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George Dannecker, Vette Corp.

Katja Gehrt, 3i US

Luciana Castro, Kodiak Venture Partners

Molly Gillis, General Catalyst Partners

Kodiak Venture Partners and General Catalyst Partners Lead $9 Million Investment in Vette

Thermal management solutions provider to use first round of financing for global expansion

Manchester, NH - July 26, 2004 - Vette Corp., a provider of thermal management solutions, today announced it has completed a Series A round of financing, co-led by General Catalyst Partners and seed investor Kodiak Venture Partners. This new capital will be used for global expansion and brings Vette's total funding to $9.4 million.

"The involvement and support from such highly regarded investors is a tremendous endorsement of our technology, our business strategy and our team," said George Dannecker, CEO, Vette. "With thermal management issues impacting the development cycles of electronic products in a wide array of major industries worldwide, our ability to serve a global marketplace with the quality service and support that only a local presence can provide is vital. This funding will enable us to aggressively expand our global presence."

Vette's thermal management technologies manage and remove the unwanted heat that diminishes the performance of electronic products. Increases in silicon and system integration, higher processing speeds and frequencies, smaller form factors, more sophisticated power requirements and other advances in chip technology are creating increasing heat dissipation problems in electronic and electrical components and systems. As electronic systems increase in functionality and complexity, heat-related factors have a greater impact on development cost and time-to-market, driving the demand for the thermal solutions Vette provides.

"Vette's thermal management solutions are fundamentally important to the future of major industry segments such as computers, semiconductors, IT/communications, and industrial controls," said Dave Furneaux, a founder and managing general partner, Kodiak Venture Partners and General Catalyst Partners Lead $9 Million Investment in Vette-p 2 of 3 Kodiak Venture Partners. "The company's exceptional global market opportunity was a key driver in our decision to provide Vette's seed funding as the company's formation investor and to co-lead this first round of funding. Further, the company has a seasoned, proven management team that we have successfully worked with before and that knows the industry. This winning combination provides a solid foundation for the company's future growth and success."

Vette's CEO, George Dannecker, was formerly president of Aavid Thermal Technologies. Ron Borelli, Chairman of Vette's Board of Directors, served as Aavid Thermal's CEO and chairman. Together, Dannecker and Borelli built Aavid Thermal into the world's largest and most profitable heat sink company, bringing the venture from $35 million to more than $300 million in revenues in less than six years.

"The Vette team recognized and is executing on an outstanding opportunity that exists due to the strong growth and fragmented state of the current global thermal marketplace," said John Simon, managing director, General Catalyst Partners. "In our view, the thermal solutions marketplace is ripe for a "transformation" involving the new global platform that Vette offers its customers. Thermal issues are multiplying rapidly due to a combination of increased electronic system complexity and the resurgence of the semiconductor industry. Vette's strategy of becoming the only vertically-integrated, mission-critical thermal management solutions company is exactly what the global customer base is demanding."

Both Dave Furneaux of Kodiak and John Simon of General Catalyst will join Dannecker and Borelli on the company's board.

About Vette Corp.
Vette Corp. is a rapidly growing venture-backed global company that specializes in solving thermal challenges in electronic cooling for the leading OEMs in both the computer and industrial industries. With company owned Asian-based manufacturing of heat sinks and fans, coupled with their advanced applications and design teams, Vette Corp. offers their global customers the lowest cost, highest quality technology solutions for their most complex thermal problems. For more information, visit:

About General Catalyst Partners
General Catalyst Partners is a private equity firm that invests in exceptional entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business building and partnership development assistance. General Catalyst is headquartered in Cambridge, Mass. For more information, please visit:

Kodiak Venture Partners is a Waltham, Massachusetts-based venture capital firm focused on seed and early stage investments in emerging communications/IT, semiconductor and software companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak Venture Partners builds relationships with entrepreneurs seeking accelerated market success. Kodiak's investment partners are successful high-technology business entrepreneurs who take a high-impact, hands-on approach to forming, operating, building and funding market leaders. For more information, visit

Donna Michael
Director of Global Marketing Communications
Tel: (+1) 508.804.5509
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Download July 26, 2004 Press Release

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