All the functionality you want is built into the Framework:
Code:
Dim str = "Fri Feb 26 23:01:50 +1100 2010"
Dim local = Date.ParseExact(str, "ddd MMM dd HH:mm:ss zzz yyyy", Nothing)
Dim utc = local.ToUniversalTime()

MessageBox.Show(local.ToString(), "Local")
MessageBox.Show(utc.ToString(), "UTC")