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Connecticut Innovations Appoints Project Finance Manager

Rocky Hill, Conn., March 21, 2000 - Connecticut Innovations has named Richard R. Barredo of Ivoryton to the position of Managing Director, Project Finance

Barredo's role includes managing Connecticut Innovations' growing bioscience real estate portfolio, structuring and managing financial deals for the Clean Energy Fund, and working with the state's investment community to identify new funding opportunities.

Barredo comes to Connecticut Innovations from the Connecticut Development Authority, where he has been the senior vice president and chief lending officer for two years. He was formerly senior vice president and senior credit officer for the Bank of New Haven. Prior to that, he had held management positions with Connecticut National Bank, First Bank and State National Bank. A graduate of Quinnipiac College, Barredo holds a bachelor's degree in marketing and economics.

Connecticut Innovations makes risk capital investments designed to foster the growth of high-tech, knowledge-based companies in the state. It also manages a number of investment funds, including the $40 million BioScience Facilities Fund, which bioscience companies can use to finance new or additional laboratory space.

Commenting on Barredo's appointment, Connecticut Innovations President and Executive Director Victor Budnick noted, "Dick's expertise and professional network in the finance community will be valuable assets to Connecticut Innovations, especially as our investment in laboratory space continues to grow to keep pace with the needs of Connecticut's burgeoning bioscience industry."

Connecticut Innovations is the State of Connecticut's leading investor in high technology, and has disbursed more than $58 million in investments and program initiatives since 1995. Its Clean Energy Fund was created by the Connecticut General Assembly in 1998 as part of legislation restructuring electric utilities. Money to capitalize the fund comes from a small surcharge on electric utility bills. The Clean Energy Fund, which began formal operations in January 2000, expects to invest approximately $13 million in clean-energy projects and companies this year.

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