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Share Name | Share Symbol | Market | Type |
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Utek Corp. | AMEX:UTK | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
UTEK Corporation 03 August 2006 FOR IMMEDIATE RELEASE 3 August 2006 UTEK CORPORATION STRATEGIC ALLIANCE AGREEMENT FOR TECHNOLOGY TRANSFER SIGNED WITH TURBINE TRUCK ENGINES, INC. Tampa, FL, & Deland, FL - UTEK Corporation (AMEX & LSE-AIM: UTK), a specialty finance company focused on technology transfer, and Turbine Truck Engines, Inc. (OTC BB: TTEG), a company that manufactures and markets heavy duty highway truck engines, are pleased to announce that they have signed a strategic alliance agreement. "We are enthusiastic about forming a strategic alliance with UTEK which we believe will enable us to identify synergistic technology acquisition opportunities related to our business," commented Michael Rouse, Chief Executive Officer of Turbine Truck Engines, Inc. "UTEK looks forward to working with Turbine Truck Engines, Inc. to identify potential technology acquisition opportunities that fit its strategic vision," commented William Porter, Chief Technology Transfer 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 Turbine Truck Engines, Inc. Turbine Truck Engines, Inc. is a technology company dedicated to the development of its New Environmental Age Truck Engine for mass market in the U.S. and abroad. Our new engine design can utilise any fuel (gasoline, diesel, propane, natural gas, hydrogen, methanol or ethanol) or fuel mixture, yet needs no coolant, lube oil, filters, or pumps. This unique, light weight turbine design has few moving parts, thus requiring less maintenance. Our innovative cyclic detonation process produces complete combustion of fuel-oxidation mixtures, resulting in greater fuel economy and fewer harmful exhaust emissions. For more information about Turbine Truck Engines, Inc., please visit its website at www.turbinetruckengines.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, 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 www.utekcorp.com. CONTACTS: Turbine Truck Engines, Inc. +1 386-943-8358 - office Michael Patterson +1 386-943-9910 - fax mpatterson@turbinetruckengines.com UTEK Corporation USA: Tania Bernier +1 813-754-4330 x223 Consulting for Strategic Growth 1 Stan Wunderlich +1 800-625-2236 UK: Bankside Steve Liebmann or Simon Bloomfield +44 (0)20-7367-8888 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 Turbine Truck Engines, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Turbine Truck Engines, 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 Turbine Truck Engines, 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 Turbine Truck Engines, 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 Turbine Truck Engines, 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 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 END NRAUUOBRNVRWRAR
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