**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      DC 20549**

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**FORM      10-QSB**

| x | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|--------------------------------------------------------------------------------------------------------------------------------------|

**September      30, 2007**

| o | TRANSACTION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|----------------------------------------------------------------------------------------------------------------------------------------|

**000-51819**

**ULTITEK,      LTD. **

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| **Nevada**                                                                            |   | **20-2556241**                                           |
|---------------------------------------------------------------------------------------|--------|----------------------------------------------------------|
| (State                  of Other Jurisdiction of Incorporation orOrganization)        |   | (I.R.S.                  Employer Identification Number) |
|                                                                                  |   |                                                     |
| **560                  Sylvan Avenue****Englewood                  Cliffs, NJ**  |   | **07632**                                                |
| (Address                  of Principal Executive Offices)                             |   | (Zip                  Code)                              |

**(201)      541-1700 **

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**TABLE      OF CONTENTS**

|                                                      | **Page**                                                                         |
|-----------------------------------------------------------|----------------------------------------------------------------------------------|
| **PART                  I – FINANCIAL INFORMATION** |                                                                             |
|                                                      |                                                                             |
| Item                  1.                                  | Financial                  Statements                                            | 3 |
|                                                      |                                                                             |   |
| Item                  2.                                  | Management’s                  Discussion and Analysis or Plan of Operation | 10 |
|                                                      |                                                                             |   |
| Item                  3.                                  | Controls                  and Procedures                                         | 15 |
|                                                      |                                                                             |
| **PART                  II – OTHER INFORMATION**    |                                                                             |
|                                                      |                                                                             |
| Item                  1.                                  | Legal                  Proceedings                                               | 16 |
|                                                      |                                                                             |   |
| Item                  2.                                  | Unregistered                  Sale of Equity Securities and Use of Proceeds      | 16 |
|                                                      |                                                                             |   |
| Item                  3.                                  | Defaults                  Upon Senior Securities                                 |  17 |
|                                                      |                                                                             |   |
| Item                  4.                                  | Submission                  of Matters to a Vote of Security Holders             |  17 |
|                                                      |                                                                             |   |
| Item                  5.                                  | Other                  Information                                               | 17 |
|                                                      |                                                                             |   |
| Item                  6.                                  | Exhibits                                                                         |  17 |
|                                                      |                                                                             |
| **SIGNATURES**                                            |  18                                                                         |

