Southeastern Technology Fund

FOR IMMEDIATE RELEASE:

HUNTSVILLE, Ala., July 1, 2000 -- -Southeastern Technology Fund ("Fund") has added a managing partner, associate, and executive administrative staff in response to the Fund¹s continuous development and success providing venture investment to the Southeast area as well as its portfolio companies¹ rapid and substantial growth.

Adds Managing Partner Healthcare IT
Paul Reaves, former CEO of TXEN, a Healthcare IT Company, and a Fund investor joined the Fund as a managing partner to focus on Healthcare IT investments.

Mr. Reaves is former founder and CEO of TXEN, a healthcare information technology company in Birmingham, AL, which provides IT and administrative back-office services for the managed care and physician practice industry. The TXEN services were provided through a web enabled Application Service Provider platform (ASP) for over 100 managed care clients, over 3,000 physicians and 6,000,000 managed care members. Prior to TXEN, Mr. Reaves was executive vice president of SEAKO, a healthcare information technology company providing licensed software to the practice management and managed care industries.

Mr. Reaves graduated from the University of Alabama in Birmingham with a B.S. in Business Administration and a minor in Computer Science.

Adds Associate Atlanta Office
Rocky Cho, formerly an investment banking analyst with Robinson Humphrey, joined the Fund as an associate to assist the Fund in company evaluation, due diligence, investment structuring, and research capacities.

Mr. Cho completed a 2-year analyst program in investment banking with Robinson-Humphrey. Mr. Cho identified and evaluated strategic alternatives for clients in a wide range of industries and developed presentations regarding ideas for mergers, acquisitions, private company sales, public offerings of equity, private placements of debt and equity, recapitalizations and leveraged buyouts. Mr. Cho conducted due diligence, modeled financial projections, valued public and private companies and analyzed alternative transaction structures to determine feasibility, accretion/dilution to earnings and potential returns to investors. Mr. Cho valued companies using comparable company, transaction, discounted cash flow and LBO analyses.

Mr. Cho graduated with a Bachelors in Business Administration from Georgetown University with a major in Finance.

Other recently hired team members  Huntsville and Atlanta Office
Marci New and Valerie Rowley have joined the Fund¹s Huntsville office and April Waters joined the Atlanta office to assist with Fund administrative responsibilities, help support investor relations and needs as well as assisting the partners and associates. As the number of investors and portfolio companies increases, the requirements for administrative support increase exponentially.

Southeastern Background Information
Headquartered in Huntsville, AL, with branch office in Atlanta, GA, The Southeastern Technology Fund ("Fund"), is a venture investment fund focused on early stage equity investments in the Financial IT, Communications, Healthcare IT, E-Learning, and Internet sectors. The Southeastern Technology Fund 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 70 founders, CEOs, and executives of IT companies. These individuals have broad skills in advanced technology, operations, and business management that are available to the Fund¹s portfolio companies. Visit our web site at www.setfund.com for more information.

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