News Release=

July 22, 2004

Triad leaders form

Piedmont Triad Entrepreneurial Network

to promote regional growth

PIEDMONT TRIAD, NC -- = Triad leaders have announced the formation of Piedmont Triad Entrepreneurial Netw= ork (PTEN), a new comprehensive entrepreneurial support organization designed to stimulate economic development through the creation and growth of high-grow= th companies in the Piedmont Triad region of North Carolina.

PTEN will focus its se= rvices in five major areas that will nurture new, emerging businesses and will help more established entrepreneurial companies succeed:

&m= iddot; = networking<= o:p>

&m= iddot; = education a= nd mentoring

&m= iddot; = business pl= an competitions

&m= iddot; = capital acc= ess

&m= iddot; = communicati= ons.

PTEN also will work m= ore closely with entrepreneurial organizations throughout the state and region = to help entrepreneurs get access to all available resources throughout the are= a.

Action Greensboro, Winston-Salem Alliance, High Point Partners and corporate sponsors will fund the initiative, which will combine the best entrepreneurial programs of the two leading entrepreneurial groups currently in the Triad, Piedmont Entrepreneurs Network (PEN) and Tri= ad Entrepreneurial Initiative (TEI).

Total annual budget is expected to be approximately $650,000 in PTEN’s first year of operation. =

“PTEN is signif= icant because it represents strong participation and collaboration among the three major communities in the Triad – Greensboro, High Point and Winston-Salem – and the interest = of the three communities to support a regional approach to grow high-impact companies,” said Allen Joines, board co-chairman, Mayor of Winston-Sa= lem and president of Winston-Salem Alliance.&n= bsp;

“The collaboration of these t= hree organizations is a success story in itself and brings tremendous resources together to support entrepreneurial growth in our region. The new consolidated organization = will eliminate multiple administrative offices, staffs and overhead, resulting in more resources available to support entrepreneurs,” said Joines.=

“The creation of Piedmont Triad Entrepreneurial Network has given us the opportunity to take= a long, fresh view of what is needed to have a cohesive entrepreneurial suppo= rt effort that will nurture companies with high-growth potential. For more than six months Triad lea= ders evaluated local and regional programs and created this new organization that will be supported with strong Triad leadership and the consolidation of the best programs that currently are making a difference to entrepreneurial success.”

David Norbury, also co-chairman and retired CEO of RF Micro Devices, said creating PTEN was important for a variety of reasons.

“We now have the opportunity to assist new companies from birth and throughout their lifecycles. They can now acce= ss support from one organization that can help them develop their ideas and tu= rn them into significant businesses. Entrepreneurs will establish new businesses and relocate their compa= nies here because of the amount of support that PTEN offers, the access to growth capital and their ability to network with other entrepreneurs. <= /span>

“The formation of PTEN is an exciting development and a great reason for the business communities within= the Piedmont Triad to celebrate,” said Norbury.

“Entrepreneurs = are the new wealth creators in our communities and they make people’s lives better. We want them to thriv= e by giving them the most innovative programs available in the country. Communit= ies that provide the kind of business environment that new companies need to gr= ow will rapidly expand simply because they are more attractive to new business innovators,” said Norbury.

He said that PTEN wil= l have an expanded staff and a board of directors comprised of Triad leaders who a= re committed to making the new organization the finest entrepreneurial support organization in the country. Support of PTEN will result in enhanced exposure for corporate partn= ers to a greater number of promising nascent and established entrepreneurs.

Members of the execut= ive committee, in addition to Norbury and Joines, are:

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Jeff Burgess, treasurer and managing partner, Grant Thornton, LLP;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Gayle Anderson, president, Winston-Sa= lem Chamber of Commerce;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Charles Calkins, partner, Kilpatrick Stockton, LLP;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Greg Chabon, partner, Womble Carlyle Sandridge & Rice;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Roddy Davis, partner, Nexsen Pruet Ad= ams Kleemeier, PLLC;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Don deBethizy, president and CEO, Targacept, Inc.;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Greg Frisby, CEO, Technology Growth Resources, LLC;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Lee Lloyd, special counsel, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP, and representative of Action Greensboro;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Reid Marsh, CEO Marsh Furniture and chairman, High Point Partners;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Harold Martin, chancellor, Winston-Salem State University;

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Doug Speight, interim director, Offic= e of Technology Transfer, NCA&= amp;T University; and

<= span style=3D'font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;color:black'>· Doug Young, president, Young & Company.

The remaining members = of the 35-member board of directors will be named in a few weeks.

A search is now being conducted to hire a CEO with entrepreneurial and/or executive experience who also has skills in leadership, fundraising and collaboration with diverse groups and organizations. The group also has plans to establish the PTEN of= fice in a central location that is easily accessible to entrepreneurs and leaders throughout the Triad.

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