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**PART      I**

**FINANCIAL      INFORMATION**

**Item      1. Financial Statements.**

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|                                                                                                                                                                                                                                                              |   | September 30,                  2007 |       | December 31,                  2006 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|------------|-----------------------------------------|--------|
|                                                                                                                                                                                                                                                              |   | (Unaudited)                              |       |                                    |   |
| ASSETS                                                                                                                                                                                                                                                            |   |                                     |       |                                    |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |
| CURRENT                  ASSETS                                                                                                                                                                                                                                   |   |                                     |       |                                    |   |
| Cash                                                                                                                                                                                                                                                              |   | $                                        | 11,688     |                                    | $      | 6,900 |   |
| Accounts                  receivable                                                                                                                                                                                                                              |   |                                     | 564,650    |                                    |   | 380,698 |   |
| Work                  in progress                                                                                                                                                                                                                                 |   |                                     | 572,352    |                                    |   | 502,152 |   |
| Prepaid                  expenses                                                                                                                                                                                                                                 |   |                                     |       |                                    |   | 43,574 |   |
| Total                  Current Assets                                                                                                                                                                                                                             |   |                                     | 1,148,690  |                                    |   | 933,324 |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| OFFICE                  EQUIPMENT, net of accumulated depreciation of $83,677 and $62,831,                  respectively                                                                                                                                          |   |                                     | 118,182    |                                    |   | 141,611 |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| Other                  Assets                                                                                                                                                                                                                                     |   |                                     | 7,000      |                                    |   | 7,000 |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| Total                  Assets                                                                                                                                                                                                                                     |   | $                                        | 1,273,872  |                                    | $      | 1,081,935 |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| LIABILITIES                  AND STOCKHOLDERS’ DEFICIT                                                                                                                                                                                                      |   |                                     |       |                                    |   |   |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| CURRENT                  LIABILITIES                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| Note                  payable to individual                                                                                                                                                                                                                       |   | $                                        | 166,000    |                                    | $      | 30,000 |   |
| Accounts                  payable                                                                                                                                                                                                                                 |   |                                     | 585,076    |                                    |   | 353,881 |   |
| Deferred                  revenue                                                                                                                                                                                                                                 |   |                                     | 572,513    |                                    |   | 564,272 |   |
| Accrued                  salaries and related taxes                                                                                                                                                                                                               |   |                                     | 54,951     |                                    |   | 39,336 |   |
| Accrued                  expenses-other                                                                                                                                                                                                                           |   |                                     | 333,801    |                                    |   | 83,458 |   |
| Total                  Current Liabilities                                                                                                                                                                                                                        |   |                                     | 1,712,341  |                                    |   | 1,070,947 |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| 7%                  CONVERTIBLE DEBENTURE                                                                                                                                                                                                                         |   |                                     | 358,455    |                                    |   | 336,719 |   |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| STOCKHOLDERS’                  DEFICIT                                                                                                                                                                                                                      |   |                                     |       |                                    |   |   |   |
| Preferred                  stock, par value $0.001, authorized 100,000,000 shares, none issued                  and                  outstanding                                                                                                                  |   |                                     |       |                                    |   |   |   |
| Common                  stock, par value $0.0001, authorized 1,000,000,000 shares, issued                  and                  outstanding 94,910,357 and 74,277,083 at September 30, 2007 and                  December                  31, 2006, respectively |   |                                     | 9,491      |                                    |   | 7,428 |   |
| Additional                  paid in capital                                                                                                                                                                                                                       |   |                                     | 9,086,600  |                                    |   | 8,109,839 |   |
| Accumulated                  deficit                                                                                                                                                                                                                              |   |                                     | (9,915,914 | )                                       |   | (8,437,806 | ) |
| Accumulated                  other comprehensive income (loss)                                                                                                                                                                                                    |   |                                     | 22,899     |                                    |   | (5,192 | ) |
| Total                  Stockholders’ Deficit                                                                                                                                                                                                                |   |                                     | (796,924   | )                                       |   | (325,731 | ) |
|                                                                                                                                                                                                                                                              |   |                                     |       |                                    |   |   |   |
| Total                  Liabilities and Stockholders’ Deficit                                                                                                                                                                                                |   | $                                        | 1,273,872  |                                    | $      | 1,081,935 |   |

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|                                                                     |   | For the Three Months Ended                  September 30, |       | For the Nine Months Ended                  September 30, |   |
|--------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------|--------|
|                                                                     |   | 2007                                                                               |       | 2006                                                                              |   | 2007 |   | 2006 |   |
|                                                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |
| Revenues                                                                 |   | $                                                                                  | 525,128    |                                                                              | $      | 284,697 |   | $ | 1,802,172 |   | $ | 1,109,950 |   |
| Costs                  and expenses:                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |   |   |   |   |
| Cost                  of revenues                                        |   |                                                                               | 418,363    |                                                                              |   | 231,812 |   |   | 1,620,648 |   |   | 940,411 |   |
| Selling,                  general and administrative Expenses            |   |                                                                               | 202,134    |                                                                              |   | 252,285 |   |   | 1,236,252 |   |   | 6,454,726 |   |
| Research                  and development expenses                       |   |                                                                               | -          |                                                                              |   | 37,600 |   |   | 340,000 |   |   | 88,850 |   |
| Interest                  Expense                                        |   |                                                                               | 19,944     |                                                                              |   | 21,852 |   |   | 58,372 |   |   | 604,017 |   |
| Depreciation                                                             |   |                                                                               | 15,387     |                                                                              |   | 4,414 |   |   | 20,846 |   |   | 11,815 |   |
|                                                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |   |   |   |   |
| Total                  Costs and Expenses                                |   |                                                                               | 655,828    |                                                                              |   | 547,963 |   |   | 3,276,118 |   |   | 8,099,819 |   |
|                                                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |   |   |   |   |
| NET                  LOSS BEFORE TAXES                                   |   |                                                                               | (130,700   | )                                                                                 |   | (263,266 | ) |   | (1,473,946 | ) |   | (6,989,869 | ) |
|                                                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |   |   |   |   |
| PROVISION                  FOR INCOME TAXES                              |   |                                                                               | 723        |                                                                              |   | 1,845 |   |   | 4,162 |   |   | 7,450 |   |
|                                                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |   |   |   |   |
| NET                  LOSS                                                |   | $                                                                                  | (131,423   | )                                                                                 | $      | (265,111 | ) | $ | (1,478,108 | ) | $ | (6,997,319 | ) |
|                                                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |   |   |   |   |
| NET                  LOSS PER COMMON SHARE (Basic and Diluted)           |   | $                                                                                  | 0.00       |                                                                              | $      | 0.00 |   | $ | (0.02 | ) | $ | (0.10 | ) |
|                                                                     |   |                                                                               |       |                                                                              |   |   |   |   |   |   |   |   |   |
| WEIGHTED                  AVERAGE SHARES OUTSTANDING (Basic and diluted) |   |                                                                               | 94,416,614 |                                                                              |   | 72,192,939 |   |   | 83,805,603 |   |   | 68,788,687 |   |

