Strategic alliance renewed

UTEK Corporation
22 August 2006


FOR IMMEDIATE RELEASE                                          22 August 2006

                                UTEK CORPORATION
                                        
              STRATEGIC ALLIANCE AGREEMENT FOR TECHNOLOGY TRANSFER
              RENEWED WITH ADVANCED REFRACTIVE TECHNOLOGIES, INC.
                                        
                       
Tampa, FL & San Clemente, CA - UTEK Corporation (AMEX & LSE-AIM: UTK), a
specialty finance company focused on technology transfer, and Advanced
Refractive Technologies, Inc. (OTC BB: ARFR), a medical device company focused
on the development and marketing of innovative ophthalmic applications,
announced today that they have renewed their strategic alliance agreement.

"We are enthusiastic about renewing our strategic alliance with UTEK which we
believe will enable us to identify synergistic technology acquisition
opportunities," said Randy Bailey, Chief Executive Officer of Advanced
Refractive Technologies, Inc.

"UTEK looks forward to continuing to work with Advanced Refractive Technologies,
Inc. to identify potential technology acquisition opportunities that fit its
strategic vision," commented Joel Edelson, Vice President of Technology
Licensing at UTEK.

Through its strategic alliance agreements, UTEK assists companies in enhancing
their new product pipeline with the acquisition of proprietary intellectual
capital from universities and laboratory research centers. Strategic alliance
agreements are generally cancelable by either party with thirty days advance
written notice.

About Advanced Refractive Technologies, Inc.

Advanced Refractive Technologies, Inc. is an ophthalmology development company
focused on the identification, development and marketing of innovative
ophthalmic applications that will result in faster, safer and more effective
procedures for large surgical markets: corrective refractive surgery, cataract
surgery and other ophthalmic pathologies. The company is also entering the area
of drug discovery through strategic licensing opportunities. Advanced Refractive
Technologies, Inc. is also in the process of developing its Accupulse, a next
generation cataract emulsifier, which utilises the company's proprietary
waterjet technology. The Accupulse cataract emulsifier, currently under
development, is a device that uses pulsed waterjet technology to remove
cataracts - one of the most frequently performed surgical procedures in the
world. For more information about Advanced Refractive Technologies, please visit
its website at www.advancedrefractive.com.

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, 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.


CONTACTS:

Advanced Refractive Technologies, Inc.
Randy Bailey                                                  [phone]

UTEK Corporation
USA:
Tania Bernier                                            [phone] x223

Consulting for Strategic Growth 1
Stan Wunderlich                                               [phone]

UK: Bankside                                                 [phone]
Steve Liebmann


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
Advanced Refractive Technologies, Inc. "expects," "should," "believes,"
"anticipates" or words of similar import. Similarly, statements that describe
UTEK's or Advanced Refractive Technologies, 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 Advanced Refractive Technologies, 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 Advanced
Refractive Technologies, 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 Advanced Refractive Technologies, 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

END
NRAAKDKDOBKDPFB