FOR IMMEDIATE RELEASE

CONTACT INFORMATION:
Jennifer Dunham
Marketing Director, OnPoint Technologies
(407) 838-1400 phone
(407) 659-0447 fax
jennifer@onpoint.us

MILCOM Technologies to Manage Army's Venture Capital Initiative

Released Wednesday,June 11, 2003
by MILCOM Technologies

MAITLAND, FL, June 11, 2003 - MILCOM Technologies, Inc. (MILCOM) today announced they have been selected by the U.S. Army to manage OnPoint Technologies, a not-for-profit strategic private equity organization with a mission to discover, fund and support companies and programs developing innovative mobile power and energy technologies for the benefit of the U.S. Army and Department of Defense. OnPoint has been provided an initial endowment of $25 million.

"Power and energy technologies are an opportune area for Army investment, particularly because the Army's interests parallel those fueling the commercial market," said Army Chief Scientist Dr. A. Michael Andrews. "Finding new energy sources for soldiers is akin to a search for better power solutions for handheld computers like Palm Pilots, Blackberries, personal digital assistants and cell phones; lighter and smaller is better."

While a number of MILCOM's affiliate companies are based on technology leveraged from Army applications, this is MILCOM's first direct project with the U.S. Army. "We are very excited to be involved in an endeavor that will provide direct and meaningful benefits to our military," said Mike Buffa, MILCOM CEO. "The fact that the Army has chosen us to lead this effort is very gratifying, as many companies throughout the country competed for this program."

Florida Governor Jeb Bush applauded MILCOM's latest assignment. "Florida's economic future is being shaped and strengthened by innovative companies like MILCOM," said Governor Bush. "We have worked diligently to create a fertile ground for high-tech companies to thrive in Florida, and this announcement presents tremendous opportunities to showcase our success in that regard."

"MILCOM's knowledge of commercial and military markets and deep experience in both entrepreneurial ventures and venture creation made them an ideal candidate to manage this cutting-edge initiative," said Darrell Kelly, president and CEO of Enterprise Florida, the state's economic development organization, and former MILCOM executive.

Since its formation in 1997, MILCOM Technologies has launched 13 affiliate companies, which have attracted over $600 million in venture investment and created over 800 high tech jobs. In addition to power and energy, MILCOM focuses on other significant market opportunities in the areas of advanced materials, communications, information technology, security, and healthcare technologies.

About OnPoint Technologies

OnPoint Technologies, a strategic private equity firm funded by the US Army, has a mission to discover, invest in and support companies developing innovative mobile power and energy technology at the intersection of the defense and commercial markets. For more information on OnPoint, please visit www.onpoint.us, or call (407) 838-1400.