UTEK Corporation Reports Financial Results for Quarter and Year Ended December 31, 2002.

Business Editors/High-Tech Writers

PLANT CITY, Fla.--(BUSINESS WIRE)--March 31, 2003

UTEK Corporation ("UTEK") (AMEX:UTK) today announced 2002 results.

Year Ended 2002 Financial Results

For the year ended December 31, 2002, income from operations (revenue)

and net income from operations were $3,385,335 and $153,643, respectively, as compared to $4,075,248 and $907,980, respectively, for the year ended December 31, 2001. Approximately 82% and 95% of our income from operations (revenue) was received in the form of unregistered shares of common stock for the years ended December 31, 2002 and 2001, respectively.

The net increase (decrease) in net assets from operations (including net income from operations and realized and unrealized gains and losses on investments) was $(2,692,780) or $(0.69) per diluted common share outstanding for the year ended December 31, 2002, as compared to $644,283, or $0.17 per diluted common share outstanding for the year ended December 31, 2001. Diluted weighted average shares outstanding were 3,921,535 and 3,882,914 for the years ended December 31, 2002 and 2001, respectively.

The value of the Company's investment portfolio was $6,208,090 at December 31, 2002, as compared to $9,988,772 at December 31, 2001, a decrease of 38%.

Net asset value per common share outstanding decreased to $1.87 at December 31, 2002, from $2.53 at December 31, 2001, a decrease of 26%.

Fourth Quarter 2002 Financial Results

For the fourth quarter of 2002, income from operations (revenue) and net income (loss) from operations were $469,293 and $(119,632), respectively, as compared to $312,103 and $(249,166) respectively, for the fourth quarter of the prior year.

The net decrease in net assets from operations (including net income from operations plus realized and unrealized gains and losses on investments) for the fourth quarter of 2002 was $(385,615), or $(0.10) per diluted common share outstanding as compared to the net increase in net assets from operations of $738,911 or $0.19 per diluted common share outstanding for the fourth quarter of 2001. Weighted average shares outstanding were 3,925,672 and 3,915,672 for the quarters ended December 31, 2002 and 2001, respectively.

Clifford M. Gross, Ph.D., UTEK's Chairman and CEO stated, "In consideration of the economic and world conditions, 2002 was a challenging year. Nevertheless, we completed six technology transfers, consummated eight strategic alliances which have provided cash or unregistered common stock compensation, added Dr.'s Bleil, Mikesell, and Starr to our Scientific Advisory Council, expanded our university supplier network and acquired Intellectual Property Technology Exchange, Inc. and its TechEx.com website. Founded at Yale University, the TechEx.com website is used by many technology transfer and research professionals to efficiently exchange licensing opportunities and innovations available for partnering.

The following tables contain comparative selected financial data as of December 31, 2002 and December 31, 2001 and for the three and twelve-month periods ended December 31, 2002 and 2001, respectively:

FINANCIAL POSITION INFORMATION


                           Year Ended December 31
                          ------------------------     Percentage
                              2002       2001      Increase/(Decrease)
                          ----------- ------------ -------------------
Total investments         $6,208,090   $9,988,772         (38%)
Total assets              $7,863,140  $12,410,958         (37%)
Total net assets          $7,346,057   $9,909,440         (26%)
Common shares outstanding  3,925,672    3,915,672           1%
Net asset value per share      $1.87        $2.53         (26%)


OPERATING INFORMATION                            Three Months Ended
                       Year Ended December 31        December 31
                          2002         2001       2002        2001
                      ------------ ----------- ----------- -----------
 Income from
  operations
 Sale of technology
  rights               $2,088,254  $3,419,653    $      -    $      -
 Consulting fees        1,264,249     534,782     468,240     303,782
 Investment income,
  net                      32,832     120,813       1,053       8,321
                      ------------ ----------- ----------- -----------
Total                   3,385,335   4,075,248     469,293     312,103

 Expenses
 Salaries and wages       762,914     616,796     163,676     278,388
 Professional fees        515,164     372,029      87,313      76,631
 Sales and marketing      723,962     904,141     110,682     112,740
 General and
  administrative        1,138,111     719,004     307,772     239,966
                      ------------ ----------- ----------- -----------
                        3,140,151   2,611,970     669,443     707,725
                      ------------ ----------- ----------- -----------
Income (loss) before
 income taxes
 (benefit)                245,184   1,463,278    (200,150)   (395,622)
Provision for income
 taxes (benefit)           91,541     555,298    ( 80,518)   (146,456)
                      ------------ ----------- ----------- -----------

Net income (loss)
 from operations          153,643     907,980    (119,632)   (249,166)

Net realized and
 unrealized gains
 (losses):
Net realized gain
 (loss) on
 investment, net of
 income tax expense
 (benefit) of
 $(466,536) and
 $(52,236) for 2002
 and 2001
 respectively and
 $(383,901) and
 $(2,100) for the
 three months ended
 December 31, 2002
 and 2001,
 respectively            (773,262)    (86,578)   (636,299)     (3,480)

Change in unrealized
 appreciation
 (depreciation) of
 non-controlled
 affiliate
 investments, net of
 deferred income tax
 expense (benefit) of
 $(1,250,811) and
 $(106,861) for the
 years ended December
 31, 2002 and 2001,
 respectively and
 $223,236 and
 $598,241 for the
 three months ended
 December 31, 2002
 and 2001,
 respectively          (2,073,161)   (177,119)    370,316     991,557
                      ------------ ----------- ----------- -----------
Net increase
 (decrease) in net
 assets from
 operations           $(2,692,780)   $644,283   $(385,615)  $ 738,911
                      ============ =========== =========== ===========

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 on-line and PAX European divisions, identifies and transfers new technologies from universities and research centers to the marketplace. UTEK is a business development company providing research-outsourcing services to commercial enterprises and technology-transfer services to research institutions.

The Company'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, the degree to which we encounter competition in our markets, the volatility of the stock market and the volatility of the valuations of the companies we have invested in as it relates to our realized and unrealized gains and losses, as well as other general economic conditions. As a result of these factors, current results may not be indicative of the Company's future performance. For more information, please refer to Company filings with the Securities and Exchange Commission.

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 the Company "expects," "anticipates" or words of similar import. Similarly, statements that describe the Company'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 the Company and market valuations of its stock, which could cause actual results to differ materially from those currently anticipated. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no 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. Forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.