Southeastern Technology Fund

FOR IMMEDIATE RELEASE:

The Southeastern Technology Fund, located in Huntsville, AL and Atlanta, GA, held a second close for its second venture fund, Southeastern Technology Fund II. The Fund closed on approximately $97 million of capital commitments. The Southeastern Technology Fund ("Fund") is a venture investment fund focused on early stage equity investments in the communications, information technology and Internet sectors. The Southeastern Technology Fund is one of the largest venture funds focused on information technology in the Southeast, and has over $120 million in capital under management. An important differentiator in the venture capital marketplace for the Fund, is its large base of value-added investors, which is comprised of over 50 founders, CEOs, and executives of IT companies. These individuals have broad skills in advanced technology, operations, and business management that are available to the Fund's portfolio companies. The principals of the Fund each have extensive backgrounds in information technology. Chris Horgen, the senior managing partner, founded Nichols Research Corporation (NASDAQ — NRES) and as CEO and Chairman grew this company to over 3000 employees and $450 million in 1999 revenue before selling to Computer Sciences Corporation. Mark Dunkel, a managing partner, was a telecommunications analyst for 8 years at the Robinson Humphrey Company and a managing director for 7 years in the investment banking practice for IT Services and Communications before joining the Fund in April of 1999. Emerson Fann, a principal at the Fund, was previously a technology consultant at Andersen Consulting working in technology strategy, operational mergers, and managing the development of large software applications before joining the Fund. Tina Corley, the Fund's CFO, was previously CFO of Nichols Research government segment, a segment representing $357 million in annual revenue and will join the fund on February 28, 2000. John Wynn, with Lanier Ford Shaver and Payne, P.C., serves as corporate attorney for the Fund. The Fund's current portfolio companies include USinternetworking (NASDAQ — USIX), VarsityBooks.com (NASDAQ — VSTY), TriVergent Communications, PaylinX and others. If you know of a company that provides solutions to the Communications, Information Technology or Internet sectors seeking long-term equity growth capital, please contact the Southeastern Technology Fund.
Chris H. Horgen,horgenc@setfund.com
Mark Dunkel, dunkelm@setfund.com
Emerson S. Fann, fanne@setfund.com
207 East Side Square Huntsville, AL 35801
Phone:(256)883-8711 Fax:(256)883-8558
Web site: www.setfund.com

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