KENNEWICK, Wa. & PLANT CITY, Fla.--(BUSINESS WIRE)--May 24, 2006--UTEK Corporation (AMEX:UTK - News; LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Advanced Medical Isotope Corporation (Pink Sheets:HHHE - News) symbol change pending, engaged in the development of advanced isotopes to be used in the diagnosis and treatment of disease, announced today that they have signed a strategic alliance agreement.
James Katzaroff, Chief Executive Officer of Advanced Medical Isotope Corporation said, “We are enthusiastic about forming a strategic alliance with UTEK Corporation which we believe will enable us to identify synergistic technology acquisition opportunities related to advanced medical isotopes.”
“UTEK looks forward to working with Advanced Medical Isotope Corporation to identify and potentially transfer proprietary technologies that will be synergistic with its core business,” said Doug Schaedler, Chief Operating Officer of UTEK Corporation.
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation is engaged in the development of manufacturing equipment and new techniques for the production of advanced medical isotopes used in the diagnosis and treatment of disease. The company is also developing nuclear power technology that produces proliferation resistant fuels that does not produce plutonium and long lived transuranic wastes during reactor operation.
About UTEK Corporation
UTEK® is a specialty finance company focused on technology transfer. UTEK enables companies of all sizes to 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®. In addition to its U2B® 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 http://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 Advanced Medical Isotope Corporation “expects,” “should,” “believes,” “anticipates” or words of similar import. Similarly, statements that describe UTEK’s or Advanced Medical Isotope Corporation’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 Advanced Medical Isotope Corporation, 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 Advanced Medical Isotope Corporation 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 Advanced Medical Isotope Corporation 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 filings with the Securities and Exchange Commission.
Contact: For UTEK Corporation, Plant City Advanced Medical Isotope Corporation James Katzaroff, 509-736-7002 or UTEK Corporation (USA) Tania Bernier, 813-754-4330 x 223 or Consulting for Strategic Growth 1 Stan Wunderlich, 800-625-2236 or Bankside Consultants (UK) Steve Liebmann or Susan Scott, + 44 (0) 20-7367-8883
Source: UTEK Corporation
