Strategic alliance signed

UTEK Corporation
31 July 2006


FOR IMMEDIATE RELEASE                                               31 July 2006


                                UTEK CORPORATION
                                                                                
        STRATEGIC ALLIANCE AGREEMENT FOR TECHNOLOGY TRANSFER SIGNED WITH
                      UNIVERSAL DETECTION TECHNOLOGY, INC.
                                        

Tampa, FL & Beverly Hills, CA - UTEK Corporation (AMEX & LSE-AIM: UTK), a
specialty finance company focused on technology transfer, and Universal
Detection Technology (OTC BB: UDTT), a developer of early-warning monitoring
technologies to protect people from bio-terrorism and other infectious health
threats, are pleased to announce that they have signed a strategic alliance
agreement.

Jacques Tizabi, Chief Executive Officer of Universal Detection Technology said,
"We are enthusiastic about forming a strategic alliance with UTEK Corporation
which we believe will enable us to identify synergistic technology acquisition
opportunities. The alliance with UTEK could be a catalyst for our on-going
efforts aimed at developing new measures, not only for countering bio-terrorism
but also for expanding into the field of infectious disease detection."

"UTEK looks forward to working with Universal Detection Technology to identify
and potentially transfer proprietary technologies that will be synergistic with
its core business," said Doug Schaedler, Chief Operating Officer of UTEK
Corporation.

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 centres. Strategic alliance
agreements are generally cancellable by either party with thirty days advance
written notice.


About Universal Detection Technology

Universal Detection Technology (UDTT), founded in 1973, is a developer of
monitoring technologies, including bio-terrorism detection devices. Universal
Detection Technology, in cooperation with NASA's Jet Propulsion Laboratory (JPL)
has developed the BSM-2000, a bacterial spore and anthrax spore monitoring
device, which combines JPL's spore detection technology with UDTT's aerosol
capture device. For more information about Universal Detection Technology,
please visit its website at www.udetection.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:

Universal Detection Technology
Jacques Tizabi                                                   [phone]

UTEK Corporation
USA:
Tania Bernier                                               [phone] x223

Consulting for Strategic Growth 1
Stan Wunderlich                                                  [phone]

UK: Bankside
Steve Liebmann or Simon Bloomfield                           [phone]


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
Universal Detection Technology "expects," "should," "believes," "anticipates" or
words of similar import. Similarly, statements that describe UTEK's or Universal
Detection Technology'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
Universal Detection Technology, 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 Universal Detection Technology
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
Universal Detection Technology 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 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, 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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