Health Sciences Group Acquires Apple Peel Technologies, Inc. from UTEK Corporation

LOS ANGELES, ITHACA, N.Y. & PLANT CITY, Fla., Nov 29, 2004 (BUSINESS WIRE) -- Health Sciences Group, Inc. (HESG), an integrated provider of science-based products and ingredients to customers in the nutrition, skin care, food and beverage industries, and UTEK Corporation (UTK), a leading technology transfer company, announced today that Health Sciences Group has acquired Apple Peel Technologies, Inc. ("APTI"), a wholly-owned subsidiary of UTEK Corporation, in a stock transaction.

APTI holds the exclusive worldwide license to a patent-pending process to produce Apple Peel Powder developed at Cornell University. Apple Peel Powder is a proprietary nutraceutical and value-added ingredient that may be added to a variety of foods and beverages to enhance the nutritional content.

"We believe the phytochemical-rich content found in apple peels is exciting," says Fred E. Tannous, Co-Chairman and CEO of Health Sciences Group. "We are enthusiastic about the various applications for Apple Peel Powder as it presents us with an opportunity to enhance nutraceutical supplements and many foods and beverages with beneficial antioxidant activity. We envision improving the nutritional content of a wide variety of products, including cereals, sauces, granola bars, energy bars, fruit shakes and other healthy beverages by adding small amounts of this all-natural, concentrated antioxidant to achieve maximum health benefits."

"We are enthusiastic about working with Health Sciences Group to commercialize the Apple Peel Powder technology," says James Heitner, a Technology Manager at the Cornell Center for Technology, Enterprise and Commercialization at Cornell University. "It is estimated that in New York State alone approximately 20 million pounds of apple peel waste is generated each year from applesauce, fruit juice, and canned apple processing. Since the concentrations of total phenolic compounds in peels have been shown to exceed those found in the flesh of the apples, there may be significant health benefits from apples that are not being realized."

"UTEK is pleased to consummate this technology transfer with Health Sciences Group and we look forward to continuing our efforts to identify additional technology acquisition opportunities for their consideration," says Clifford M. Gross, Ph.D., Chief Executive Officer of UTEK.

About Health Sciences Group

Health Sciences Group, Inc. is an integrated provider of innovative products and services in the nutraceutical, pharmaceutical, and cosmeceutical industries offering value-added ingredients, bioactive formulations, and proprietary technologies used in nutritional supplements, functional foods and beverages, and skin care products. For more information, visit

About the Cornell Center for Technology, Enterprise, and Commercialization (CCTEC)

CCTEC's mission is to transfer technology from Cornell University to the marketplace and provide benefit to the public. CCTEC's staff licenses Cornell University technologies to established companies and start-ups. For more information, visit

About UTEK Corporation

UTEK is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories. UTEK is the only company that facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities, while allowing research institutions to receive 100% of the royalties. This unique process is called U2B(R). UTEK seeks to transfer proprietary technologies to create product differentiation, resulting in a strategic marketplace advantage. For more information about UTEK, please visit its 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 Health Sciences Group "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Health Sciences Group'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 Health Sciences Group, as appropriate, and the market valuation of UTEK stock, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Health Sciences Group believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that its 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 Health Sciences Group 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 filing with the Securities and Exchange Commission.

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