UTEK Corporation and MM2 Group, Inc. Announce Strategic Alliance

TAMPA, Fla. & MATAWAN, N.J., Sep 13, 2006 (BUSINESS WIRE) -- UTEK Corporation (UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and MM2 Group, Inc. (MMGP) , a financial consulting group focused on nutraceuticals, are pleased to announce that they have signed a strategic alliance agreement.

Mark Meller, Chief Executive Officer of MM2 Group, Inc. said, "We are enthusiastic about forming a strategic alliance with UTEK Corporation which we believe will enable us to identify synergistic technology acquisition opportunities. We are especially excited given UTEK's expertise in nutraceuticals and supplements, which fits well with our current business plans."

"UTEK looks forward to working with MM2 Group, Inc. to identify and potentially transfer proprietary technologies that will be synergistic with its core business," said Doug Schaedler, Chief Operating Officer of UTEK Corporation.
Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.

About MM2 Group, Inc.
MM2 Group, Inc. is a financial consulting group, providing both publicly-traded and private companies with short-term, mid-term, and long-term capital. MM2 Group, Inc. is also focused on an aggressive acquisition strategy and is supported by our solid working relationships with some of the largest and most respected investment funds, venture capital firms, and hedge funds in the world. The Company has recently announced its intention to acquire Genotec Nutritionals, Inc., a leading nutraceutical manufacturing and distribution company. For more information about MM2 Group, Inc., please visit its website at http://mm2group.net.

About UTEK Corporation
UTEK(R) 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(R). 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 MM2 Group, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or MM2 Group, 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 MM2 Group, 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 MM2 Group, 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 MM2 Group, 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.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.