**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      DC 20549**

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**FORM        10-QSB**

**June      30, 2007**

**000-51819**

**ULTITEK,      LTD.**

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| **Nevada**                                                                                   |   | **20-2556241**                                                        |
|----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| (State                of Other Jurisdiction of Incorporation                or Organization) |   | (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 | 9 |
|                                                         |                                                                           |   |
| Item                3.                                       | Controls                and Procedures                                         | 14 |
|                                                         |                                                                           |
| **PART                II - OTHER INFORMATION**               |                                                                           |
|                                                         |                                                                           |
| Item                1.                                       | Legal                Proceedings                                               | 15 |
|                                                         |                                                                           |   |
| Item                2.                                       | Unregistered                Sale of Equity Securities and Use of Proceeds      | 15 |
|                                                         |                                                                           |   |
| Item                3.                                       | Defaults                Upon Senior Securities                                 | 15 |
|                                                         |                                                                           |   |
| Item                4.                                       | Submission                of Matters to a Vote of Security Holders             | 15 |
|                                                         |                                                                           |   |
| Item                5.                                       | Other                Information                                               | 15 |
|                                                         |                                                                           |   |
| Item                6.                                       | Exhibits                                                                       | 16 |
|                                                         |                                                                           |
| **SIGNATURES**                                               | 17                                                                             |

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**PART      I**

**FINANCIAL      INFORMATION**

**Item      1. Financial Statements.**

|                                                                                                                                                                                                                                                         |   | June                30, 2007 |       | December                31, 2006 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|------------|----------------------------------|--------|
|                                                                                                                                                                                                                                                         |   | (Unaudited)                  |       |                             |   |
| ASSETS                                                                                                                                                                                                                                                       |   |                         |       |                             |   |
| CURRENT                ASSETS                                                                                                                                                                                                                                |   |                         |       |                             |   |
| Cash                                                                                                                                                                                                                                                         |   |                         | 14,311     |                             |   | 6,900 |   |
| Accounts                receivable                                                                                                                                                                                                                           |   |                         | 457,770    |                             |   | 380,698 |   |
| Work                in progress                                                                                                                                                                                                                              |   |                         | 421,895    |                             |   | 502,152 |   |
| Prepaid                expenses                                                                                                                                                                                                                              |   |                         |       |                             |   | 43,574 |   |
| Total                Current Assets                                                                                                                                                                                                                          |   |                         | 893,976    |                             |   | 933,324 |   |
|                                                                                                                                                                                                                                                         |   |                         |       |                             |   |   |   |
| OFFICE                EQUIPMENT, net of accumulated depreciation of $68,290 and $62,831,                respectively                                                                                                                                         |   |                         | 120,920    |                             |   | 141,611 |   |
|                                                                                                                                                                                                                                                         |   |                         |       |                             |   |   |   |
| Other                Assets                                                                                                                                                                                                                                  |   |                         | 7,000      |                             |   | 7,000 |   |
| Total                Assets                                                                                                                                                                                                                                  |   |                         | 1,021,896  |                             |   | 1,081,935 |   |
|                                                                                                                                                                                                                                                         |   |                         |       |                             |   |   |   |
| LIABILITIES                AND STOCKHOLDER'S DEFICIT                                                                                                                                                                                                         |   |                         |       |                             |   |   |   |
|                                                                                                                                                                                                                                                         |   |                         |       |                             |   |   |   |
| CURRENT                LIABILITIES                                                                                                                                                                                                                           |   |                         |       |                             |   |   |   |
| Note                payable to individual                                                                                                                                                                                                                    |   |                         | 145,000    |                             |   | 30,000 |   |
| Accounts                payable                                                                                                                                                                                                                              |   |                         | 284,527    |                             |   | 353,881 |   |
| Deferred                revenue                                                                                                                                                                                                                              |   |                         | 698,321    |                             |   | 564,272 |   |
| Accrued                salaries and related taxes                                                                                                                                                                                                            |   |                         | 38,481     |                             |   | 39,336 |   |
| Accrued                expenses-other                                                                                                                                                                                                                        |   |                         | 301,078    |                             |   | 83,458 |   |
| Total                Current Liabilities                                                                                                                                                                                                                     |   |                         | 1,467,407  |                             |   | 1,070,947 |   |
|                                                                                                                                                                                                                                                         |   |                         |       |                             |   |   |   |
| 7%                CONVERTIBLE DEBENTURE                                                                                                                                                                                                                      |   |                         | 350,931    |                             |   | 336,719 |   |
|                                                                                                                                                                                                                                                         |   |                         |       |                             |   |   |   |
| STOCKHOLDER'S                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 93,448,709 and 74,277,083 at June 30, 2007 and December                  31,                  2006, respectively |   |                         | 9,345      |                             |   | 7,428 |   |
| Additional                paid in capital                                                                                                                                                                                                                    |   |                         | 8,958,922  |                             |   | 8,109,839 |   |
| Accumulated                deficit                                                                                                                                                                                                                           |   |                         | (9,784,491 | )                                |   | (8,437,806 | ) |
| Accumulated                and comprehensive income (loss)                                                                                                                                                                                                   |   |                         | 19,782     |                             |   | (5,192 | ) |
| Total                Stockholder's Deficit                                                                                                                                                                                                                   |   |                         | (796,442   | )                                |   | (325,731 | ) |
|                                                                                                                                                                                                                                                         |   |                         | 1,021,896  |                             |   | 1,081,935 |   |

