MTDC Board Appoints Robert J. Crowley President, Twenty-three Year MTDC Veteran

Boston, October 30, 2002 - Paul Severino, Chairman of the Board of Directors of the Massachusetts Technology Development Corporation (MTDC) announced today the appointment of Robert J. Crowley as President. Mr. Crowley has been Acting President since May 2002. Prior to that, he was Executive Vice President and Chief Investment Officer for MTDC. Mr. Crowley has been with MTDC since 1978.

"Bob Crowley has provided strong leadership at MTDC since becoming Acting President," said Paul Severino, MTDC's Chairman. "MTDC has a unique position in venture capital in Massachusetts. Bob Crowley is the best person to lead this organization through the present difficult venture environment and continue to execute our public purpose mission." The selection of Mr. Crowley followed a Board-led search.

Mr. Crowley has been associated with MTDC since its inception in 1978 and is one of the most experienced venture capital investors in early-stage technology companies in the region. He has been a key member of the team that built the success of MTDC.

Mr. Crowley is a former Chairman of the MIT Enterprise Forum, which is the leading university/business partnership designed to nurture entrepreneurship among technologists. He is a Director and former Chairman of the Smaller Business Association of New England (SBANE). He currently serves as President of SBANE's Education Center. He is also a Director of National Small Business United (NSBU), a Washington, D.C. small business advocacy group.

Mr. Crowley has spent most of his professional life in finance, initially as a commercial lender with Shawmut Bank and Neponset Valley Bank & Trust Company, and, for more than 21 years, as a venture capital investor with MTDC. He earned a B.A. from Fairfield University and an M.B.A. from Boston College.

MTDC is a quasi-public agency of the Commonwealth of Massachusetts and provides venture capital funding for start-up and early-stage technology companies. Since 1979, MTDC has invested more than $57 million in 114 Massachusetts firms.

For more information, contact Mary E. Stack, Accounting and Portfolio Data Assistant, (617) 723-4920

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