LOS ANGELES–(BUSINESS WIRE)–July 9, 2003–

Pension and Corporate Investors Include Colorado PERA, New Mexico

State Investment Council, Oklahoma Capital Investment Board,

Boeing and Storagetek

ITU Ventures, the leading venture capital firm investing in technology businesses emerging from research universities, today announced the formation of the $36 million ITU Ventures WEST I, LP (“ITUW”). ITU works with faculty researchers, university technology transfer offices and large corporations to develop next-generation technology companies. The ITUW fund marks the third institutional fund raised by ITU Ventures in less than 36 months.

“There is an exciting marketplace of sophisticated university research and development programs with highly promising technologies throughout the western U.S.,” said Chad Brownstein, ITU’s Managing Partner. “With our team of experienced professionals, ITU Ventures has great confidence that we’ll be able to help the visionaries within these institutions bring their products to market and make significant impacts on the industry.”

ITU evaluates investment opportunities through comprehensive technical due diligence investigation and financial analyses. ITU invests in companies developing distinct and disruptive technologies with commercial applications in high-growth sectors. The key elements ITU looks for in a business generally include the following: well-protected intellectual property, experienced technical management team, attractive market opportunity, and limited financing risk due to government research grants. This system has already been successfully applied to California institutions through ITU Ventures LLC and Colorado institutions through the ITU Colorado Fund. Colorado and California, as well as many regions that ITU works within, are characterized by a diverse technology-driven economic base and an abundance of scientific leaders driving key innovations and discoveries.

Recently, ITU Ventures was instrumental in the sale of Carnegie-Mellon start-up Eizel Technologies, one of the companies that it funded, to Nokia. “We have consistently been impressed by their level of involvement, competence and integrity,” said Dr. Sam Leinhardt, President & CEO, Eizel Technologies. “As a veteran entrepreneur with experience leading multiple early-stage companies, I have never worked with an organization of ITU’s caliber. The Partners are committed, focused and have tremendous access to corporate networks.”

About ITU Ventures

ITU Ventures LLC (www.itu.com) is the premier venture capital firm serving the unique needs of technology businesses emerging from the nation’s leading research universities. With a capital base of over $80 million from strategic institutional investors, ITU Ventures invests in early-stage companies that are commercializing next-generation communication and semiconductor-related technologies.

LOS ANGELES–(BUSINESS WIRE)–July 9, 2003–

Pension and Corporate Investors Include Colorado PERA, New Mexico

State Investment Council, Oklahoma Capital Investment Board,

Boeing and Storagetek

ITU Ventures, the leading venture capital firm investing in technology businesses emerging from research universities, today announced the formation of the $36 million ITU Ventures WEST I, LP (“ITUW”). ITU works with faculty researchers, university technology transfer offices and large corporations to develop next-generation technology companies. The ITUW fund marks the third institutional fund raised by ITU Ventures in less than 36 months.

“There is an exciting marketplace of sophisticated university research and development programs with highly promising technologies throughout the western U.S.,” said Chad Brownstein, ITU’s Managing Partner. “With our team of experienced professionals, ITU Ventures has great confidence that we’ll be able to help the visionaries within these institutions bring their products to market and make significant impacts on the industry.”

ITU evaluates investment opportunities through comprehensive technical due diligence investigation and financial analyses. ITU invests in companies developing distinct and disruptive technologies with commercial applications in high-growth sectors. The key elements ITU looks for in a business generally include the following: well-protected intellectual property, experienced technical management team, attractive market opportunity, and limited financing risk due to government research grants. This system has already been successfully applied to California institutions through ITU Ventures LLC and Colorado institutions through the ITU Colorado Fund. Colorado and California, as well as many regions that ITU works within, are characterized by a diverse technology-driven economic base and an abundance of scientific leaders driving key innovations and discoveries.

Recently, ITU Ventures was instrumental in the sale of Carnegie-Mellon start-up Eizel Technologies, one of the companies that it funded, to Nokia. “We have consistently been impressed by their level of involvement, competence and integrity,” said Dr. Sam Leinhardt, President & CEO, Eizel Technologies. “As a veteran entrepreneur with experience leading multiple early-stage companies, I have never worked with an organization of ITU’s caliber. The Partners are committed, focused and have tremendous access to corporate networks.”

About ITU Ventures

ITU Ventures LLC (www.itu.com) is the premier venture capital firm serving the unique needs of technology businesses emerging from the nation’s leading research universities. With a capital base of over $80 million from strategic institutional investors, ITU Ventures invests in early-stage companies that are commercializing next-generation communication and semiconductor-related technologies.