NCIC CapitalFund Exits Intelligent Algorithms
NCIC Partnership Update
Portfolio Update
Board and Committee Changes at NCIC
NCIC Out in the Community

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Anyone who has taken more than a few steps down the information highway knows how confusing and cluttered the Internet can be. With over a billion pages of unstructured textIntelligent Algorithms Enterprisesposted to the Internet daily, it is easy to understand the appeal of infoGIST™, the core family of software products offered by Dayton, Ohio-based Intelligent Algorithms.

NCIC CapitalFund invested in Intelligent Algorithms in 1997, making a $500,000 loan to the start-up operation. The company made its final payment per the terms of the loan agreement in November.

"Intelligent Algorithms has been a very consistent performer," said Frank Winslow, President of NCIC CapitalFund. "We feel that we have fulfilled our mission of making early stage investments in strategic, technology-based companies with this investment."

During the course of the NCIC investment, Intelligent Algorithms has experienced consistent annual growth as the company penetrated multiple markets with an assortment of Internet productivity software products. The company presently employs 10 people and increased their capacity several years ago by moving to their current location on Washington Village Drive, in Centerville.

According to Vice President, Ron Crompton, Intelligent Algorithms continues to look for new opportunities as it prepares for additional product launches and future growth. "We appreciate the confidence that NCIC had in us and we certainly needed their support in order to have been this successful," Crompton added.


Delphi Hosts First Brake-by-Wire Design Review

In July, we told you about a project, managed by NCIC through a Technology Investment Agreement between the Air Force Research Laboratory, Delphi Automotive Systems Delphi Automotive Systems and NCIC, that will demonstrate a state-of-the-art brake-by-wire system on a driveable vehicle by mid 2003. In mid-November, Air Force Research Laboratory Bob Bowman of NCIC and Paul Flanagan of Delphi Automotive Systems welcomed attendees to the first Brake-by-Wire Design Review. NCIC has provided $1.1 million in funding to this project, which will be matched both by Delphi and the State of Ohio. The Air Force Research Laboratory will fund certain technology as well as share their fly-by-wire experience.


Pinnacle Products Group's Assets sold to Fusion Graphics Inc.

NCIC CapitalFund completed a secured party sale of the assets of the Pinnacle Products Group to a newly formed Centerville, Ohio company, Fusion Graphics Inc. Chuck Norman, Fusion Graphics' CEO, is an experienced and successful entrepreneur and we look forward to working with Chuck and his team to continue to grow this company.

Bob Freund, developer of the proprietary GRAfusion™ process that creates permanent multi-color in-mold graphics for labels and decorative effects, will continue to lead the company's technical/marketing effort. 


The lure of Hilton Head, South Carolina and Naples, Florida has caused the loss of two key NCIC Board members: George Johnston and Kent Collins. George Johnston, retired vice president from General Motors and Delco GM has relocated to Naples. George has served as the NCIC Board Chair for the past seven years. Kent Collins, a Board member and Chair of the NCIC Investment Policy Committee, has been operating his consulting business, Collins & Co., for a number of years from both Dayton and Hilton Head. With his retirement from the NCIC Board, Kent will be spending more time on Hilton Head.

Our best wishes go with George and Nancy and Kent and Sally and we thank them for their long and valuable service to NCIC. 

Congratulations also are in order for Curtis Crocker, a member of the Investment Policy Committee (IPC), on his selection as the Managing Partner of the new Columbus-based Battelle Technology Fund. This early stage venture fund is an initiative of the Columbus Technology Leadership Council. Investors joining with Battelle in this venture include The Ohio State University, Nationwide, Huntington Bank, and EDF Ventures.

Previously Curtis was with Alpha Capital Partners and the Miami Valley Fund. Orval Cook, vice president of Alpha Capital Partners and an NCIC Board member and former IPC Chair, will replace Curtis on the Investment Policy Committee. We look forward to sharing co-investment opportunities with Curtis and welcome Orval back to the IPC.


Hammond and Winslow attend Venture Captial Conference.  Brian Hammond and Frank Winslow attended the Great Midwest Venture Capital ConferenceGreat Midwest Venture Capital Conference on November 28 and 29 in Indianapolis. NCIC has been a sponsor of this conference for the past five years. In addition to panel discussions on Start-up Funding, Mergers & Acquisitions, and University Technology Commercialization, the Conference featured presentations from 24 early-stage companies seeking venture funding.

Winslow appointed to Advisory Committee.  Frank Winslow was recently appointed by the Montgomery County Commissioners to the County's Economic Development/Government Equity [ED/GE Fund] Advisory Committee. The ED/GE Fund provides $5+ million/year to assist townships, villages, and cities in Montgomery County to establish or expand commercial, industrial, or research facilities and to create/preserve jobs.

Last month Frank participated in the ED/GE Fall funding cycle, where the Committee allocated nearly $3 million in ED/GE funds to leverage $34 million in other funding for 13 economic development projects in 10 communities across Montgomery County. One of the recommended initiatives is the Automotive Resource Network jointly sponsored by the cities of Kettering, Dayton and Vandalia. This Coalition-backed collaboration will support the regional automotive industry through planning, research and development grants, training, and partnerships to improve the competitiveness of the industry. NCIC has provided start-up funding for this initiative.


Holiday Candle NCIC CapitalFund wishes you and your family a wonderful holiday season and a New Year filled with happiness and prosperity.


We welcome your comments, suggestions or an addition or change to our mailing list, please contact: Becky Ziehler at rziehler@ncicfund.com