PenNetWorks Engages Philadelphia's Business And Entrepreneur Communities

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Media Contact:Amy Burnis | | 412-552-1252
Media Contact:Jeanne Leong | | 215-573-8151February 8, 2001

PHILADELPHIA--Redleaf Group, Inc. and P2B, Ventures Inc., a subsidiary of The University of Pennsylvania, invite entrepreneurs to an open house for to learn more about PenNetWorks (www.pennetworks.com). PenNetworks enables early stage entrepreneurs to launch and prepare their ventures for first-round funding. PenNetWorks is a pre-seed business accelerator serving the Delaware Valley that is o wned by P2B and managed by the Redleaf Group, Inc., a privately held technology operating company. PenNetWorks brings together the optimal blend of networking, talent, capital and infrastructure required to enable early stage entrepreneurs to successfully launch and prepare their businesses for first round funding.

The co-founders of PennNetWorks will welcome visitors on February 8 from 5:00 p.m. to 8:00 p.m. at the PenNetWorks location (3535 Market Street, 5th floor) on the University of Pennsylvania campus. The open house will recognize the participation of PenNetWorks sponsors including Arthur Andersen as the lead sponsor. Additional sponsors include T. Williams Consulting, Reed Smith LLP, Sun Microsystems, Inc.(Nasdaq: SUNW), AppLabs, Inc., The eSource Group, and IKON Office Solutions.

"Our sponsors are the heart and soul of PenNetWorks. Their contributions enable entrepreneurs to access best in class ideas, solutions and resources that will be critical to the exploration of their business ideas. We are pleased to have so many impressive organizations support PenNetWorks," stated Lisa Prasad, associate vice president, business development, University of Pennsylvania.

"PenNetWorks has been accepting investment inquiries and reviewing business plans and proposals since September November 1, 2000," explained Mark Coticchia, senior director of Redleaf

dotDorm program. "The expertise and resources our new sponsors bring to PenNetWorks will enable us to realize our vision of combining coaching and capital to produce breakthrough technologies that might otherwise never find their way out of the dorm room."

"Arthur Andersen is proud to be the lead sponsor of PenNetWorks," commented Brian Hughes, managing partner of Arthur Andersen emerging growth and technology practice. "Many groundbreaking ideas and technical innovations are found in their infancy on university campuses. It is through our work with PenNetWorks that we hope to cultivate the next generation of e-business solutions."

Open house attendees will have the opportunity to learn how PenNetWorks operates and to meet Lisa Prasad, associate vice president, business development, University of Pennsylvania, Lloyd Mahaffey, co-chief executive officer, Redleaf, Mark Coticchia and Burt Cummings, senior ddirectors, Redleaf dotDorm program, Lloyd Mahaffey, co-CEO of Redleaf and Craig Markovitz, cchief ooperating oofficer, PenNetWorks, and the PenNetWorks sponsors including Arthur Andersen Brian Hughes, managing partner of the emerging growth and technology practice and Vince Drozd, director of accelerator services.

"The rapid growth of the technology industry and recent changes in technology funding patterns drive the need for organizations like PenNetWorks," stated John Fry, president and chief executive officer, P2B, Ventures Inc. "Our goal in creating this on campus accelerator is to provide access to not only the entrepreneurs at Penn but also those throughout the Delaware Valley."

PenNetWorks is part of a larger economic development program sponsored by the University of Pennsylvania called P2B (Penn to Business). P2B is a Delaware not-for-profit corporation focused on continuing the revitalization of University City while broadening and enriching Penn's academic experience by providing entrepreneurial opportunities.

PenNetWorks is Redleaf's first university accelerator within its dotDorm program that provides entrepreneurs with access to early stage funding and coaching to accelerate the development of Internet technologies into viable business opportunities. Redleaf has developed an "incubation" process that can be executed within the parameters of a university's guidelines and assist them in supporting economic development and the advancement of the university's mission.

The partnership between P2B, The University of Pennsylvania and Redleaf demonstrates that the academic mission of universities, community economic development and the objectives of corporate adaptation of the Internet can come together in mutually beneficial partnerships.

The open house will celebrate the investment of money and resources by the following PenNetWorks partners:

About Redleaf Group, Inc. (www.redleaf.com)

Redleaf Group is a technology operating company that leverages a powerful digital GRID (Global Resource for Internet Development) to provide services and capital for seed stage Internet technology companies and communities. Redleaf provides its partner companies with market access, strategic counsel and operational support from a team of seasoned professional managers whose specialties include finance, engineering, product development, systems integration, marketing and human capital management. These capabilities are offered today to partner companies through Redleaf Group GRID in offices throughout the United States, Europe, and soon in Asia. Redleaf partnership with the University of Pennsylvania to create PenNetWorks, is the first of many incarnations planned for their dotDorm business strategy. Established in December 1999, Redleaf strategic investors include Safeguard Scientifics (NYSE:SFE), Novell (Nasdaq:NOVL), VentureBank@PNC, Mellon Ventures, Inc., and Hewlett-Packard (NYSE:HWP).

