UTEK Completes Technology Transfer with WebSky, Inc.; Transfer Includes License to New Technology to Improve Wireless Networks

UTEK Corporation (AMEX:UTK) (LSE-AIM:UTKA), an
innovative technology transfer company, and WebSky, Inc. (Pink
Sheets:WKYN), a developer and operator of wireless broadband services
over licensed frequencies in underserved foreign and domestic markets,
announced today that WebSky, Inc. has acquired Strategic Wireless
Solutions, Inc., a subsidiary of UTEK Corporation, in a stock
transaction.
   Strategic Wireless Solutions, Inc. holds the exclusive license to
a patent-pending technology. This new method of space-time coding,
co-developed by the iCORE Wireless Communications Laboratory at the
University of Alberta and The Ohio State University, operates at
efficiencies nearly equal to the known theoretical limits. Potential
applications for this technology include: high data rate cellular
wireless communications, ad-hoc wireless networks with multi-antenna
terminals, portable networks with multi-antenna systems, and mobile
multi-user networks.
   "The threaded algebraic space-time signal constellations are the
result of years of university research using advanced concepts of
information theory and mathematics," said Dr. Norman C. Beaulieu,
University of Alberta, a co-inventor of the technology.
   "WebSky, Inc. is enthusiastic about this technology and its
potential for higher capacity networks with reduced digital error
rates as compared to current technology. We are looking forward to
expanding upon this technology and implementing it within our
infrastructure," said Douglas Haffer, Chief Executive Officer of
WebSky, Inc.
   "UTEK is pleased to consummate this technology transfer with
WebSky, Inc. and we look forward to continuing our efforts to identify
additional technology acquisition opportunities for its
consideration," said Christopher Banas, Director of Technology
Alliances for UTEK Corporation.

   About the University of Alberta

   Opened in 1908, the University of Alberta has grown to be one of
Canada's top four research-intensive universities, with external
research funding in 2004-05 of more than $417 million. Located in
Edmonton, the capital of the Province of Alberta, the university is
also a leader in the business of technology transfer. With more than
70 active spin-off companies and $28 million in revenue generated from
licensing and royalties, the university helps bring new innovations to
society while stimulating economic development through its technology
transfer office, TEC Edmonton. For more information about the
University of Alberta at Edmonton, please visit its website at
http://www.ualberta.ca.

   About iCORE 

   iCORE was established in October 1999 by the government of Alberta
to foster world-class, university-based research that supports the
information and communication technology sector. Since its inception,
more than 20 research chairs have been established to focus on
emerging areas such as wireless communications, artificial
intelligence, and quantum and nanocomputing. For more information
about iCORE, please visit its website at http://www.icore.ca.

   About The Ohio State University

   Founded in 1870, The Ohio State University is one of the largest
and most respected institutions of higher education in the world. As
one of the premier teaching and research institutions in the United
States, it offers students nationally ranked academic programs, an
eminent faculty, cutting-edge research, a wide range of social and
cultural activities, and comprehensive facilities. For more
information about The Ohio State University, please visit its website
at http://www.osu.edu.

   About WebSky, Inc.

   WebSky, Inc. is a San Francisco-based company that currently
controls licensed radio frequencies to be used to develop wireless
broadband/Wi-Max systems in nine small and medium sized cities in the
United States. In addition, WebSky, Inc. has previously announced
agreements for the development of wireless broadband/Wi-Max systems in
India, Argentina, and other emerging economies. For more information
about WebSky Inc., please visit its website at http://www.websky.us.

   About UTEK Corporation

   UTEK(R) is a leading, market-driven technology transfer company
that enables companies to rapidly acquire innovative technologies from
universities and research laboratories worldwide. UTEK facilitates the
identification and then finances the acquisition and transfer 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 both large and small capitalization
companies the tools to search, analyze and manage university
intellectual properties. UTEK has operations in the United States,
United Kingdom and Israel. For more information about UTEK, please
visit its website at http://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 WebSky, Inc. "expects," "should,"
"believes," "anticipates" or words of similar import. Similarly,
statements that describe UTEK's or WebSky, 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 WebSky,
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 WebSky, 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 WebSky, 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.