Microlanguage Receives Venture Fund Investment
Investment Reflects the Support of the BNE and ECIDA

Amherst, NY--August 27, 2002 -- Microlanguage™ (microlanguage.com), whose intelligent language processing technology enriches knowledge management and information extraction applications, announced today that they have received a $250,000 investment from the Niagara Region Ventures Fund. The investment will be used for working capital, to purchase equipment and to support recruitment efforts. The Niagara Region Ventures Fund is part of the ECIDA Financing Group specializing in early stage venture capital investment.

"This agreement provides working capital to fill positions that are critical to maintaining the competitive standing of our technology and advancing our business development initiatives, and enable us to purchase equipment that will make us more productive," said Robert Fritzinger, president and CEO of Microlanguage. "With a marketable product and orders in hand, our top priorities are to form partnerships and capture additional new business opportunities that will drive top-line (revenue) growth, and accelerate achieving positive cash flow."

"This investment also supports our commitment to building Microlanguage in Western New York where our proximity to, and relationship with, the University at Buffalo (SUNY) afford us access to people with world-class natural language processing skills, as well as strategic partnering opportunities, particularly with the University's Center of Excellence in Bioinformatics and SUNY's homeland defense initiatives," Fritzinger said.

Microlanguage develops and markets next generation intelligent language processing technology and related services to OEMs, systems integrators, and portal information providers. Microlanguage technology enhances the value of products and services in the domains of global 2000 technology, finance, healthcare, pharmaceutical, bioinformatics, manufacturing and national security. Microlanguage develops and delivers platform-independent component technology and support that substantially strengthens the information retrieval and extraction capabilities of knowledge management applications, ensuring that knowledge workers find all and only the relevant information they need.

Fritzinger said, "To other companies within the WNY region that are seeking support for their growth and development objectives I have the following message; the BNE and the ECIDA's staff and resources are both available and accessible to you. The support we've received from Tom Kucharski, Al Culliton and their respective teams, has been outstanding. Thanks to their efforts, Microlanguage is now well positioned to achieve its near term growth and development objectives. In my view, the way they engaged Microlanguage is a model for how IDAs should interact with the private sector."

"We have the people, products and services available to help business' grow and prosper right here in Western New York. Our organizations are here to do whatever we can to assist in that process," said Tom Kucharski, President & CEO of BNE/ECIDA. "We are proud to have been able to assist Microlanguage and look forward to similar opportunities to grow the new economy of our region's future."

"Helping local entrepreneurs develop new technology and grow businesses is the key to reinvigorating the local economy" commented Al Culliton, Chief Lending Officer of the ECIDA. "The Niagara Region Venture Fund is aggressively looking to work with other innovative technology companies."

For More Information
For more information from the BNE, please contact Doug Sitler at 716.842.1357 ext. 106. For more information from the ECIDA, please contact John Cappellino at 716-856-6525 ext. 118.

return to top