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|                                                                                                              |   | For the Nine Months Ended                  September 30, |       |
|-------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|------------|
|                                                                                                              |   | 2007                                                                              |       | 2006 |   |
|                                                                                                              |   |                                                                              |       |   |   |
| CASH                  FLOWS FROM OPERATING ACTIVITIES                                                             |   | $                                                                                 | (1,478,108 | ) | $ | (6,997,319 | ) |
| Net                  loss                                                                                         |   |                                                                              |       |   |   |   |   |
| Adjustments                  to reconcile net loss to net cash provided by operating                  activities: |   |                                                                              |       |   |   |   |   |
| Depreciation                                                                                                      |   |                                                                              | 20,846     |   |   | 11,815 |   |
| Stock                  based compensation                                                                         |   |                                                                              | 892,824    |   |   | 5,822,651 |   |
| Beneficial                  conversion feature                                                                    |   |                                                                              | -          |   |   | 573,783 |   |
| Legal                  and professional expense                                                                   |   |                                                                              | 94,450     |   |   | 216,000 |   |
| Amortization                  of discount                                                                         |   |                                                                              | 21,736     |   |   | 11,204 |   |
| Changes                  in assets and liabilities:                                                               |   |                                                                              |       |   |   |   |   |
| (Increase)                  in accounts receivable                                                                |   |                                                                              | (183,952   | ) |   | (265,938 | ) |
| (Increase)                  decrease in work in progress                                                          |   |                                                                              | (70,200    | ) |   | (244,652 | ) |
| (Increase)                  decrease in prepaid expenses                                                          |   |                                                                              | 7,124      |   |   | (98,471 | ) |
| Increase                  (decrease) in accounts payable                                                          |   |                                                                              | 231,195    |   |   | 451,090 |   |
| Increase                  in deferred revenue                                                                     |   |                                                                              | 8,241      |   |   |   |   |
| Increase                    (decrease) in accrued salaries and related taxes                                      |   |                                                                              | 15,615     |   |   | 32,834 |   |
| Decrease                  in accrued income taxes                                                                 |   |                                                                              | -          |   |   | (30,305 | ) |
| Increase                  in accrued expenses-other                                                               |   |                                                                              | 260,343    |   |   | 23,925 |   |
| Net                  cash used in operating activities                                                            |   |                                                                              | (179,886   | ) |   | (493,383 | ) |
|                                                                                                              |   |                                                                              |       |   |   |   |   |
| CASH                  FLOWS FROM INVESTING ACTIVITIES                                                             |   |                                                                              |       |   |   |   |   |
| Disposal                  of office equipment                                                                     |   |                                                                              | 2,583      |   |   |   |   |
| Purchase                  of office equipment                                                                     |   |                                                                              |       |   |   | (18,788 | ) |
| Net                  cash used in investing activities                                                            |   |                                                                              | 2,583      |   |   | (18,788 | ) |
|                                                                                                              |   |                                                                              |       |   |   |   |   |
| CASH                  FLOWS FROM FINANCING ACTIVITIES                                                             |   |                                                                              |       |   |   |   |   |
| Proceeds                  of 7% convertible debenture                                                             |   |                                                                              |       |   |   | 570,000 |   |
| Note                  payable to individual- proceeds                                                             |   |                                                                              | 136,000    |   |   | (50,000 | ) |
| Sale                  of common stock                                                                             |   |                                                                              | 18,000     |   |   |   |   |
| Stock                  subscription receivable                                                                    |   |                                                                              |       |   |   | 450 |   |
| Net                  cash provided by financing activities                                                        |   |                                                                              | 154,000    |   |   | 520,450 |   |
|                                                                                                              |   |                                                                              |       |   |   |   |   |
| EFFECT                  OF EXCHANGE RATE ON CASH                                                                  |   |                                                                              | 28,091     |   |   | 440 |   |
|                                                                                                              |   |                                                                              |       |   |   |   |   |
| INCREASE                  IN CASH                                                                                 |   |                                                                              | 4,788      |   |   | 8,719 |   |
|                                                                                                              |   |                                                                              |       |   |   |   |   |
| CASH                  AT BEGINNING OF PERIOD                                                                      |   |                                                                              | 6,900      |   |   | 60,324 |   |
|                                                                                                              |   |                                                                              |       |   |   |   |   |
| CASH                  AT END OF PERIOD                                                                            |   | $                                                                                 | 11,688     |   | $ | 69,043 |   |

