SOURCE: ITU Ventures

October 11, 2006 13:11 ET

ITU Ventures' First New Mexico Investment Goes Public and Raises Additional Capital

Strategy of Working With Innovators and Entrepreneurs in New Mexico Validated

LOS ANGELES, CA -- (MARKET WIRE) -- October 11, 2006 -- ITU Ventures announced today that Surfect Holdings, Inc. (OTCBB: SUFH) has successfully acquired its portfolio company Surfect Technologies, Inc., a design and manufacturing company offering an innovative single cell electroplating tool and process for the semiconductor industry. The acquisition of Surfect Technologies was effected pursuant to a merger occurring on September 27, 2006. ITU Ventures further announced today that Surfect Holdings has begun trading under the symbol SUFH.OB as a public company following the completion of the merger

"ITU Ventures has worked with Surfect Technologies from inception through the development process and we intend to continue our involvement and to assist the Company as it continues to grow in the years to come. Our investment focus within the New Mexico market has proven to be worthwhile yielding strong opportunities such as Surfect," said Jonah Schnel, Managing Partner of ITU Ventures.

"Surfect Technologies has assembled a strong management team with each senior executive member bringing an average of 25 years of experience and success in previous careers at such industry leaders as Amkor, Phillips, Motorola, Intel and Kulicke and Soffa," said Chad Brownstein, Managing Partner of ITU Ventures. "The Surfect team has produced a very unique product offering built around a new dynamic proprietary process which we believe translates to every area of the semiconductor arena," Chad Brownstein went on to say.

"ITU Ventures has been critical to our development, and we look forward to their continued support along with new investors as part of public merger," said Steve Anderson, CEO of Surfect technologies and Surfect Holdings.

"Through Surfect Holdings, we are pleased to enter the public markets as part of our product introduction and growth strategy. We believe that our process tools and solutions will offer our customers more cost effective and rapid development capability for flip chip and wafer level interconnect. With growth rates of over 20% per year for flip chip interconnect and wafer level packaging, we needed the ability to support a strong revenue growth plan with access to the public markets. We chose the public merger route to provide necessary growth capital for supporting our IC and OEM customers as they make this major industry conversion from wire bonding to flip chip technology. Our focus is providing an innovative interconnect tool that will enable improved wafer level packaging technology," added Steve Anderson.

The Merger and Private Placement

On September 27, 2006, Surfect Holdings (formerly Windy Creek Developments, Inc.), Surfect Acquisition Corp., a wholly owned subsidiary of Surfect Holdings, and Surfect Technologies, a Delaware corporation, entered into an agreement of merger and plan of reorganization. The merger became effective on September 27, 2006, resulting in Surfect Technologies being 100% owned by Surfect Holdings. Following the merger, there are now 14,201,667 shares issued and outstanding with an additional 1,745,750 warrants which were issued in conjunction with the recent private placement, 1,998,334 shares reserved for management option holders of Surfect Technologies, Inc. and 1,500,000 stock options reserved for the Surfect Holdings, Inc. 2006 Stock Option Plan.

In connection with the merger, the Company also closed a $2.8 million private placement, in which it sold a total of 2.8 million shares of common stock at $1.00 per share along with warrants to purchase 1.4 million shares of common stock at an exercise price of 2.00 per share. [The Company engaged a number of placement agents and finders for the offering including Westminster Securities Corporation, WFG Investment, Inc. and Granite Financial Group LLC.]

Additional details of this transaction can be found in the company's Form 8-K filed on October 3, 2006 at www.surfect.com.

About ITU Ventures

ITU Ventures is the premier venture capital firm serving the unique needs of technology businesses emerging from the nation's leading universities, research institutions, federal labs, and technology corporations. ITU Ventures invests in early-stage companies that are commercializing next-generation technologies. Jonah Schnel and Chad Brownstein are the Managing Partners of ITU Ventures. Website: www.itu.com

About Surfect Holdings, Inc.

Surfect Holdings, through its operating subsidiary Surfect Technologies, Inc., is a design and manufacturing company offering an innovative single cell electroplating tool and process that utilizes the industry's first, programmable Plating Computer™ to fabricate high performance, low-cost interconnects, providing immediate solutions to the back-end of the semiconductor manufacturing process. Additional information is available on the Surfect Technologies website at www.surfect.com

Safe Harbor

Certain statements contained in this press release are "forward-looking statements" within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.

Contact Information

  • For more information contact:

    ITU Ventures Media
    Keka Schermerhorn
    (310) 777-5913

    Surfect Investor Relations
    Terry McGovern
    Vision Advisors, Inc.
    (415) 902-3001