Keith Phillips To Leave IT Capital & Set Up On Own

FOR IMMEDIATE RELEASE

Keith Phillips to leave IT Capital and set up his own business

Retains board seats on IT Capital portfolio companies DVI and VSL

AUCKLAND, 23 April 2001 - IT Capital Limited (ITC) today announced that Managing Director, Keith Phillips, is leaving IT Capital to concentrate on building a knowledge economy in New Zealand.

Mr Phillips, who plans to set up his own business in Auckland, will stay on until late May and will retain links with IT Capital as Chairman of Deep Video Imaging (DVI) and as a Director on the Virtual Spectator Limited (VSL) Board.

"IT Capital has grown into a mature venture capital organisation with offices in the United States, Australia, Asia and New Zealand and has a track record of successful exits including the sale of its 35 percent stake in exo-net International to Solution 6," Mr Phillips said.

"Companies in IT Capital's current investment portfolio including revolutionary display screen technology company, DVI, and sports animation firm, VSL, are achieving success in overseas markets and I'm very proud to be playing a role in making that happen," he said.

"These portfolio companies are in good hands and I am looking forward to the challenge of identifying the next generation of great Kiwi technologies and to do what I can to assist New Zealand with its transformation into a knowledge economy."

Mr Phillips said the focus of his new venture would be on the local knowledge economy and he would continue to work with New Zealand business leaders in 'Competitive Auckland' and other forums.

IT Capital Chairman, John Robertson, who will assume the role of Executive Chairman at IT Capital, acknowledged Mr Phillips' contribution to the company.

"Keith's energy and efforts have been much appreciated," Mr Robertson said.

"We have valued his leadership, international marketing skills, and insights into the direction the information technology industry will take. In his new venture, I am sure he will add value to our industry," he said.

IT Capital Chief Executive Officer, Jeff Dittus, who is based in Philadelphia, said "Keith had made a significant contribution to IT Capital's success managing the company's day-to-day activities in New Zealand.

"But with John Robertson at the helm, it will be business as usual," Mr Dittus said.

Mr Phillips said he would continue to support IT Capital and looked forward to ongoing association with the firm.

"Details of my new venture will be announced in due course," Mr Phillips said.

About IT Capital The region's leading Venture Catalyst*, with more than NZ$50 million of assets under administration, IT Capital focuses on investing in New Zealand, Australia and Asia-based information technology companies with the intention of transplanting them into larger overseas markets, principally the United States.

Addressing the funding gap that currently inhibits most innovative Australasian firms, IT Capital provides early stage funding and management expertise that is not readily available in the local markets. Applying a portfolio approach, the company allows investors to diversify risk and participate in e-commerce opportunities, thereby giving public market investors access to successful businesses at private market prices. IT Capital's international network of venture partners and technology companies accelerates the global transfer of technology.

More information on IT Capital Limited is available on the web at http://www.itcapital.net. ENDS

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