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|                                                                          |   | For                the Three Months Ended June                30, |       | For                the Six Months Ended June                30, |    |
|-------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|------------|-----------------------------------------------------------------|---------|
|                                                                          |   | 2007                                                              |       | 2006                                                            |    | 2007 |   | 2006 |   |
|                                                                          |   |                                                              |       | (Restated)                                                      |    |   |   | (Restated) |   |
|                                                                          |   |                                                              |       |                                                            |    |   |   |   |   |
| Revenues                                                                      |   | $                                                                 | 686,293    |                                                            | $       | 368,047 |   | $ | 1,277,044 |   | $ | 825,253 |   |
| Costs                and expenses:                                            |   |                                                              |       |                                                            |    |   |   |   |   |   |   |   |   |
| Cost                of revenues                                               |   |                                                              | 648,680    |                                                            |    | 271,009 |   |   | 1,202,285 |   |   | 708,599 |   |
| Selling,                  general and administrative Expenses            |   |                                                              | 833,192    |                                                            |    | 1,287,251 |   |   | 1,034,118 |   |   | 6,205,588 |   |
| Research                and development expenses                              |   |                                                              | 190,000    |                                                            |    | 28,750 |   |   | 340,000 |   |   | 51,250 |   |
| Interest                Expense                                               |   |                                                              | 19,526     |                                                            |    | 433,479 |   |   | 38,428 |   |   | 587,204 |   |
| Depreciation                                                                  |   |                                                              | 3,123      |                                                            |    | 3,635 |   |   | 5,459 |   |   | 7,401 |   |
|                                                                          |   |                                                              |       |                                                            |    |   |   |   |   |   |   |   |   |
| Total                Costs and Expenses                                       |   |                                                              | 1,694,521  |                                                            |    | 2,024,124 |   |   | 2,620,290 |   |   | 7,560,042 |   |
|                                                                          |   |                                                              |       |                                                            |    |   |   |   |   |   |   |   |   |
| NET                  INCOME (LOSS) BEFORE TAXES                          |   |                                                              | (1,008,228 | )                                                               |    | (1,656,077 | ) |   | (1,343,246 | ) |   | (6,734,789 | ) |
|                                                                          |   |                                                              |       |                                                            |    |   |   |   |   |   |   |   |   |
| PROVISION                FOR INCOME TAXES                                     |   |                                                              | 2,066      |                                                            |    | 914 |   |   | 3,439 |   |   | 5,605 |   |
|                                                                          |   |                                                              |       |                                                            |    |   |   |   |   |   |   |   |   |
| NET                INCOME (LOSS)                                              |   | $                                                                 | (1,010,294 | )                                                               | $  | (1,656,991 | ) | $ | (1,346,685 | ) | $ | (6,740,394 | ) |
|                                                                          |   |                                                              |       |                                                            |    |   |   |   |   |   |   |   |   |
| NET                  LOSS PER COMMON SHARE (Basic and Diluted)           |   | $                                                                 | (0.01      | )                                                               | $       | (0.02 | ) | $ | (0.02 | ) | $ | (0.10 | ) |
|                                                                          |   |                                                              |       |                                                            |    |   |   |   |   |   |   |   |   |
| WEIGHTED                  AVERAGE SHARES OUTSTANDING (Basic and diluted) |   |                                                              | 82,086,219 |                                                            |    | 70,817,925 |   |   | 78,396,762 |   |   | 67,960,003 |   |

