Klegg Electronics (CE) (USOTC:KLGG)
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UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company
focused on technology transfer, and Klegg Electronics, Inc. (Pink
Sheets:KLGG), a manufacturer of wholesale and retail consumer electronic
products, today announced that Klegg Electronics, Inc. has acquired a
wholly owned subsidiary of UTEK Corporation, containing a storage
technology, in a stock transaction.
The subsidiary of UTEK contains a license to a high performance network
bridge chip that enables the host to attach one or more storage devices
directly to a network. Research laboratories believe that there is an
increasing need for high volume multimedia data storage as a result of
the confluence of digital media and multimedia electronics. As this
technology is designed to connect directly to the network, the data
process path is less complex and should therefore be faster than other
network storage devices.
"Klegg Electronics, Inc. is enthusiastic about this technology transfer
and we are seeking to integrate this technology into our product line.
Klegg is committed to innovation in consumer electronics and we believe
the addition of this network bridge chip is consistent with this
strategy," said Dennis Gentles, President of Klegg Electronics, Inc.
"UTEK is pleased to consummate this technology transfer with Klegg
Electronics, Inc.," said Jennifer Willis, Manager of Technology
Licensing at UTEK Corporation.
About Klegg Electronics, Inc.
Klegg Electronics, Inc. is a manufacturer and distributor of high
quality consumer electronics. Klegg Electronics has designed a variety
of electronics products that work seamlessly together within the home.
For more information about Klegg Electronics, please visit its website
at www.klegg.com.
About UTEK Corporation
UTEK® is a specialty
finance company focused on technology transfer. UTEK’s
services enable companies to acquire innovative technologies from
universities and research laboratories worldwide. UTEK facilitates the
identification and acquisition of external technologies for clients in
exchange for their equity securities. This unique process is called U2B®.
In addition, UTEK offers companies the tools to search and analyze
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.
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 Klegg Electronics, Inc. "expects," "should,"
"believes," "anticipates" or words of similar import. Similarly,
statements that describe UTEK's or Klegg Electronics, 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 Klegg
Electronics, 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 Klegg
Electronics, 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 Klegg Electronics, 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 unrealized 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 realized and unrealized 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.