Santa Clara -- June 4, 2001 -- More than 160 angel and seed stage investors attended Silicon Valley Bank's Showcase III, an event designed to introduce promising startup companies to angel investors and venture capitalists. Showcase not only provides an invaluable service to the Bank's clients, but also provides an opportunity for members of the angel investment community to foster relationships with each other.
Investor attendance at Showcase III more than doubled from the Bank's debut Showcase event in September 2000.
Sixteen of Silicon Valley Bank's startup clients gave four-minute presentations to a panel of well-known seed stage investors from The Westlake Group, DragonVenture Inc., Interactive Minds Ventures, Upstart Capital and LaunchPower. Prior to and immediately following the presentations, attending investors were provided a networking period to meet and talk with the presenting companies and each other.
Sunnyvale, Calif.-based Millennium Jet Inc., designer and developer of one and two-man vertical take-off and landing (VTOL) aircraft, received the first place finish at Showcase III. IBM, a co-sponsor of the event, provided Millennium Jet with an extensive software package as the first place prize.
"As the only company invited to SVB Showcase III that is not part of the typical Silicon Valley industries, we are particularly proud that Millennium Jet won top honors," said Michael Moshier, president and chief executive officer of Millennium Jet. "We believe our strategic relationships with NASA-Ames, which has provided an estimated $6 million of 'in-kind' support, and DARPA, which has provided a $5 million cash grant, helped legitimize our efforts and contributed to the our successful showing. We look forward to working with Silicon Valley Bank and hopefully one or more of the investors who attended the Showcase III forum."
"We are very excited over 160 angel and seed stage investors attended Showcase III, especially given the current downturn in the market," said Mark Horn, division manager of Silicon Valley Bank's Emerging Technologies Division. "The investors we have developed relationships with know the Bank has a strong gauge on the startup market and are eager to meet our enthusiastic entrepreneurs."
Other sponsors of Showcase III included Berger/Lewis Accountancy Corporation, Cadence Design Systems Inc., Envoy Consulting Inc., Oppenheimer Wolff & Donnelly LLP and TriNet Employer Group Inc. Showcase IV is slated for the fourth quarter of 2001 and the Bank also plans to hold other Showcase-type events in cities throughout the country.
About Millennium Jet, Inc.
Millennium Jet is a privately held company that designs, develops and manufactures small manned and unmanned VTOL (vertical takeoff and landing) aircraft. For more information on Millennium Jet, please visit the website at www.solotrek.com. The website provides over 100 pages of text, photos and illustrations. The Executive Summary portion of the company's business plan is also available to interested parties on the website's 'Shareholder' page.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at www.svb.com.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.
Millennium Jet Inc. Contact: Michelle Garrett, (408) 730-5883