Innovation Valley Partners Signs on General Partner for Local Fund Management

Contact: Rick Sacks
973.467.8728
rick@smartpr.net

Knoxville Tn, April 10, 2006 - Glenn Kline, an experienced investor, venture-fund manager and expert in spinning out lab technologies, joins Innovation Valley Partners (IVP) as general partner in KnoxvilleCity, effective today.

As managing partner at Academy Funds, in North Carolina, Kline focused on commercializing technology from the major local research institutions in that state. In the past nine years, he led investments in some 30 portfolio companies, which included start-ups in the areas of life sciences, semiconductors, advanced materials and information technology & focus areas of IVP and its affiliate fund Battelle Ventures.

Because Academy's charter is to reach out to universities and laboratories in the Southeast, Kline had been familiar with the Knoxville area, having had a number of meetings at the University of Tennessee and at Oak Ridge National Laboratory, two institutions with which he will be closely involved in his position at IVP.

"Glenn's background and experience were the perfect fit for this position," says Battelle Ventures General Partner Jim Millar, who headed up the recruitmenteffort to fill the position. He has extensive experience managing venture funds and taking technologies out of the lab, developing commercial products and growing early-stage businesses.

"Since Battelle Ventures and IVP leverage their relationships with Battelle Memorial Institute and the National Labs it manages or co-manages for the U.S. Department of Energy, Glenn's research-lab experience was a critical factor," Millar continues, noting that Princeton, N.J.-based Battelle Ventures was overseeing IVP operations since the latter's inception in summer 2005, but was committed to hiring an investment professional to be on the ground in Tennessee.

"Since IVP always invests alongside Battelle Ventures, we welcome Glenn's addition to the team," he adds. "He will share in the responsibility for sourcing and evaluating potential deals, monitoring portfolio-company progress and exiting businesses. We expect that he will soon develop strong ties to his new community, as well as continue to nurture his relationships throughout the Southeast."

Kline has moved to Knoxville and is currently in the process of locating appropriate office space for IVP in the Knoxville area.

About Innovation Valley Partners

Innovation Valley Partners is the $35-million affiliate fund of Battelle Ventures, L.P., a $150-million fund that invests in early-stage technology companies nationwide. Backed by business leaders in Knoxville, Tenn., Innovation Valley Partners proportionately participates in each Battelle Ventures; investment. For more information about IVP, see www.innovationvalleypartners.com.

NOTE:
Innovation Valley Partners is a trademark of BVP Partners, LLC. The names of actual companies and/or products mentioned herein may be the trademarks of their respective owners.