WKYN WebSky Inc (CE)

UTEK Corporation (AMEX:UTK) (LSE-AIM:UTKA), an innovative technology transfer company, and WebSky, Inc. (Pink Sheets:WKYN), a developer and operator of wireless broadband services over licensed frequencies in underserved foreign and domestic markets, announced today that WebSky, Inc. has acquired Strategic Wireless Solutions, Inc., a subsidiary of UTEK Corporation, in a stock transaction. Strategic Wireless Solutions, Inc. holds the exclusive license to a patent-pending technology. This new method of space-time coding, co-developed by the iCORE Wireless Communications Laboratory at the University of Alberta and The Ohio State University, operates at efficiencies nearly equal to the known theoretical limits. Potential applications for this technology include: high data rate cellular wireless communications, ad-hoc wireless networks with multi-antenna terminals, portable networks with multi-antenna systems, and mobile multi-user networks. "The threaded algebraic space-time signal constellations are the result of years of university research using advanced concepts of information theory and mathematics," said Dr. Norman C. Beaulieu, University of Alberta, a co-inventor of the technology. "WebSky, Inc. is enthusiastic about this technology and its potential for higher capacity networks with reduced digital error rates as compared to current technology. We are looking forward to expanding upon this technology and implementing it within our infrastructure," said Douglas Haffer, Chief Executive Officer of WebSky, Inc. "UTEK is pleased to consummate this technology transfer with WebSky, Inc. and we look forward to continuing our efforts to identify additional technology acquisition opportunities for its consideration," said Christopher Banas, Director of Technology Alliances for UTEK Corporation. About the University of Alberta Opened in 1908, the University of Alberta has grown to be one of Canada's top four research-intensive universities, with external research funding in 2004-05 of more than $417 million. Located in Edmonton, the capital of the Province of Alberta, the university is also a leader in the business of technology transfer. With more than 70 active spin-off companies and $28 million in revenue generated from licensing and royalties, the university helps bring new innovations to society while stimulating economic development through its technology transfer office, TEC Edmonton. For more information about the University of Alberta at Edmonton, please visit its website at http://www.ualberta.ca. About iCORE iCORE was established in October 1999 by the government of Alberta to foster world-class, university-based research that supports the information and communication technology sector. Since its inception, more than 20 research chairs have been established to focus on emerging areas such as wireless communications, artificial intelligence, and quantum and nanocomputing. For more information about iCORE, please visit its website at http://www.icore.ca. About The Ohio State University Founded in 1870, The Ohio State University is one of the largest and most respected institutions of higher education in the world. As one of the premier teaching and research institutions in the United States, it offers students nationally ranked academic programs, an eminent faculty, cutting-edge research, a wide range of social and cultural activities, and comprehensive facilities. For more information about The Ohio State University, please visit its website at http://www.osu.edu. About WebSky, Inc. WebSky, Inc. is a San Francisco-based company that currently controls licensed radio frequencies to be used to develop wireless broadband/Wi-Max systems in nine small and medium sized cities in the United States. In addition, WebSky, Inc. has previously announced agreements for the development of wireless broadband/Wi-Max systems in India, Argentina, and other emerging economies. For more information about WebSky Inc., please visit its website at http://www.websky.us. About UTEK Corporation UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly 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 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 WebSky, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or WebSky, 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 WebSky, 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 WebSky, 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 WebSky, 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.