KLGE UTEK Corporation and Klegg Electronics, Inc. Complete Technology Transfer
Thursday November 2, 2:00 am ET

TAMPA, Fla. & LAS VEGAS--(BUSINESS WIRE)--UTEK Corporation (AMEX:UTK - News; LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Klegg Electronics, Inc. (Pink Sheets:KLGE - News), a manufacturer and distributor for wholesale and retail consumer electronic products, today announced that Klegg Electronics, Inc. has acquired Universal Wireless Technologies, Inc., a wholly owned subsidiary of UTEK Corporation, in a stock transaction.


Universal Wireless Technologies, Inc. holds a worldwide exclusive license for a single integrated wireless chip developed at the University of Cincinnati. This chip facilitates simultaneous operations of both the Bluetooth(TM) and 802.11 standards. Existing technologies have attempted to resolve the problem of interference by either preventing the simultaneous use of the two standards in a manner that requires an explicit choice by the end user or by requiring two separate antennas controlled by a switching matrix.

Mathew Willenbrink, Senior Licensing Associate at the University of Cincinnati, said, "We look forward to the opportunity to work with Klegg Electronics, Inc. as they seek to develop and commercialize this technology."

"Klegg Electronics, Inc. is enthusiastic about our acquisition of Universal Wireless Technologies, Inc.," said Dennis Gentles, President of Klegg Electronics, Inc. "We are looking forward to integrating this new technology into our next generation of portable media players as we reiterate our commitment to becoming a leader in consumer electronic innovation."

"UTEK is pleased to consummate this technology transfer with Klegg Electronics, Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK Corporation.

About University of Cincinnati

Since its founding in 1819, the University of Cincinnati has been the source of many discoveries creating positive change for society, including the first antihistamine, co-op education, the first electronic organ, the Golden Gate Bridge designer and the oral polio vaccine. Each year, this urban, public, research university graduates 5,000 students, adding to more than 200,000 living alumni around the world. For more information about the University of Cincinnati, please visit its website at http://www.uc.edu.

About Klegg Electronics, Inc.

Klegg Electronics, Inc. is a manufacturer and distributor of high quality consumer electronics. Klegg Electronics has focused on designing a variety of products that work seamlessly together within the home. For more information about Klegg Electronics, please visit its website at http://www.klegg-america.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, 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 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 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.


Contact:

UTEK Corporation, Tampa
Tania Bernier, 813-754-4330 x 223 (USA)
or
Consulting for Strategic Growth 1
Stan Wunderlich, 800-625-2236
or
Bankside Consultants (UK)
Steve Liebmann or Simon Bloomfield, + 44 (0) 20-7367-8883
or
Klegg Electronics, Inc.
Dennis Gentles, 702-363-2277
or
University of Cincinnati
Mathew Willenbrink, 513-558-5696

Source: UTEK Corporation