September 13, 2010 10:27 ET

Newly Expanded UTEC Board Plans Future Oil Expansion

LAS VEGAS, NV--(Marketwire - September 13, 2010) -  UTEC Inc. (OTCBB: UTEI), at a meeting of the Board Of Directors on August 6th, 2010 the of Directors of UTEC, Inc., nominated and appointed Bill Herndon and Paul Liebman to the Company's Board. Over the last 30 days the new Board of UTEC Inc. has determined it would be in the best interests of the UTEC shareholders to change the business direction of the Company and effect a name change that would better reflect this new enterprise. Based on the current management's expertise, knowledge and experience, the Board has proposed to change the name of UTEC Inc. to Tiger Oil and Energy, Inc., which will better reflect our new growth areas of energy exploration and the acquisitions of existing energy leases for current and future development.

The Management of UTEI is dedicated to the future expansion and growth of the Company under its new identity, Tiger Oil and Energy, and building shareholder value through an aggressive program of acquisition and energy exploration.

Bill Herndon has over 20 years of experience in all phases of the oil and gas industry including capital investment and analysis, project management and structuring, acquisition and development of oil and gas wells, exploration and drilling and completion management. 

Paul Liebman has over 20 years of management, finance and marketing experience. Mr. Liebman is currently an Executive Director at Oppenheimer & Co., New York and has served as a First Vice President with the Portfolio and Wealth Management Division at Morgan Stanley.

"Safe Harbor" Statement:

Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.

Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by the Company, as well as those contained herein, that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.

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