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23rd June 2006

UTEK Corporation, a specialist finance company focused on technology transfer, and Britain’s Kwikpower International plc renewable energy and fuels company, have completed two technology transfers in stock-for-stock transactions. Both technology transfers relate to bio-derived hydrocarbon fuels.

The first technology transferred to Kwikpower 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.

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.

Dr. Jim Watkins, CEO 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.

(www.kwikpower.com)

- The Evening Standard reported this week that Richard Branson intends to unveil a major investment in the US biofuels industry by the end of this summer, after a private meeting with former US Vice President and environmentalist Al Gore.

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