EXHIBIT 99.1


[LOGO OMITTED]      CONTACTS:  Daniel Ripes              Brenda Uhlenhopp
                               Circle Group              UTEK Corporation
                               847/549-6002              813-754-4330
                               danr@crgq.com             buhlenhopp@utekcorp.com


 CIRCLE GROUP ACQUIRES FIBER-GEL TECHNOLOGIES, INC., A WHOLLY-OWNED
                         SUBSIDIARY OF UTEK CORPORATION
 -Circle Group now owns exclusive rights to patented no-calorie fat substitute-

MUNDELEIN, ILLINOIS & PLANT CITY, FLORIDA - AUGUST 29, 2002 - Circle Group
Internet, Inc. (OTC BB: CRGQ) and UTEK Corporation (AMEX: UTK) announced today
that Circle Group has acquired Fiber-Gel Technologies, Inc., a wholly owned
subsidiary of UTEK. Fiber-Gel owns the exclusive, worldwide licensee to Z-Trim -
an all-natural, carbohydrate-based fat replacement.

Z-Trim is a new fat replacer that can be used to decrease fat and calories and
increase insoluble fiber in foods. Developed by the United States Department of
Agriculture's ("USDA"), Agricultural Research Service, Z-Trim is a fiber made
from the hulls of oats, soybeans, peas and rice or bran from corn or wheat. It
may be used to replace fat and calories in a variety of products, including
reduced-calorie cheeses, baked goods, hamburger, salad dressings, peanut butter
and confectionary products.

"It's called Z-Trim because it has zero calories," said Z-Trim inventor George
E. Inglett, Senior Research Scientist with USDA's Agricultural Research Service.
"Z-Trim absorbs water and can be texture matched to a wide variety of foods to
reduce calories and fat while increasing fiber content. By using Z-Trim, foods
are designed to have desirable taste and mouth-feel properties similar to the
full-fat foods. I believe the farmer, manufacturer and consumer may all benefit
from the utilization of farm products to produce more nutritious and desirable
food for the consumer."

The target market for Z-Trim includes: dairy, bakery & cereal, confectionary,
pasta & rice, snack foods, ground meats and nutritional beverages. According to
The Freedonia Group, a Cleveland-based business research company - the demand
for carbohydrate-based fat replacers will be approximately $360 million by 2004.

While not yet available for commercial use, Circle Group intends to present
Z-Trim to the United States Food and Drug Administration seeking GRAS
(Substances Generally Recognized as Safe) distinction. In addition, Circle Group
intends to leverage its contacts within the food industry to begin marketing
efforts of Z-Trim immediately.




"Z-Trim is a terrific opportunity for Circle Group and its shareholders," said
Circle Group CEO & Chairman Gregory Halpern, about the acquisition, which was a
result of Circle Group's strategic alliance with UTEK. "We have always taken an
opportunistic viewpoint to our investments, and Z-Trim is quite possibly the
best opportunity we have seen to-date. I am very excited about Z-Trim's
potential and its marketability. I think Circle Group has the legs needed to
make this product run."

ABOUT CIRCLE GROUP

Founded in 1994, Circle Group (OTC BB: CRGQ) is a funding and consulting source
for emerging companies. Through its wholly owned NASD-Registered broker-dealer,
CGI Capital, Inc., Circle Group offers companies various funding solutions.
Circle Group also offers in-house digital design services and business
consulting solutions. Circle Group was the first company to complete an entire
end-to-end capital raising campaign over the Internet without assistance from
the traditional investment banking community.

ABOUT UTEK CORPORATION

UTEK (R) is an innovative technology transfer company dedicated to building
bridges between university and laboratory developed technologies and commercial
organizations. UTEK identifies, licenses, and finances the further development
of new technologies and then transfers them to growing companies for an equity
stake. UTEK is a business development company.

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 the Company
"expects," "anticipates" or words of similar import. Similarly, statements that
describe the Company'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 the
Company and market valuations of its stock, which could cause actual results to
differ materially from those currently anticipated. Although the Company
believes the expectations reflected in any forward-looking statements are based
on reasonable assumptions, the Company can give no assurance that its
expectations will be attained. Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating any
forward-looking statements. Forward-looking statements made herein are only made
as of the date of this press release and the Company undertakes no obligation to
publicly update such forward-looking statements to reflect subsequent events or
circumstances.

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