3 Rivers Venture Fair Supports PA Gov. Rendell’s Economic Stimulus Plan; Presenting Life Sciences and Information Technology Companies to Raise Millions in Venture Capital, Increase International Investment Rates, and Create New Jobs

<body.content> <block> <p>HARRISBURG, Pa., Sept. 2 /PRNewswire/ — On behalf of Pennsylvania Governor Edward G. Rendell, Community and Economic Development (DCED) Secretary DennisYablonsky today embraced the economic initiatives being made by the second annual 3 Rivers Venture Fair in Pittsburgh next week.</p> <p>During the fair, hundreds of the nation’s leadingprivate investors, venture capitalists, financiers and top-tier service providers will be taking a first-hand look at a high-caliber line-up of technology and life science companies from a five-stateregion.</p> <p>The showcase will be held September 9 – 10 at the David L. Lawrence Convention Center in Pittsburgh with Steve Forbes, President and CEO, Forbes Inc. giving the keynoteaddress.</p> <p>Last year, approximately 425 people attended the Venture Fair, including venture capitalists, investment bankers and angel investors.</p> <p>”The 3 RiversVenture Fair is an historic initiative to build on the technology and life science research being preformed at Pennsylvania’s top universities,” Secretary Yablonsky said.</p> <p>”The Fairwill showcase the leading technological advances in the region and capitalize on the powerful economic potential of the Commonwealth’s status as a world center for technology leadership. Venturecapital events are turning Pennsylvania’s abundant intellectual capital and research resources into concrete economic benefits for all Pennsylvanians.”</p> <p>The event will giveinvestors the opportunity to network with representatives from early and late stage technology and life science companies in order to learn more about their business plans and products.</p><p>”The participating Venture Capitalists recognize Pennsylvania’s strength in several key industries and are excited about the possibility of making successful investments. These investmentswill help grow companies throughout Pennsylvania,” Yablonsky added.</p> <p>Pennsylvania’s current venture capital and international investment climate is lagging compared to competingstates, Yablonsky said.</p> <p>Last year, participating companies collectively raised $50 million in investment capital. There was a demand by the companies, however, for more than $200million in investment dollars.</p> <p>This year, participating companies will try to raise more than $190 million in venture capital from the investors in attendance.</p><p>”In order to reverse this trend, venture capitalists must receive incentives to encourage investments that support targeted growth sectors and supply the capital our communities andbusinesses need to grow,” Yablonsky said.</p> <p>Yablonsky noted that the Governor has proposed, through his Plan for a New Pennsylvania, $250 million in venture capital funding tosupport Pennsylvania’s growing technology sector.</p> <p>”The choice is simple. We can make strategic growth steps now, or we can maintain the status quo and continue to lose ourcompetitive advantage, our people, and our jobs. This event will showcase Pennsylvania as a center of excellence in several cutting-edge technologies and reinforce the need for additional capital inthe Commonwealth.”</p> <p>This year’s participating companies were carefully selected from major metropolitan areas throughout the northeastern U.S., including the Pittsburgh region, NewYork, Philadelphia, Boston, Baltimore, Washington, D.C., northern West Virginia, Cleveland and Columbus, Ohio.</p> <p>Of the 37 presenting companies from the region, 29 are fromPennsylvania and specialize in a range of fields, including biotechnology, information technology, software development, and medical devices.</p> <p>”Events like the 3 Rivers Venture Fairshowcase the Commonwealth as a place where companies can find the necessary capital and government support to enable them to start and grow the gazelle companies of tomorrow’s innovation economy,”Yablonsky said.</p> <p>Those interested in attending the 3 Rivers Venture Fair may contact Kelly Szeko at 412-220-9193 or e-mail <virtloc idsrc=”dummy”value=”dummy”>[email protected]</virtloc>.</p> <p>CONTACT: Laura Felty, Pennsylvania Department of Community and Economic Development, +1-717-783-1132. </p><datasource>Pennsylvania Department of Community and Economic Development</datasource> </block> <block class=”contact”> <p>CONTACT: Laura Felty, Pennsylvania Departmentof Community and Economic<br/> Development, +1-717-783-1132</p> </block> <block class=”website”> <p>Web site: <a>http://www.state.pa.us/</a> </p></block> </body.content>