Sept. 20, 2006 David E. Steitz Headquarters, Washington 202-358-1730 Peter Banks Red Planet Capital, Inc., San Mateo, Calif. 650-522-0085 RELEASE: 06-317 NASA FORMS PARTNERSHIP WITH RED PLANET CAPITAL, INC. NASA has joined with Red Planet Capital, Inc., San Mateo, Calif., in a partnership to help the agency gain access to new and innovative technologies through the venture capital community. Red Planet Capital is a nonprofit organization that will establish a strategic venture capital fund for NASA. The purpose of the fund is to provide NASA earlier and broader exposure to emerging technologies. It is designed to promote the future availability of technologies with both government and commercial applications that can meet NASA's future mission requirements. The effort signifies the administration's commitment to creative approaches for promoting innovation in pursuit of America's space agenda. Red Planet Capital will use venture capital and a NASA investment of approximately $75 million over five years to attract private sector innovators and investors who typically have not done business with the agency. The principals selected to provide investment fund management are Peter Banks, Co-Founder and Partner of XR Ventures, Grand Rapids, Mich.; Graham Burnette, General Partner of the EA-Capital Fund family; and Jacques Vallee, co-founder of the EA-Capital Fund family, San Mateo. The principals will identify investment opportunities, perform due diligence and manage equity investments in companies. NASA will provide strategic direction and technical input to the fund. Red Planet Capital complements other investment tools available inside NASA for promoting private sector participation in the agency's mission and vision, such as the Small Business Innovative Research program. For more information on Red Planet Capital, visit: http://www.redplanetcapital.com -end- To subscribe to the list, send a message to: hqnews-subscribe@xxxxxxxxxxxxxxxxxxxxxx To remove your address from the list, send a message to: hqnews-unsubscribe@xxxxxxxxxxxxxxxxxxxxxx
