INVERNESS, Scotland and PLANT CITY, Fla., Sept. 8, 2005 (PRIMEZONE) -- In Veritas Medical Diagnostics, Inc. (OTCBB:IVME), an innovative medical diagnostics company, and UTEK(r) Corporation (AMEX:UTK; LSE-AIM:UTKA), an innovative technology transfer company, announced today the signing of a strategic alliance agreement and the first commercial spin-out product from In Veritas Medical Diagnostics, Inc. (IVMD) non-core portfolio -- the "Evo-Mouse."
Brian Cameron, chief operating officer of IVMD said, "We are very pleased to retain UTEK to help execute our intellectual property strategy and to identify potential new revenue streams. In Veritas Medical Diagnostics has spent several years refining its existing technology, and we believe our alliance with UTEK will allow us to contribute to the continued growth of our company and shareholder value by exploiting substantial opportunities for new products and 'spin-outs' in both core and non-core areas of our business."
"UTEK looks forward to working with In Veritas Medical Diagnostics, Inc. to maximize the value of its intellectual property portfolio and to help execute its strategic vision," commented Clifford M. Gross, Ph.D., chief executive officer of UTEK.
Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Strategic alliance agreements are generally cancelable by either party with 30 days advance written notice.
About In Veritas Medical Diagnostics, Inc.
IVMD is engaged in the development of exciting lateral applications of novel, physical measurement techniques in medical devices in the fields of heart disease, stroke, and fetal monitoring. IVMD has built a development team from across all sectors of industry capable of rapid prototype and production development. In addition, IVMD has a substantial intellectual property portfolio containing technologies that are non-core to the medical diagnostics business of IVMD. This includes the "Evo-Mouse" which gives unprecedented levels of computer input control where free movement in three dimensions is essential -- e.g. accurate movement and spatial positioning -- and has many varied applications. IVMD seeks commercial partners to exploit its non-medical products spinning out from their pioneering work in innovative medical diagnostics. For more information about IVMD, please visit its website at www.ivmd.com.
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 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. 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
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 IVMD "expects," "should," "believes," "anticipates," or words of similar import. Similarly, statements that describe UTEK's or IVMD'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 IVMD as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and IVMD 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 IVMD 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.