About University of Pennsylvania (www.upenn.edu)

University of Pennsylvania is consistently ranked among the finest comprehensive universities in the world. Founded in 1749 by Benjamin Franklin, Penn has nearly 22,000 students enrolled in 12 schools. Penn acclaimed schools include Wharton, the nation first collegiate business school, and the School of Engineering and Applied Science where the world's first electronic, large scale, general-purpose computer, ENIAC, was invented and activated. The 238,000 Penn alumni hail from all corners of the globe. Faculty, including Nobel laureates and Pulitzer Prize recipients, are engaged in teaching, research and scholarship at the highest levels. Penn is the fourth largest private employer in the state of Pennsylvania, the largest private employer in Philadelphia and is an active leader of the West Philadelphia community.

About AppLabs, Inc.

AppLabs, Inc. growing team of more than 125 software engineers and programmers designed and continue to support the PenNetWorks web site (www.pennetworks)

About Arthur Andersen (www.arthurandersen.com)

Arthur Andersen's vision is to be the partner for success in the new economy. The firm helps clients find new ways to create, manage and measure value in the rapidly changing global economy. With world-class skills in assurance, tax, consulting and corporate finance, Arthur Andersen has more than 77,000 people in more than 80 countries who are united by a single worldwide operating structure that fosters inventiveness, knowledge sharing and a focus on client success. Since its beginning in 1913, Arthur Andersen has realized 87 years of uninterrupted growth, with 2000 revenues of USD$8.4 billion.

About T. Williams Consulting (www.twilliams.com)

T. Williams Consulting (TWC) is a world-class management consulting firm specializing in strategic staffing. TWC offers innovative and proven solutions to help companies compete and win in today's competitive talent marketplace. Since 1996, TWC has provided strategic staffing services to companies ranging from start-ups to Fortune 100 firms. Our on-site awareness, customized solutions, and business savvy put a powerhouse on your executive team.

About Reed Smith LLP (www.reedsmith.com)

Reed Smith has 660 lawyers located in 14 cities throughout the U.S. and the U.K. Clients include technology companies and entrepreneurs, financial services firms, health care providers and insurers, communications companies, manufacturers, universities, non-profit organizations, and real estate developers.

About AppLabs, Inc. (www.applabs.com)

AppLabs is an e-commerce and m-commerce enabler providing application development, customization and quality assurance services. We deliver high quality, cost-effective solutions for our global base of customers.

About The eSource Group (www.esourcegroup.com)

The eSource Group was formed to assist small and medium sized businesses with the growing complexities of Information Technology. Our mission is to enable companies to focus on their core business by providing them with the necessary IT infrastructure that allows them to compete at a level which would otherwise be beyond their means. The eSource Group utilizes the Application Service Provider model as its core delivery mechanism. This allows eSource to provide our clients with a lower cost of ownership while providing a better service to the user community. The eSource Business Model provides a number of benefits to the small and medium sized company including rapid application deployment, efficient worldwide access to applications and data, predictable IT costs, less commitment to today's technologies, and a more resilient operating environment.

About IKON Office Solutions (www.ikon.com)

IKON Office Solutions is one of the world's leading providers of products and services that help businesses communicate. IKON provides customers with total business solutions for every office, production and outsourcing need, including copiers and printers, color solutions, distributed printing, facilities management, imaging and legal outsourcing solutions, as well as network design and consulting, e-business development, telecommunications services and technology training. With fiscal 2000 revenues of $5.4 billion, IKON has approximately 900 locations worldwide including the United States, Canada, Mexico, the United Kingdom, France, Germany, Ireland, and Denmark.

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About Sun Microsystems, Inc.

Since its inception in 1982, a singular vision - The Network Is The Computer[tm] -- has propelled Sun Microsystems, Inc. (Nasdaq: SUNW), to its position as a leading provider of industrial-strength hardware, software and services that power the Internet and allow companies worldwide to dot-com their businesses. With $17.6 billion in annual revenues, Sun can be found in more than 170 countries and on the World Wide Web at http://sun.com.

About T. Williams Consulting (TWC)

T. Williams Consulting (TWC) is a world-class management consulting firm specializing in strategic staffing. TWC offers innovative and proven solutions to help companies compete and win in today's competitive talent marketplace. Since 1996, TWC has provided strategic staffing services to companies ranging from start-ups to Fortune 100 firms. Our on-site awareness, customized solutions, and business savvy put a powerhouse on your executive team.