Announces Addition of Alon Carmeli to Venture Finance Team

PALO ALTO, CA–August 1, 2002–Venture capital investment bank Garage Technology Ventures announced today the execution of a $10 million investment agreement by the California Public Employees’ Retirement System (CalPERS).

The investment will create the Garage California Entrepreneurs Fund, LP, one of the eleven funds selected for CalPERS California Initiative Program. The Garage California Entrepreneurs Fund will make investments ranging from $100,000 to $500,000 in several seed- and early-stage technology companies, primarily in California, with special emphasis on companies emerging from universities and research labs.

Mark Anson, CalPERS Chief Investment Officer, said, “Garage’s experience with and commitment to early-stage technology companies, and its expertise in identifying new technology companies at the earliest stages made the firm a great choice for CalPERS California Initiative.”

“Garage is pleased to participate in the California Initiative,” said Guy Kawasaki, CEO of Garage Technology Ventures. “California’s universities and labs frequently produce revolutionary technologies, and we look forward to working with those startups to provide critical seed-stage capital.”

Also today, Garage Technology Ventures announced the appointment of Alon Carmeli as Vice President in the Venture Finance group. Alon will focus on communication systems and components. Alon brings 18 years of executive level operational experience in sales, marketing, and corporate development in the communications and digital media industries within systems and semiconductors companies.

“We’re thrilled to have Alon join our team,” stated Kawasaki. “His wealth of experience in the communications and semiconductor sectors provide value to both our clients and investors.”

Prior to joining Garage, Alon held several positions at Terayon Communication Systems, most recently, as SVP of Corporate Development and Strategy responsible for M&A activities. Alon also served as VP of international sales, and as Director of Marketing. Prior to Terayon, Alon worked in marketing and engineering positions within several semiconductor companies including DSP Communications, LSI Logic, and Intel in the area of wireless and wire-line communications. Alon received a M.B.A. from Carnegie Mellon University and a B.S. in Computer Engineering from the Technion, Israel.

About Garage Technology Ventures
Garage Technology Ventures is an early-stage venture capital firm located in Silicon Valley focusing on emerging technology companies on the West Coast. The firm is currently investing in its third fund, a seed-stage and early-stage fund anchored with an investment from CalPERS. Unlike some venture funds, Garage is happy to support first-time entrepreneurs who are building the next great technology company.

Media Contact:
Krause Taylor Associates
Betty Taylor

All securities and securities-related services are offered by Garage Technology Ventures’ wholly-owned subsidiary Garage Securities, Inc., member NASD/SIPC.

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