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CRGO News UTEK Corporation and Cargo Connection Logistics Holding, Inc. Announce Strategic Alliance

"We are enthusiastic about forming a strategic alliance with UTEK Corporation," said Jesse Dobrinsky, Chief Executive Officer of Cargo Connection Logistics Holding, Inc. "We believe, with their assistance, we will be enabled to identify synergistic technology acquisition opportunities."

"UTEK looks forward to working with Cargo Connection Logistics Holding, Inc. to identify and potentially transfer proprietary technologies that will be synergistic with its core business," said Doug Schaedler, Chief Operating Officer at UTEK Corporation.

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 Cargo Connection Logistics Holding, Inc.

Cargo Connection Logistics Holding, Inc. is a transportation logistics provider for shipments importing into and exporting out of the United States. The company consists of Cargo Connection Logistics Corp. and Cargo Connection Logistics - International, Inc. Through its recently formed subsidiary, Cargo Connection Logistics - International it has expanded the scope of its services and most recently began shipments from Vietnam and has taken a leadership position in a bold trade initiative with Costa Rica. The subsidiary also recently added staff in Vietnam and has made expansion of its business in the Pacific Rim a top priority. The companies currently provide a comprehensive variety of transportation and warehouse capacity services to shippers throughout the nation. They have U.S. Customs Bonded Container Freight Station operations specifically designed to handle internationally arriving freight for the major retail suppliers through its CFS facilities. For more information about Cargo Connection Logistics Holding, Inc. please visit its website at http://www.cargocon.com.

About UTEK Corporation

UTEK(R) is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition, UTEK offers companies the tools to search, analyze and manage university intellectual properties. UTEK is a business development company with 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 Cargo Connection Logistics Holding, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Cargo Connection Logistics Holding, 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 Cargo Connection Logistics Holding, 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 Cargo Connection Logistics Holding, 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 Cargo Connection Logistics Holding, 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.