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|                                                                                                                                                           |   | For the Nine Months Ended                  September 30, |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|---------|
|                                                                                                                                                           |   | 2007                                                                              |    | 2006 |   |
|                                                                                                                                                           |   |                                                                              |    |   |   |
| SUPPLEMENTAL                  CASH FLOW DISCLOSURES                                                                                                            |   |                                                                              |    |   |   |   |   |
| Non-cash                  transactions:                                                                                                                        |   |                                                                              |    |   |   |   |   |
| Issuance                  of 3,041,674 shares of common stock as stock based                  compensation                                                     |   |                                                                              | 300,000 |   |   |   |   |
| Issuance                  of 500,000 shares of common stock for legal services                                                                                 |   |                                                                              | 55,000  |   |   |   |   |
| Issuance                  of 1,214,778 shares as stock based compensation                                                                                      |   |                                                                              |    |   |   | 200,000 |   |
| Exercise                  of warrants for 15,000,000 shares of common stock at $0.02 per                  share                                                |   |                                                                              | 300,000 |   |   |   |   |
| Cancellation                  of 3,750,000 shares of common stock at $0.08 per share in payment                  of                  cashless warrant exercise |   |                                                                              | 300,000 |   |   |   |   |
| Issuance                  of 5,791,600 shares of common as stock as stock based                  compensation                                                  |   |                                                                              | 605,824 |   |   |   |   |
| Issuance                  of 300,000 shares of common stock                                                                                                    |   |                                                                              | 18,000  |   |   |   |   |
| Issuance                  of 12,000,000 shares of common as stock as stock based compensation                                                                  |   |                                                                              |    |   |   | 3,000,000 |   |
| Issuance                  of 2,000,000 shares of common as stock for legal services                                                                            |   |                                                                              |    |   |   | 500,000 |   |
| Fair                  value of options and warrants issued                                                                                                     |   |                                                                              |    |   |   | 2,022,651 |   |
| fair                  value of warrants associated with 7% convertible debenture                                                                               |   |                                                                              |    |   |   | 251,283 |   |
| Beneficial                  conversion features related to convertible debentures                                                                              |   |                                                                              |    |   |   | 573,783 |   |

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**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**SEPTEMBER        30, 2007**

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**NOTES        TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)**

**SEPTEMBER        30, 2007**

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**Item      2. Management’s Discussion and Analysis or Plan of      Operation**

