UTEK Europe, Ltd. and Fuel FX International, Inc. Announce Strategic Alliance Agreement

PLANT CITY, Fla. & SAN DIEGO--Sept. 15, 2005--UTEK Europe Ltd., a wholly owned subsidiary of UTEK Corporation (AMEX:UTK) (LSE-AIM:UTKA), and an innovative technology transfer company, and Fuel FX International, Inc., a developer of proprietary products for improving fuel economy and reducing emissions in vehicle engines, announced today the signing of a strategic alliance agreement to identify potential distributors and licenses of Fuel FX International's products.

Erik Ulsteen, Chief Executive Officer of Fuel FX International, Inc., said, "We are very pleased to retain UTEK Europe to help identify potential distributors and licensees for our flagship product, the Fuel FX Reactor. We believe our alliance with UTEK Europe, Ltd. will allow us to enhance our market penetration in the UK and Europe."

"UTEK Europe looks forward to working with Fuel FX International to identify distributors and licenses for its products in the UK and Europe," commented Clare Thompson, Managing Director of UTEK Europe, Ltd.

About Fuel FX International, Inc.

Fuel FX International is engaged in the development and distribution of proprietary products focused on improving fuel economy and reducing environmental emissions in diesel and gasoline engines. For more information about Fuel FX International, please visit its website at www.fuelfxinternational.com.

About UTEK Corporation

UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition to its U2B(R) service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.

Forward-Looking Statements