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ITC Capital Appointments

AUCKLAND, 2 February 2000 - IT Capital Limited (ITC) today announced the appointment of two senior figures in the American venture capital and technology industries to its board of directors.

The appointments of Don Caldwell, Chief Executive Officer of the Philadelphia based Cross Atlantic Technology Fund and Jay Snider, President of Snider Capital take effect immediately.

The appointments reflect the investments made in IT Capital by Cross Atlantic Technology and Snider Capital.

IT Capital Managing Director Keith Phillips said the appointments reflected ITC’s continued intention to attract the best international connections possible.

“People like Don and Jay bring years of experience in the venture capital and technology businesses. ITC benefits not only from their expertise but also from the international networks they belong to.

“Their appointments directly reflect the globalisation of the venture capital and technology industries and the significance we place on being part of the world scene,” Phillips said.

Existing directors David Seton and John O’Hara have stepped down to make way for the new appointees.

ends

Don Caldwell, Chief Executive Officer, Cross Atlantic Technology Fund
Cross Atlantic is a US$150 million investment fund based in Philadelphia, Pennsylvania USA, with offices in London and Dublin. Don brings to IT Capital a profound understanding of the venture capital process bringing a wealth of contacts in the United States and Europe. Cross Atlantic’s fund invests in Irish and UK technology firms, with the intention of helping these young companies find capital and strategic partners in the United States.
Prior to this Don was President and Chief Operating Officer of Safeguard Scientifics Inc., where he served as Chairman of its Investment Committee and led the formation of both SCP Private Equity Partners (a US$265 million venture, stage investment fund) and Pennsylvania Early Stage Partners (a $50 million seed and early stage fund).
Before joining Safeguard, Mr. Caldwell held a number of executive and financial positions, including Chief Administrative Officer of a predecessor company of Cambridge Technology Partners, Inc. (Massachusetts), a provider of information technology consulting and software development, and as a partner in the national office of Ernst & Young, LLP.

Jay Snider, Co-founder and President, Snider Capital

Jay Snider served as president of the Philadelphia Flyers from 1983 to 1994 and president of Spectacor, Inc. from 1987 to 1994. At Spectacor, he oversaw the management of the Philadelphia-based sports, entertainment, retail sales and communications conglomerate. He helped pioneer the concept of an all-sports talk radio station for the Philadelphia market by purchasing WIP-AM, music station, and transforming it into the most successful sports talk station in the country. He led the project team in the development, planning and financing of the First Union Center, a $210 million state-of-the-art arena located in Philadelphia. From 1988 to 1992, he served on the Board of Spectacor Management Group (SMG), the world’s leading private manager of public assembly facilities. He continues to serve as a partner in Comcast-Spectacor.
Until its sale in January of 1998, Jay served as Chairman of SpectaGuard, a provider of trained security officers and electronic protection systems for corporate, industrial, medical, financial, educational and retail facilities. Founded in 1980 with his partner, Steve Flynn, he had the overall responsibility for strategic planning of the business. He is currently the second largest shareholder and serves on the company’s Board of Directors.

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