Strategic alliance signed

UTEK Corporation
01 August 2006



FOR IMMEDIATE RELEASE                                              1 August 2006


                                  UTEK CORPORATION

        STRATEGIC ALLIANCE AGREEMENT FOR TECHNOLOGY TRANSFER SIGNED WITH
                         IN VERITAS MEDICAL DIAGNOSTICS
                                       
Tampa, FL & Inverness, Scotland - UTEK Corporation (AMEX & LSE-AIM: UTK), a
specialty finance company focused on technology transfer, and In Veritas Medical
Diagnostics (OTC BB: IVME), a novel medical device company, is pleased to
announce that they have signed a strategic alliance agreement.

John Fuller, Chief Executive Officer of In Veritas Medical Diagnostics said, "We
are very pleased to enter into this alliance with UTEK, as it may accelerate the
identification of promising new technology acquisition opportunities for us. We
believe that our alliance with UTEK should enable us to enhance our intellectual
property portfolio through the acquisition of new university discoveries."

"UTEK looks forward to working with In Veritas Medical Diagnostics to identify
and transfer university and federal laboratory technology acquisition
opportunities that fit its strategic vision," commented Mark McBride, UTEK's
Vice President.

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 In Veritas Medical Diagnostics

In Veritas Medical Diagnostics uses its proven, patented core technology to
design, develop and test medical devices for near patient testing and
monitoring. In Veritas Medical Diagnostics' products serve large global markets
in the monitoring of chronic conditions affecting large numbers of the
population. Two applications form the focus of current development work. The
first is a device for measuring the coagulation of blood in patients with
cardiovascular disorders, which is in the last stages of clinical trials. The
second is a device that predicts the onset of human labour up to several weeks
before birth. For more information about In Veritas Medical Diagnostics, please
visit its website at www.ivmd.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:

In Veritas Medical Diagnostics
John Fuller                                                 [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 In
Veritas Medical Diagnostics "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,
including the financial performance of UTEK or In Veritas Medical Diagnostics,
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 In Veritas Medical Diagnostics 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 In Veritas Medical Diagnostics 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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