UTEK Corporation Withdraws Election to Be Regulated as a Business Development Company

• Press Release
• Source: UTEK Corporation
• On 8:22 am EDT, Thursday October 1, 2009

TAMPA, Fla.--(BUSINESS WIRE)--UTEK Corporation (NYSE Amex: UTK) announced today that it has filed a Form N-54C with the SEC withdrawing its election to be regulated as a business development company under the Investment Company Act of 1940.

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Symbol	Price	Change
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“This is the beginning of an exciting new period for us,” stated Doug Schaedler, the President of UTEK. “The withdrawal of our election to be regulated as a business development company caps the transition of our business to a global IP licensing and innovation services company. We are seeing a seismic shift in businesses’ approach to acquiring and monetizing intellectual properties. UTEK’s track record in helping our clients build a competency for innovation and more effectively interacting with the global IP market is driving this new market positioning.”

“In addition, we believe that this change will reduce our administrative and regulatory compliance costs, including the significant legal, valuation and other compliance-related expenses associated with the business development company regulatory regime, and provide us with greater flexibility in operating our business,” said Mr. Schaedler. “We believe that this move will have a favorable long-term impact on UTEK.”

About UTEK Corporation

UTEK^® is a leading global IP licensing and innovation services company. UTEK’s services enable its clients to enhance their innovation capabilities, rapidly source externally developed technologies, create value from their intellectual property and gain foresight into marketplace and technology developments that could affect their business. 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 “expects,” “should,” “believes,” “anticipates” or words of similar import. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and these factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release is available on UTEK’s website www.utekcorp.com.

UTEK Corporation
Lesley Cohen, 202-294-6770
lcohen@hrosepr.com