Health Sciences Group Acquires Polymann Technologies, Inc. from UTEK Corporation

LOS ANGELES & PLANT CITY, Fla., Oct 28, 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), an innovative technology transfer company, announced today that Health Sciences Group has acquired Polymann Technologies, Inc. ("PTI"), a wholly-owned subsidiary of UTEK Corporation, in a stock transaction.

PTI holds the exclusive worldwide license (excluding Korea) to polymannuronic acid ("Polymann"), a proprietary nutraceutical derived, in part, from sea mustard and kelp using a patented extraction method. Polymann was designed to address health concerns relating to high cholesterol and triglyceride levels, as well as obesity and constipation. Products that may incorporate Polymann include capsules, beverages, candy and powdered drink mixes.

"We believe that the acquisition of this technology for a natural, non-prescription cholesterol reduction product will be synergistic with our current value-added products and ingredients in the areas of nutraceuticals and functional foods and beverages," says Fred E. Tannous, Co-Chairman and CEO of Health Sciences Group. "We seek to introduce this exciting cholesterol reducing technology to health conscious customers next year."

"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, Inc.

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. Its three diversified divisions consist of nutraceuticals manufacturing, specialty pharmaceutical compounding, and proprietary drug delivery technologies. For more information about Health Sciences Group, please visit its website at

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 transfers proprietary technologies with potential commercial applications to companies seeking 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 their 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 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 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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