Technology Flavors & Fragrances, Inc. and UTEK Corporation Announce Strategic Alliance Agreement for Technology Transfer

AMITYVILLE, N.Y. &PLANT CITY, Fla., Mar 12, 2004 (BUSINESS WIRE) -- Technology Flavors &Fragrances, Inc. (AMEX:TFF), a company that creates, develops, manufactures and markets flavors and fragrances, and UTEK Corporation (AMEX:UTK), an innovative technology transfer company, announced jointly today the signing of a strategic alliance agreement. The goal of the alliance is to have UTEK identify unique cosmetic and nutraceutical based technology acquisition opportunities for TFF to consider and, when appropriate, use its U2B(R) model to enable TFF to acquire licenses to these technologies.

According to Philip Rosner, Chairman and CEO of TFF, 'This relationship with UTEK is part of our strategy to position the Company to proactively pursue new innovative products and to expand our technological capabilities. We anticipate that UTEK will be able to provide us with additional product acquisition opportunities that can be marketed through the distribution channels we are developing.'

'UTEK looks forward to working with TFF to help identify technology acquisition opportunities that fit their strategic vision,' commented Clifford M. Gross, Ph.D., Chief Executive Officer of UTEK Corporation.

UTEK assists universities and laboratory research centers to transfer university intellectual capital to commercial partners. Technology firms benefit from having the opportunity to commercialize new technologies developed outside their organizations by universities and government laboratories.

About Technology Flavors &Fragrances, Inc.

Founded in 1989, TFF creates, develops, manufactures and markets flavors and fragrances which are incorporated into a wide variety of consumer and institutional products, including natural and artificial flavored beverages, confections, foods, pharmaceuticals, aromatherapy products, perfumes and health and beauty products. TFF has a proprietary library of more than 36,000 flavor and fragrance product formulations that are used to develop customized products.

TFF believes its proprietary formulations are currently used in more than 1,200 products sold by more than 500 customers worldwide, approximately 50 of which are Fortune 1000 companies. TFF maintains facilities in Amityville, New York; Inglewood, California; Toronto, Canada; and Santiago, Chile. TFF is publicly traded on the AMEX under the symbol 'TFF.'The Company's website can be found at

About UTEK Corporation

UTEK(R) is an innovative technology transfer company dedicated to building bridges between university-developed technologies and commercial organizations. UTEK, along with its TechEx and UVentures technology exchanges and its PAX European subsidiary, identifies and transfers new technologies from universities and research centers to the marketplace. UTEK provides research-outsourcing services to commercial enterprises and technology-transfer services to research institutions. For more information about UTEK, please visit their website at

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 TFF, 'believes,''anticipates'or words of similar import. Similarly, statements that describe UTEK's or TFF's future plans, including the commercial viability of the products introduced by TFF, 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 TFF, as appropriate, and market valuations of their stock, which could cause actual results to differ materially from those currently anticipated. Although UTEK and TFF, as appropriate, believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they can give no 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. Forward-looking statements made herein are only made as of the date of this news release and neither UTEK nor TFF, as appropriate, 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 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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