**Forward-Looking      Statements **

*This      Report contains statements that we believe are, or may be considered to be,      “forward-looking statements” within the meaning of the Private Securities      Litigation Reform Act of 1995. All statements other than statements of      historical fact included in this Report regarding the prospects of our industry      or our prospects, plans, financial position or business strategy, may constitute      forward-looking statements. In addition, forward-looking statements generally      can be identified by the use of forward-looking words such as “may,” “will,”“expect,” “intend,” “estimate,” “foresee,” “project,” “anticipate,” “believe,”“plans,” “forecasts,” “continue” or “could” or the negatives of these terms or      variations of them or similar terms. Furthermore, such forward-looking      statements may be included in various filings that we make with the SEC or      press      releases or oral statements made by or with the approval of one of our      authorized executive officers. Although we believe that the expectations      reflected in these forward-looking statements are reasonable, we cannot assure      you that these expectations will prove to be correct. These forward-looking      statements are subject to certain known and unknown risks and uncertainties,      as      well as assumptions that could cause actual results to differ materially from      those reflected in these forward-looking statements. Readers are cautioned      not      to place undue reliance on any forward-looking statements contained herein,      which reflect management’s opinions only as of the date hereof. Except as      required by law, we undertake no obligation to revise or publicly release the      results of any revision to any forward-looking statements. You are advised,      however, to consult any additional disclosures we make in our reports to the      SEC. All subsequent written and oral forward-looking statements attributable      to      us or persons acting on our behalf are expressly qualified in their entirety      by      the cautionary statements contained in this Report. *

***Business      Overview***

***Our      Principal Products and Services***

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***Liquidity      and Capital Resources***

***Results      of Operations***

***Three      Months Ended September 30, 2007 Compared to Three Months Ended September 30,      2006***

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***Nine      Months Ended September 30, 2007 Compared to Nine months Ended September 30,      2006***

*Cash      Flows from Operating Activities*

***Research      and Development***

***Revenue      Recognition***

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**Off-Balance      Sheet Arrangements**

***Critical      Accounting Policies & Estimates***

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**Item      3. Controls and Procedures.**

*Evaluation      of Disclosure Controls and Procedures.*

*Changes      in Internal Controls pver Financial Reporting.*

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**PART      II**

**OTHER      INFORMATION**

**Item      1. Legal Proceedings.**

**Item      2. Unregistered Sale of Equity Securities and Use of      Proceeds.**

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**Item      3. Defaults Upon Senior Securities.**

**Item      4. Submission of Matters to a Vote of Security Holders.**

**Item      5. Other Information.**

**Item      6. Exhibits.**

| **Exhibit No.** |    | **Description**                                                                                                                                                                                                                                                                                              |
|----------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 31.1                 |    | Certification                  by Roman Price, the Principal Executive Officer of Ultitek, Ltd.,                  pursuant                  to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934,                  as                  amended                                                 |
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 31.2                 |         | Certification                  by Paul Freed, CPA, the Principal Accounting Officer of Ultitek,                  Ltd.,                  pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange                  Act of                  1934, as amended                                            |
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 32.1                 |    | Certification                  of Roman Price, the Principal Executive Officer of Ultitek, Ltd.,                  pursuant                  to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of                  the                  Sarbanes-Oxley Act of 2002                                |
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 32.2                 |         | Certification                  of Paul Freed, the Principal Accounting and Financial Officer of                  Ultitek,                  Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to                  Section                  906 of the Sarbanes-Oxley Act of                  2002 |

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**SIGNATURES**

|                                         |   | **ULTITEK,                LTD.**                                                                                       |
|----------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------|
|                                         |   |                                                                                                                        |
|  Dated:                October 25, 2007 | By:    | /s/                PAUL FREED                                                                                               |
|                                    |   | Paul                Freed Chief                Financial Officer(Principal                Accounting and Financial Officer) |

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**EXHIBIT      INDEX **

| **Exhibit No.** |    | **Description**                                                                                                                                                                                                                                                                                              |
|----------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 31.1                 |    | Certification                  by Roman Price, the Principal Executive Officer of Ultitek, Ltd.,                  pursuant                  to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934,                  as                  amended                                                 |
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 31.2                 |         | Certification                  by Paul Freed, CPA, the Principal Accounting and Financial Officer                  of                  Ultitek, Ltd., pursuant to Rule 13a-14(a)/15d-14(a) of the Securities                  Exchange Act of 1934, as amended                                               |
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 32.1                 |    | Certification                  of Roman Price, the Principal Executive Officer of Ultitek, Ltd.,                  pursuant                  to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of                  the                  Sarbanes-Oxley Act of 2002                                |
|                 |         |                                                                                                                                                                                                                                                                                                         |
| 32.2                 |         | Certification                  of Paul Freed, the Principal Accounting and Financial Officer of                  Ultitek,                  Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to                  Section                  906 of the Sarbanes-Oxley Act of                  2002 |

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