UTEK Corporation and In Veritas Medical Diagnostics announce strategic alliance

21 August 2006

Tampa, Fla., USA & Inverness, Scotland. UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a speciality finance company focused on technology transfer, and In Veritas Medical Diagnostics (OTCBB:IVME) a novel medical device company, have announced that they have signed a strategic alliance agreement.

John Fuller, Chief Executive Officer of In Veritas Medical Diagnostics said, "We are very pleased to enter into this alliance with UTEK, as it may accelerate the identification of promising new technology acquisition opportunities for us. We believe that our alliance with UTEK should enable us to enhance our intellectual property portfolio through the acquisition of new university discoveries."

"UTEK looks forward to working with In Veritas Medical Diagnostics to identify and transfer university and federal laboratory technology acquisition opportunities that fit its strategic vision," commented Mark McBride, UTEK's Vice President.

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 centres. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.

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