UTEK Corporation

Rival Technologies Inc.

Rival Technologies Inc.

April 26, 2005 08:00 ET

Rival Technologies, Inc. and UTEK Corporation Announce Strategic Alliance Agreement for Technology Transfer


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UTEK CORPORATION

AMEX SYMBOL: UTK
LSE SYMBOL: UTKA

AND RIVAL TECHNOLOGIES INC.

OTC Bulletin Board SYMBOL: RVTIF

APRIL 26, 2005 - 08:00 ET

Rival Technologies, Inc. and UTEK Corporation Announce
Strategic Alliance Agreement for Technology Transfer

PLANT CITY, Fla. & VANCOUVER, British Columbia--(CCNMatthews - Apr 26,
2005) -

UTEK Corporation (AMEX:UTK)(LSE:UTKA), an innovative technology transfer
company, and Rival Technologies Inc. (OTCBB:RVTIF), a provider of
emissions control solutions for the transportation industry, announced
today the signing of a strategic alliance agreement.

Robin Harvey, President of Rival Technologies, Inc., said: "We are
delighted to execute a Strategic Alliance agreement with UTEK
Corporation. Rival Technologies is committed to become a leader in
supplying emissions control solutions for the transportation industry.
We have an on-going interest in enhancing our technology through the
acquisition of exciting new discoveries in the emissions control
sector."

"UTEK looks forward to working with Rival Technologies to identify
proprietary technologies to enhance performance and reduce emissions for
diesel engines," said Clifford M. Gross, Ph.D., Chairman and 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 thirty days advance written notice.

About Rival Technologies, Inc.

Rival Technologies, Inc. has developed technology that focuses on
reducing diesel emissions for the transportation industry. Rival's CWI
(Continuous Water Injection) technology is an application installed on
existing or new diesel engines, resulting in reduced harmful nitrogen
oxide emissions, improved fuel efficiency and cleaner engine operation.
CWI technology has enormous market potential with millions of diesel
trucks, buses and stationary engines currently in operation worldwide.
For more information about Rival Technologies, Inc., please visit its
website at http://www.rvti.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
internationally in exchange for their equity securities, while allowing
research institutions to receive 100% of the royalties. This unique
process is called U2B®. 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
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 Rival Technologies "expects," "should,"
"believes," "anticipates" or words of similar import. Similarly,
statements that describe UTEK's or Rival Technologies' 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 Rival
Technologies, 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 Rival Technologies
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
Rival Technologies 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 (including its dependence on the financial performance of
Circle Group Holdings, Inc.), 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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Rival Technologies, Inc.
    Robin Harvey, 888-689-0584
    or
    UTEK Corporation (U.S.)
    Porter LeVay & Rose
    Michael Porter, 212-564-4700
    or
    UTEK Corporation (U.K.)
    Bankside Consultants
    Steve Liebman or Susan Scott, 44 (0)20-7444-4140