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UTEK Completes Technology Transfer With Trio Industries Group, Inc.

Posted on: Monday, 5 June 2006, 03:00 CDT

UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Trio Industries Group, Inc. (Pink Sheets:TRIG), organized to become a fully integrated manufacturer of finished household cabinet components and contract furniture, announced today that Trio Industries Group, Inc. has acquired Advanced Powder Coating Technologies, Inc., a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

Advanced Powder Coating Technologies, Inc. holds a North American exclusive license to an innovative clear powder coating technology developed at E.I. du Pont de Nemours and Company (NYSE:DD) which allows for the powder coating of wood and other cellulosic materials utilizing a clear coat process. The company's objective is to develop improved powder coating formulations having enhanced mechanical properties that are low temperature or photo-curable and can be applied onto non-metallic surfaces such as wood and exotic hard woods.

"An extremely desirable outcome of this technology is the ability to apply this clear coat onto a wide variety of surfaces to form thin and smooth films," said David Lazzeri, Business Director, DuPont Advanced Industrial Coatings Americas. Mr. Lazzeri added, "We look forward to the opportunity to work with Trio Industries Group, Inc. as they seek to commercialize this technology for the wood industry."

"Trio Industries Group, Inc. is enthusiastic about this technology and its potential for being a suitable and practical addition to our powder coating efforts to efficiently coat wood and other cellulose based materials. We are looking forward to expanding upon this technology in a development project at the School of Polymers and High Performance Materials at the University of Southern Mississippi," said Rob Gyemant, Chief Executive Officer of Trio Industries Group, Inc. "We believe that a clear coat powder process for exotic hard woods can now be achieved based on this powder coating process."

"UTEK is pleased to consummate this technology transfer with Trio Industries Group, Inc. and we look forward to continuing our efforts to identify additional technology acquisition opportunities for its consideration," said Joel Edelson, Vice President of Technology Licensing for UTEK Corporation.

About E.I. du Pont de Nemours and Company

E.I. du Pont de Nemours and Company (DuPont) operates as a science and technology company. It engages in various fields, including biotechnology, electronics, materials science, safety and security, and synthetic fibers. The company operates in five segments: Agriculture and Nutrition, Coatings and Color Technologies, Electronic and Communication Technologies, Performance Materials, and Safety and Protection. For more information about DuPont, please visit its website at http://www.dupont.com.

About Trio Industries Group, Inc.

Trio Industries Group, Inc. was formed in early 2000 to capitalize on disruptive new coatings technologies developed by DuPont and Rohm and Haas Company, two leading specialty chemical firms which patented powder coating applications that provide an enhanced performance acrylic coating finish to wood products. Such coated wood products are used in a variety of industries, including leading starter homes and multi-family housing developments, office furniture components, and ready-to-assemble products being sold by today's "big box" retailers. For more information on Trio Industries Group, Inc., please visit its website at http://www.trioindustries.net.

About UTEK Corporation

UTEK(R) is a specialty finance company focused on technology transfer. UTEK enables companies to rapidly 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(R). In addition to its U2B(R) 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 Trio Industries Group, Inc. "expects,""should,""believes,""anticipates" or words of similar import. Similarly, statements that describe UTEK's or Trio Industries Group, Inc.'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 Trio Industries Group, Inc., 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 Trio Industries Group, Inc. 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 Trio Industries Group, Inc. 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.

Source: Business Wire

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