Event would provide qualifying West Virginia companies access to venture capitalists from 10 states

FAIRMONT, W.Va. — March 3, 2008 — The INNOVA Commercialization Group has announced its partnership with the 3 Rivers Venture Fair (3RVF), one of the leading technology investment showcases in the northeast. The event, presented by the Pittsburgh Venture Capital Association (PVCA), will be held on April 16-17, 2008, at PNC Park in Pittsburgh, Pa.

INNOVA, an initiative of the WVHTC Foundation, decided to partner with the event to provide West Virginia companies the opportunity to access larger capital markets.

“Over the past seven years, it has been our commitment to provide entrepreneurial education to West Virginia companies through our own venture capital event,” said Chris Morris, INNOVA Commercialization Manager. “As the entrepreneurial culture continues to grow in West Virginia, growing companies are going to need access to more abundant sources of capital. Through our partnership with the 3 Rivers Venture Fair, we are laying the groundwork for the future needs of West Virginia companies.”

The 3 Rivers Venture Fair, which first debuted in 2002 and is held every 18 months, is a high-profile investment conference that draws investors from around the country, as well as more than 40 of the most promising, capital-seeking companies from Pennsylvania, Ohio, West Virginia, Maryland, Indiana, Michigan, Kentucky, upstate New York, Washington, D.C., northern Virginia region and beyond.

Morris and fellow INNOVA Commercialization Manager Guy Peduto have been named ambassadors for 3RVF based upon their history of seeking capital for West Virginia-based companies. INNOVA and West Virginia University are also sponsors of the event, which is expected to see an attendance of more than 500 people.

The 3 Rivers Venture Fair has an impressive track record, Peduto said. Following their participation in the 2001, 2003, 2005 and 2006 events, 3RVF presenting companies have raised more than $250 million.

This year INNOVA nominated 11 companies as potential presenters. “The 3 Rivers Venture Fair can help present fantastic opportunities for West Virginia-based companies,” said Peduto. “Qualifying companies from our state deserve the chance to make presentations to such an esteemed group of investors.”

In addition to featured company presentations, the event also boasts an extensive exhibit showcase, networking receptions, informative panel discussions and renowned guest speakers. Past speakers have included Steve Forbes, Marvin Hamlisch, Bill Rancic and Steve Jurvetson.

West Virginia companies that would like to attend 3RVF may receive reduced rates of $150 and should contact Chris Morris at cmorris@wvhtf.org to receive the special rate. A total of 50 companies will be permitted to attend the event at this rate through the 3RVF’s “Nifty Fifty” program. INNOVA has also announced that it will pay registration for five qualifying West Virginia companies to attend through the Nifty Fifty program.

“We’ve always worked with companies to prepare them to seek funding from the West Virginia capital markets; however, different venture capital funds have different investment criteria,” Morris said. “INNOVA must have the ability to introduce West Virginia companies seeking venture capital to the appropriate fund, whether that is a West Virginia venture capital fund or a fund from the D.C. metro area. We plan to be active and involved in this event, which will open up unprecedented opportunities for West Virginia companies.”

To learn more about INNOVA visit www.innovawv.org or www.3RVF.com to learn more about the 3 Rivers Venture Fair.

The INNOVA Commercialization Group, an initiative of the WVHTC Foundation, is a statewide commercialization effort designed to advance economic growth by increasing the number of new products introduced into the marketplace by West Virginia innovators. INNOVA drives this economic advancement through delivering high-quality entrepreneurial education programs, professional technical assistance and seed stage investment capital to regional businesses. This project is funded by a grant from the U.S. Small Business Administration (SBA). SBA’s funding should not be construed as an endorsement of any products, opinions or services. All SBA-funded projects are extended to the public on a nondiscriminatory basis.

The WVHTC Foundation is a 501(c)(3) non-profit organization based in Fairmont, W.Va., functioning as an engine of economic change for growing a statewide and regional high tech business sector. The Foundation has established a multi-faceted approach to maximize economic development, including infrastructure development, research and development, commercialization and workforce development.