UTEK Corporation Appointed to Provide Technology Transfer Services For Shriners Hospitals for Children

Tampa, FL and Plant City, FL -- UTEK Corporation (AMEX: UTK) and Shriners Hospitals for Children (SHRINERS") announced jointly on November 21, 2002 the signing of a Technology Transfer Alliance Agreement. The goal of the Alliance is to have UTEK ® implement a comprehensive technology transfer program to help bring innovations developed at SHRINERS research hospitals throughout North America to the marketplace.

Contacts:

Shriners Hospitals for Children
K. Anne Yadley, Ph.D.
813-281-8137
ayadley@shrinenet.org

UTEK Corporation
Brenda Uhlenhopp
813-754-4330 Ext 232
buhlenhopp@utekcorp.com

Tampa, FL and Plant City, FL -- UTEK Corporation (AMEX: UTK) and Shriners Hospitals for Children (SHRINERS") announced jointly on Novmber 21, 2002 the signing of a Technology Transfer Alliance Agreement. The goal of the Alliance is to have UTEK ® implement a comprehensive technology transfer program to help bring innovations developed at SHRINERS research hospitals throughout North America to the marketplace.

According to Anne Yadley, Ph.D., Corporate Director of Research Programs at SHRINERS, We are enthusiastic about working with UTEK. We believe that their unique approach to technology transfer will help SHRINERS to implement a comprehensive technology-transfer program for its medical technologies. SHRINERS consist of a dedicated system of hospitals that help children receive state-of-the-art care in orthopedics, burns and spinal cord injuries, all at no cost to the patient. In addition, SHRINERS is a leading medical research institution with more than 20 hospitals conducting basic research in its medical specialties."

We are honored to be selected by SHRINERS as their technology-transfer company and look forward to developing a successful long-term relationship, to help bring their current and future scientific innovations to the marketplace," commented Clifford M. Gross, Ph.D., Chief Executive Officer of UTEK Corporation.

About Shriners Hospitals for Children

Shriners Hospitals for Children is a network of pediatric specialty hospitals, founded by the Shrine, where children under the age of 18 receive excellent medical care absolutely free of charge. There are 18 orthopedic Shriners Hospitals, three Shriners Hospitals dedicated to treating children with severe burns, and one Shriners Hospital that provides orthopedic, burn and spinal cord care. For 80 years Shriners Hospitals have conducted research to discover new knowledge that improves the quality of care and quality of life of children and families. Currently, Shriners Hospitals conduct 123 research projects, with a budget of $24.2 million. Shriners Hospitals are located throughout North America - 20 in the United States and one each in Mexico and Canada. These "Centers of Excellence" serve as major referral centers for children with complex orthopedic and burn problems.

About UTEK CORPORATION

UTEK® 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.

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.