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|                                                                                                              |   | For                the Six Months Ended June                30, |       |
|-------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|------------|
|                                                                                                              |   | 2007                                                            |       | 2006 |   |
|                                                                                                              |   |                                                            |       | (Restated) |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES                                                               |   |                                                            |       |   |   |
| Net                loss                                                                                           |   | $                                                               | (1,346,685 | ) | $ | (6,740,394 | ) |
| Adjustments                  to reconcile net loss to net cash provided by operating                  activities: |   |                                                            |       |   |   |   |   |
| Depreciation                                                                                                      |   |                                                            | 5,459      |   |   | 7,401 |   |
| Stock                based compensation                                                                           |   |                                                            | 782,000    |   |   | 5,722,651 |   |
| Interest                Expense                                                                                   |   |                                                            |       |   |   | 573,783 |   |
| Legal                and professional expense                                                                     |   |                                                            | 95,450     |   |   | 168,000 |   |
| Amortization                of discount                                                                           |   |                                                            | 14,212     |   |   | 4,549 |   |
| Changes                in assets and liabilities:                                                                 |   |                                                            |       |   |   |   |   |
| Increase                in accounts receivable                                                                    |   |                                                            | (77,072    | ) |   | (186,471 | ) |
| (Increase)                decrease in work in progress                                                            |   |                                                            | 80,257     |   |   | (14,429 | ) |
| (Increase)                decrease in prepaid expenses                                                            |   |                                                            | 7,124      |   |   | (97,237 | ) |
| Increase                (decrease) in accounts payable                                                            |   |                                                            | (69,354    | ) |   | 173,985 |   |
| Increase                in deferred revenue                                                                       |   |                                                            | 134,049    |   |   | - |   |
| Increase                  (decrease) in accrued salaries and related                  taxes                  |   |                                                            | (855       | ) |   | 27,377 |   |
| Increase                in accrued income taxes                                                                   |   |                                                            |       |   |   | 2,223 |   |
| Increase                in accrued expenses-other                                                                 |   |                                                            | 227,620    |   |   | 7,431 |   |
| Net                cash used in operating activities                                                              |   |                                                            | (147,795   | ) |   | (351,131 | ) |
|                                                                                                              |   |                                                            |       |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES                                                               |   |                                                            |       |   |   |   |   |
| Disposal                of office equipment                                                                       |   |                                                            | 15,232     |   |   |   |   |
| Purchase                of office equipment                                                                       |   |                                                            |       |   |   | (11,475 | ) |
| Net                cash used in investing activities                                                              |   |                                                            | 15,232     |   |   | (11,475 | ) |
|                                                                                                              |   |                                                            |       |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES                                                               |   |                                                            |       |   |   |   |   |
| Proceeds                of 7% convertible debenture                                                               |   |                                                            |       |   |   | 570,000 |   |
| Note                payable to individual- proceeds                                                               |   |                                                            | 115,000    |   |   |   |   |
| Stock                subscription receivable                                                                      |   |                                                            |       |   |   | 450 |   |
| Net                cash provided by financing activities                                                          |   |                                                            | 115,000    |   |   | 570,450 |   |
|                                                                                                              |   |                                                            |       |   |   |   |   |
| EFFECT                OF EXCHANGE RATE ON CASH                                                                    |   |                                                            | 24,974     |   |   | 330 |   |
|                                                                                                              |   |                                                            |       |   |   |   |   |
| INCREASE                IN CASH                                                                                   |   |                                                            | 7,411      |   |   | 208,174 |   |
|                                                                                                              |   |                                                            |       |   |   |   |   |
| CASH                AT BEGINNING OF PERIOD                                                                        |   |                                                            | 6,900      |   |   | 60,324 |   |
|                                                                                                              |   |                                                            |       |   |   |   |   |
| CASH                AT END OF PERIOD                                                                              |   | $                                                               | 14,311     |   | $ | 268,498 |   |

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|                                                                                                                                                           |   | For                  the Six Months Ended June                  30, |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|---------|
|                                                                                                                                                           |   | 2007                                                                |    | 2006 |   |
|                                                                                                                                                           |   |                                                                |    | (Restated) |   |
|                                                                                                                                                           |   |                                                                |    |   |   |
| SUPPLEMENTAL                  CASH FLOW DISCLOSURES                                                                                                            |   |                                                                |    |   |   |
| Non-cash                  transactions:                                                                                                                        |   |                                                                |    |   |   |
| Issuance                  of 1,970,026 shares of common stock as stock based                  compensation                                                     |   |                                                                | 200,000 |   |   |   |   |
| 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 5,741,600 shares of common as stock as stock based                  compensation                                                  |   |                                                                | 596,000 |   |   |   |   |
| 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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**ULTITEK,      LTD. AND SUBSIDIARIES**

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

**JUNE      30, 2007**

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**ULTITEK,      LTD. AND SUBSIDIARIES**

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

**JUNE      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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|  | ● | Computerized                  Reservation System (“CRS”).                  The Computer Reservations System is the module primarily designed                  to                  maintain seats inventory for airlines and to assist travel agencies                  book                  seats and other travel. Computerized Reservation System has a wide                  range                  of travel agency solutions, with an easy graphical interface including                  tools to run a travel agency                  productively. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Global                Distribution System (“GDS”).                The Global Distribution System is designed to disseminate flight                schedules, seating availability, and pricing information electronically                to                customers. Modules provide solutions that meet the booking needs                of travel                agencies or in-house corporate travel                departments. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Airline                Operations System (“AOS”).                The Airline Operations System allows a subscriber airline to manage                every                aspect of the airline’s operations, which makes ULTITEK a complete                solution. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ● | Departure                Control System (“DCS”).                The Departure Control System controls passenger registration and                identification, boarding passes and seating                assignments. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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***Liquidity      and Capital Resources***

***Results      of Operations***

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

***Six      Months Ended June 30, 2007 Compared to Six Months Ended June 30, 2006***

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***Research      and Development***

***Revenue      Recognition***

**Off-Balance      Sheet Arrangements**

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***Critical      Accounting Policies & Estimates***

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**Item      3. Controls and Procedures.**

*Evaluation      of Disclosure Controls and Procedures.*

*Changes      in Internal Controls Over 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.**

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

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

**Item      5. Other Information.**

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**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 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:                August 10, 2007 | By:                                    | /s/                PAUL FREED |
|                                   |                                   | Paul                Freed Chief                Financial Officer(Principal                Accounting Officer) of Ultitek,                Ltd. |

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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 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 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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