| Friday, May 26, 2006 |  |
| Bio-Fuel From Algae | 0 comments |
| 26 May 2006 @ 07:53 UTEK Completes Two Technology Transfers to UK-Based Kwikpower International plc. LONDON & PLANT CITY, Fla. --(Business Wire)-- May 25, 2006 -- Transfers Include Licenses to a Unique Organism That Produces Bio-Derived Transport Fuel Hydrocarbons and for the Production of High Yields of Bio-Derived Hydrocarbons from Algal Varieties UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Kwikpower International plc., a diversified renewable energy and fuels company offering "Low Carbon Solutions," announced today that Kwikpower International has completed two technology transfers in stock-for-stock transactions. Both technology transfers relate to bio-derived hydrocarbon fuels. First technology transfer The first technology transferred includes the exclusive license from the University of California-Berkeley to a plant patent which describes a distinctive variety of the green alga known as Botryococcus that is unique in the quality and quantity of the liquid hydrocarbons it produces. The ancestors of Botryococcus are thought to be responsible for many of the world's fossil fuel deposits. Kwikpower International will use these green colonies for the production of bio-derived liquid hydrocarbons, which are potential substitutes for petroleum in the synthesis of many liquid fuels and petrochemicals. The ability to grow bio-derived gasoline and diesel components inexpensively offers Kwikpower a unique opportunity to meet demands for energy security while providing a "Low Carbon Solution" to the world's ever increasing demand for fossil fuel derived energy. Second technology transfer The second technology transferred is an exclusive license to a patent pending method developed by Plenty Energy, Inc. for the production of bio-derived hydrocarbon chains in novel algae. This new strain was derived from a variety isolated by Dr. Arthur Nonomura, while at the University of California in Berkeley. This new strain grows faster than previous wild-type algae and, when combined with methods to switch on growth and accelerate hydrocarbon production, this technology may allow bio-fuel production at costs much lower than currently possible. "This variety of Botryococcus has been shown to produce high levels of long-chain hydrocarbons that could be processed and utilized as gasoline and diesel," said Dr. Arthur Nonomura, inventor of the technology while at the University of California, Berkeley and founder of Plenty Energy, Inc. He added: "We are enthusiastic about the prospect of reducing the burning of fossil fuels and look forward to working with Kwikpower to be able to grow renewable supplies of fuel and hope to be able to implement a commercially viable development program of the algal strain." Dr. Jim Watkins, Chief Executive Officer of Kwikpower International commented, "A major focus of Kwikpower since it was founded ten years ago has been the production of bio-fuels and the reduction of GHG CO2 emissions. This new algal strain will provide Kwikpower with the ability to grow bio-derived gasoline and diesel components at prices that could be as low as US $25-35 per barrel. Compared to the current crude oil prices of US $65-75 per barrel, this offers Kwikpower a unique opportunity to produce bio-derived feedstocks at competitive prices. We believe this new strain will not only help to meet demands for energy security but will provide a `Low Carbon Solution' to the world's ever increasing demand for fossil fuel derived energy." "UTEK is pleased to consummate this technology transfer with Kwikpower International and we look forward to continuing our efforts to identify additional technology acquisition opportunities for its consideration," said Joel Edelson, Vice President Technology Licensing for UTEK Corporation. About the University of California Berkeley Office of Intellectual Property The University of California Berkeley's Office of Intellectual Property and Industry Research Alliances (IPIRA) was created in 2004 to provide a "one-stop shop" for industry research partners to interact with the campus. IPIRA's mission is to establish and maintain multifaceted relationships with private companies, and thereby enhance the research enterprise of the Berkeley campus. These relationships include sponsored research collaborations, and intellectual property commercialization. For more information about the Office of Intellectual Property and Industry Research Alliances, please visit its website at [link] About Plenty Energy, Inc. The focus of Plenty Energy, Inc. is on the use of microorganisms to grow gasoline components. By driving the costs of producing a barrel of petroleum down, we believe that bio-derived gasoline components can now be grown at a competitive price. When gasoline is produced by microorganisms, it can be continuously supplied and will consume thirty-six molecules of carbon dioxides in order to make a single molecule of fuel. Some fossil fuel deposits originated from microscopic fossils that grew gasoline for millions of years. The first living fossil that produced large quantities of gasoline-type oils was discovered 26 years ago by Dr. Arthur Nonomura during the first gas crunch and has been verified by scientists worldwide to contain up to half of its weight in oil. Dr. Nonomura founded Plenty Energy, Inc. based on his ability to grow gasoline, aviation and diesel fuels from the original source. We believe that Plenty Energy, Inc. owns the only commercial means of using microorganisms to grow gasoline-type hydrocarbons known to humanity. About Kwikpower International plc. Kwikpower International plc. is a diversified renewable energy and fuels company offering "Low Carbon Solutions" through its Engineering Division (KP Wellman) and its Renewables Division, which includes its renewable energy subsidiary, KP Renewables plc. (LSE-AIM: KPR). The Kwikpower group is headquartered in Gibraltar with representative offices in London, England, Melbourne, Australia, and Toronto, Canada, and has manufacturing facilities in Oldbury, Dukinfield and Portsmouth, England. It had a turnover of US $75 million in 2005 (on an annualized basis), and approximately 300 personnel. Kwikpower's Engineering Division (KP Wellman) has over 100 years of expertise in the design and manufacture of boilers, furnaces, heat exchangers and gas clean-up/recycling equipment. KP Renewables plc. was established by Kwikpower to be the leading independent renewable energy company in the UK. KP Renewables plc. was listed on the AIM market of the London Stock Exchange in July 2005 under the symbol KPR and is also quoted on the Frankfurt, Munich and Berlin Stock Exchanges under the symbol K1P. For more information about Kwikpower International plc., please visit its website at [link] For more information about KP Wellman, please visit its website at [link] For more information about KP Renewables plc., please visit its website at [link] About UTEK Corporation UTEK(R) 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 and transfer 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 [link] 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 Kwikpower International plc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Kwikpower International plc.'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 Kwikpower International plc., 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 Kwikpower International plc. 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 Kwikpower International plc. 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. |