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Enterprise Development Corporation Launches New Client Services Model
Posted: 1/4/2002

Posted By: HighGround, Inc. Contact: Derek Cheung
Phone: 561 995 9466 Email: dcheung@highgroundinc.com

Enterprise Development Corporation Launches New Client Services Model

Board of Directors Recommits to Core Mission of Not-for-Profit Organization

Boca Raton, FL – January 3, 2002 - The Enterprise Development Corporation (EDC), a public/private partnership specializing in providing strategic business development services to emerging, technology based companies, announced today that beginning on February 1, it will begin providing these services to selected companies at no charge. Since early 2000 when EDC lost its state funding, the organization was forced to charge consulting fees in return for providing services to emerging growth companies. This redirection is in line with EDC’s non-profit status as it was initially conceived in 1994.

“EDC’s Board of Directors has wrestled with the issue of collecting fees for services ever since the loss of state funding required us to do so,” said Mark Margulies, Partner, Grant Thornton and EDC’s newly elected Chairman. “As a not-for-profit organization, we found it difficult to reconcile that practice with our core mission of providing support for the broadest range of promising young companies in the region, regardless of their ability to pay. By offering high quality consulting services at no charge to carefully selected companies that have significant potential for success, EDC will deliver a truly unique service to the business community in South Florida.”

As a result of this new direction, Ann Salamone has left EDC to pursue other opportunities. “We are thankful for Ann’s many contributions over the years, and wish her well in future endeavors,” said Jonathan Cole, Partner, Edwards & Angell, LLP and immediate past Chairman.

EDC will provide qualified emerging growth companies with access to complimentary business advice and counsel though its blue ribbon Board of Directors and its extended business, legal, technical and financial network. Companies needing extended direct consulting services will be referred to a network of local service providers that specialize in servicing this unique market segment, and that best meet the needs of these companies. EDC will conclude the client service agreements that are in place, but not bring on any new clients under a dedicated consulting agreement.

About EDC
Founded in 1994 as a public/private partnership, EDC provides direct strategic business development assistance to emerging science and technology-based companies in South Florida. EDC offers expertise in new product commercialization, business strategy development and implementation, technology transfer, strategic alliances and preparing emerging companies to raise capital funds. Since its founding, EDC has provided expert hands-on business assistance to over 60 companies. EDC has also helped those companies to raise over $72.7 million in financing, create over 154 new products, and create 4,125 new jobs. Its overall economic impact is in excess of $100 million to South Florida’s economy. EDC manages the Technology Business Incubator (TBI) at FAU’s Florida Atlantic Research & Development Park, which provides office space. For more information, visit www.edc-tech.org, contact EDC’s Vice President of Operations, Lori Metcalf, at lmetcalf@edc-tech.org, call 561-620-8494 ext.10, or write her at Enterprise Development Corporation, 3701 FAU Boulevard, Suite 210, Boca Raton, FL 33431.

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