PLANT CITY, FL -- (BUSINESS WIRE) -- March 4, 2002 -- UTEK Corporation (NASDAQ

SC: UTOB) today announced that William (Bill) R. Porter has been appointed as Chief Technology Transfer Officer.

From 1983 to 1998, Mr. Porter was an executive with AT&T/Lucent where he was general manager and co-founder of the Intelligent Acoustics Systems Group within Bell Laboratories. From 1998 to 2001, Mr. Porter was Director of Business Development for the Digital Television and Entertainment Business Unit of Sarnoff Corporation. Recently, Mr. Porter was a technology business development consultant for NEC Research Institute where he was responsible for developing strategies to facilitate technology transfers for the Institute. Mr. Porter received a B.S. in Physics from Lamar University and an M.S. in Mathematics from Texas Southern University.

"Mr. Porter’s experience in the evaluation and licensing of new technology is relevant and synergistic with UTEK’s technology transfer business. We are delighted to have Bill join our team, as we believe his knowledge, experience and leadership will be an asset to our company," commented Clifford M. Gross, Ph.D., Chairman and CEO.

About UTEK CORPORATION

UTEK^® is an innovative technology transfer company dedicated to building bridges between university and laboratory developed technologies and commercial organizations. UTEK identifies, licenses and finances the further development of new technologies and then transfers them to growing companies for an equity stake. UTEK is a business development company.