Material Technologies, Inc. Completes Technology Transfer With UTEK

Transfer Includes License to Method for Non-Destructive Monitoring of Metal Structures Developed at NCA&T


LOS ANGELES and TAMPA, Fla. and GREENSBORO, N.C., Sept. 5
 /PRNewswire-FirstCall/ -- Material Technologies, Inc. (OTC:MTNA) (BULLETIN BOARD: MTNA) , a company that engages in the research and development of metal fatigue, measurement and monitoring technologies, and UTEK Corporation (Amex: UTK; LSE-AIM), a specialty finance company focused on technology transfer, are pleased to announce that Material Technologies, Inc. has acquired Materials Monitoring Technologies, Inc. (MMTI), a wholly owned subsidiary of UTEK, in a stock transaction.

MMTI holds the exclusive worldwide license for a sensor array system used for structural monitoring.  The technology utilizes commercially available sensors in a unique configuration that enables the monitoring of structural integrity to detect and remotely address standard flaws via acoustic emission signals.  The technology was developed at North Carolina Agricultural & Technical State University (NCA&T) by Dr. Mannur Sundaresan for the United States Air Force.  Dr. Sundaresan is a professor in the Department of Mechanical Engineering at NCA&T, and an internationally recognized authority on structural monitoring.

"Material Technologies, Inc. is focused on monitoring and measuring metal fatigue cracks and crack propagation in metal components across a wide variety of structures and equipment.  We are enthusiastic about adding this valuable technology to our product line," said Robert Bernstein, Chief Executive Officer of Material Technologies, Inc.

According to Dr. N. Radhakrishnan, Vice Chancellor for Research & Economic Development at NCA&T, "Our partnership with Material Technologies, Inc. is an important opportunity for the university.  Together, we plan to expand our presence in structural health monitoring research and technology development."

Doug Speight, Director of Outreach & Technology Transfer at NCA&T, adds, "We are keen about working with Material Technologies, Inc. and leveraging the strength of our intellectual property portfolio.  Our partnership enables us to leverage our sensor platform to access the civil infrastructure markets, while enabling Material Technologies to achieve a leading position in the structural monitoring space."

"UTEK is pleased to consummate this technology transfer with Material Technologies, Inc. and we look forward to continuing our efforts to identify additional technology acquisition opportunities," said Jennifer Willis, Manager of Technology Licensing at UTEK Corporation.

About Material Technologies, Inc.

Material Technologies, Inc. is an engineering, research and development company specializing in technologies to measure microscopic fractures and flaws in metal structures and monitor metal fatigue in real time.  The company's leading edge metal fatigue detection, measurement and monitoring solutions can accurately test the integrity of metal structures and equipment including bridges, railroads, airplanes, ships, cranes, power plants, mining equipment, piping systems and heavy iron.  For more information about Material Technologies, Inc., please visit its website at http://www.matechcorp.com/ .

About North Carolina Agricultural and Technical State University

North Carolina Agricultural and Technical State University is a public, high research activity, land grant University committed to fulfilling its fundamental purposes through exemplary undergraduate and graduate instruction, scholarly and creative research, and effective public service.  The University offers degree programs at the baccalaureate, masters and doctoral levels, with emphasis on engineering, science, technology, literature, and other academic areas.  As one of North Carolina's three engineering colleges, the University offers three Ph.D. programs in engineering.  Basic and applied research is conducted by faculty in University centers of excellence, in inter-institutional relationships, and through significant involvement with several public agencies.  The University also conducts major research through engineering, arts and sciences, and its programs in agriculture.  For more information about North Carolina Agricultural and Technical State University, please visit its website at http://www.ncat.edu/ .

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 http://www.utekcorp.com/ .

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements.  Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited."  These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties.  See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

  Contacts:
  UTEK Corporation
  USA:                                   UK:
  Tania Bernier                          Bankside Consultants
  813-754-4330 x 223                     Steve Liebmann or Simon Bloomfield
  Consulting for Strategic Growth 1      + 44 (0) 20-7367-8883
  Stan Wunderlich
  800-625-2236

  Material Technologies, Inc.            North Carolina Agricultural and
   1-310-208-5589                         Technical State University
                        Doug Speight
  http://www.matechcorp.com/                     336-334-7995


DATASOURCE: Material Technologies, Inc.



CONTACT:  UTEK Corporation: USA, Tania Bernier, [phone], ext.

223, or UK, Bankside Consultants, Steve Liebmann or Simon Bloomfield,

[phone], or Consulting for Strategic Growth 1, Stan Wunderlich,

[phone]; or Material Technologies, Inc., [phone],

; or Doug Speight of North Carolina Agricultural and

Technical State University, [phone]



Web site:  http://www.ncat.edu/ 

Web site:  http://www.utekcorp.com/ 

Web site:  http://www.matechcorp.com/ 

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