Tech transfer completed

RNS Number:1588I
UTEK Corporation
29 August 2006


FOR IMMEDIATE RELEASE                                          29 August 2006


                                UTEK CORPORATION
                                        
               TECHNOLOGY TRANSFER TO MATERIAL TECHNOLOGIES, INC.
                                        
                                      
  Transfer includes a licence to method for non-destructive monitoring of metal
                                   structures
                                        
Tampa, FL, Los Angeles, CA & Greensboro, NC - UTEK Corporation (AMEX & LSE-AIM:
UTK), a specialty finance company focused on technology transfer, and Material
Technologies, Inc. (OTC BB: MTNA), a company that engages in the research and
development of metal fatigue, measurement and monitoring technologies, have
completed a technology transfer in a stock-for-stock transaction.

The technology transferred includes the exclusive worldwide licence for a sensor
array system used for structural monitoring. The technology utilises
commercially available sensors in a unique configuration that enables the
monitoring of structural integrity to detect and remotely address standard flaws
via acoustic emission signals. The technology was developed at North Carolina
Agricultural & Technical State University (NCA&T) by Dr. Mannur Sundaresan for
the United States Air Force. Dr. Sundaresan is a professor in the Department of
Mechanical Engineering at NCA&T, and an internationally recognised authority on
structural monitoring.

"Material Technologies, Inc. is focused on monitoring and measuring metal
fatigue cracks and crack propagation in metal components across a wide variety
of structures and equipment. We are enthusiastic about adding this valuable
technology to our product line," said Robert Bernstein, Chief Executive Officer
of Material Technologies, Inc.

According to Dr. N. Radhakrishnan, Vice Chancellor for Research & Economic
Development at NCA&T, "Our partnership with Material Technologies, Inc. is an
important opportunity for the university. Together, we plan to expand our
presence in structural health monitoring research and technology development."

Doug Speight, Director of Outreach & Technology Transfer at NCA&T, adds "We are
keen about working with Material Technologies, Inc. and leveraging the strength
of our intellectual property portfolio. Our partnership enables us to leverage
our sensor platform to access the civil infrastructure markets, while enabling
Material Technologies to achieve a leading position in the structural monitoring
space."

"UTEK is pleased to consummate this technology transfer with Material
Technologies, Inc. and we look forward to continuing our efforts to identify
additional technology acquisition opportunities," said Jennifer Willis, Manager
of Technology Licensing at UTEK Corporation.

Terms of the transaction

Materials Monitoring Technologies, Inc., a company established by UTEK
specifically for this transaction has been acquired by Material Technologies,
Inc., in a tax-free stock-for-stock exchange. Material Technologies, Inc. issued
35,749,213 shares of unregistered common stock to UTEK Corporation in exchange
for 100% of the issued and outstanding shares of Materials Monitoring
Technologies, Inc. The shares acquired in the exchange are restricted and may
only be resold pursuant to the requirements of the Securities Act of 1933. The
value of the consideration will be determined based on a valuation in accordance
with UTEK's valuation policy as of the closing date of the transaction.

About Material Technologies, Inc

Material Technologies, Inc. is an engineering, research and development company
specialising in technologies to measure microscopic fractures and flaws in metal
structures and monitor metal fatigue in real time. The company's leading edge
metal fatigue detection, measurement and monitoring solutions can accurately
test the integrity of metal structures and equipment including bridges,
railroads, airplanes, ships, cranes, power plants, mining equipment, piping
systems and heavy iron. For more information about Material Technologies, Inc,
please visit its website at www.matechcorp.com.

About North Carolina Agricultural and Technical State University

North Carolina Agricultural and Technical State University is a public, high
research activity, land grant University committed to fulfilling its fundamental
purposes through exemplary undergraduate and graduate instruction, scholarly and
creative research, and effective public service. The University offers degree
programs at the baccalaureate, masters and doctoral levels, with emphasis on
engineering, science, technology, literature, and other academic areas. As one
of North Carolina's three engineering colleges, the University offers three
Ph.D. programs in engineering. Basic and applied research is conducted by
faculty in University centers of excellence, in inter-institutional
relationships, and through significant involvement with several public
agencies. The University also conducts major research through engineering, arts
and sciences, and its programs in agriculture. For more information about North
Carolina Agricultural and Technical State University, please visit its website
at www.ncat.edu.

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.


CONTACT:

Material Technology, Inc.
Robert Bernstein                                              [phone]

North Carolina Agricultural and Technical State
University
Doug Speight                                                  [phone]

UTEK Corporation
USA:
Tania Bernier                                            [phone] x223

Consulting for Strategic Growth 1
Stan Wunderlich                                               [phone]

UK: Bankside                                                 [phone]
Steve Liebmann or Simon Bloomfield


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



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            The company news service from the London Stock Exchange

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