vehicles to provide a pre-combustion gas mixture to the fuel system on
demand, thereby obviating the need for onboard storage of hydrogen. 

    Ben Croxton, Chief Executive Officer of World Energy Solutions, Inc., said, "We believe the addition of this licensed technology will
advance our goal of introducing our own system for fuel enhancement and emissions reduction for the OEM marketplace. We feel that combining
these technologies with our existing technology will strengthen our intellectual property focused on improving fuel efficiency and lowering
emissions in automobiles."

    "UTEK is pleased to consummate this technology transfer with World Energy Solutions," said Joel Edelson, Vice President of Technology
Licensing at UTEK Corporation.


    Terms of the transaction

    H-Hybrid 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 unregistered shares of Series C
Convertible Preferred Stock to UTEK Corporation in exchange for the issued and outstanding shares of H-Hybrid 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 and electronics manufacturer. WES' primary business focus is the
development of technology for lowering electrical, gas and water usage for commercial, government and residential facilities. As a
manufacturer of transient voltage surge suppressor systems, WES uses cutting-edge technologies and design standards to provide its customers
with full lifetime warranties on its products. For more information about WES, please visit its website at www.wesinc.net.


    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. 


      CONTACT:

 World Energy Solutions, Inc.
 Ben Croxton                              [phone]

 UTEK Corporation
 USA: 
 Tania Bernier                       [phone] x223

 UK: Bankside
 Steve Liebmann or Simon Bloomfield  [phone]

 Shore Capital                           [phone]
 Guy Peters






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