The Art of Angel

Investing

The Art of Angel Investing

Q: What is the quickest way to learn about

Angel Investing and local Angels?

•The Angel Capital Association (“ACA”) funded by the Kauffman Foundation

•The ACA 2009 Summit will be in Atlanta, Georgia April 15th -17th at the:

InterContinental Buckhead Hotel Atlanta 3315 Peachtree Road NE

Atlanta, GA 30326 (404) 946-9000

•Registration information may be found at the ACA website. www.angelcapitalassociation.org

Opening Remarks

Q: What is an Angel Investor?

• Legal definition: "Accredited Investor" as defined in the Securities Act of 1933 for individuals means a natural person who has individual net worth or joint net worth with the person's spouse that exceeds $1 million at the time of the purchase," OR "a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year."

The Art of Angel Investing

The Art of Angel Investing

Featured Panelists:

• Dale Younce, Retired Gulftel Executive, Angel Investor

• Monty O’Neal, Retired Private Equity Executive, BMando Investment Banking

• Rus Howard, Retired Executive, Whitesand Investments, Angel Investor

• Randy Wingard, Retired corporate Venture Capitalist, Wingard Enterprise

Moderator: Denise Browning

Introduction of Panelists

Dale Younce is a lifetime Baldwin County resident and serial entrepreneur. Mr. Younce is an angel

investor primarily in the technology and telecommunications space, and occasionally dabbles in real estate. He

gained his telecommunications experience at Gulftel Communications. Gulftel Communications, the 38th largest

privately held phone company in the country, was founded in 1929 and serviced over 40,000 customers along the

Gulf Coast.

He served in various capacities including Outside Plant Construction Manager rising to the position of General

Manager, and a member of Board of Directors.

Mr. Younce was promoted to General Manager of the day to day operations in 1997. As General Manager he was

able to increase profitability greater than 100% in just one year. Through his vision and leadership Gulftel , over a

two year period, became an acquisition target for Madison River Communications. Gulftel was sold to Madison

River for $315,000,000. The shareholders of Gulftel Communications received the highest price per share ever paid

for an independent local Exchange Carrier.

Monty O’Neal has had a thirty five year career which has included banking, corporate finance and venture capital. He most recently served as a Senior Financial Advisor with Merrill Lynch. Prior to that, he co-managed a $40 million expansion stage private equity fund in the Washington, DC area. Previously he served as the corporate financial manager for the American Export Group also located in Washington, DC where he arranged trade finance and foreign currency contracts. He was also a senior international investment officer for The Overseas Private Investment Corporation (OPIC) and where he structured global project financing.

He served on the Fairfax County Economic Development Board's small business council. He was selected in 1975 for the Export Import Bank of the U.S. fellowship program. He is an undergraduate of Auburn University. He has a MBA degree from Trinity College and a MIM degree from the American Graduate School of International Management. He has served on numerous boards of small businesses.

www.bmando.com

Rus Howard has over 25 years of experience in technology and hi-growth business development and has served on many boards and advisory councils in business and charitable organizations. He earned his MBA from Cornell University's Johnson Graduate School of Management, where he focused his studies on Entrepreneurship, and managing innovation and technology. Mr. Howard interned with SROne the venture capital arm of SmithKline Beckman. Mr. Howard founded Phyton, Inc., a Biotech company that manufacturers high-value phyto molecules, and served as its CEO and Chairman. Phyton produced paclitaxel the active ingredient of Taxol, a multi-billion dollar anticancer drug sold by Bristol Myers.

Mr. Howard is a co-owner and officer of Silver Bullet Technology, a software company manufacturing and selling software for the banking and payment processing industry, where he has been primarily responsible for corporate and financial oversight as well as strategic planning. Prior to Silver Bullet, Howard served as president and CEO of BioWorks Inc., a biotechnology company he founded to develop, produce, and sell products that replace chemical pesticides.

His entrepreneurial endeavors led Mr. Howard to being named a finalist in Ernst and Young's 1996 New York Entrepreneur of the Year award sponsored by NASDAQ and USA Today. Mr. Howard has been a speaker and guest lecturer at Cornell and other educational institutions, and a featured symposium speaker presenting case studies on Capital Raising.

www.whitesandinvestments.com

Randy Wingard is President of Wingard Enterprises, Inc., a strategic, financial and human resources

management and consulting firm, advising and/or investing in early stage ventures involving medical technology, medical devices, start-ups and acquisitions/divestitures in timber and wood preservation, residential and commercial real estate development, plus growth management and employee development for a variety of service and manufacturing enterprises, including personal directional involvement in founding and formation of business entities.

Mr. Wingard is a Partner in Mobius Associates, a firm that specializes in behavioral dynamics: optimizing performance and fulfillment through serving and leading in large and small institutions; including employees, managers and boards, and a Strategy Consultant to the University of South Alabama and The Venture Research Institute (California). USA and VRDI have teamed up in order to complete clinical trials, obtain FDA approval, and market a new Cancer Vaccine developed by USA Medical Research Center.

Prior to starting Wingard Enterprises, Mr. Wingard was a Senior Corporate Vice President and spent 35 years with Koppers Company, Inc. (International) Koppers is a Fortune 500 world-wide manufacturing, engineering and construction company. During his tenure he held executive level positions, traveling extensively in Japan, Australia, Turkey, and Western Europe. Responsibilities included corporate marketing, purchasing, human resources, transportation, acquisition analysis and strategic planning.

Mr. Wingard was asked by Senior Management to form a Koppers controlled venture capital firm, and was a founding Director and Vice President of KOPVENCO. KOPVENCO invested in start-up and early stage ventures in chemicals, robotics, plant genetics, fiber-optics, medical, and early stage university-based research projects, including funding, marketing, divestiture, and IPO’s as appropriate. Koppers was acquired through a hostile takeover by Hanson Industries, Inc. (England).

Denise Browning is a new Principal of Browning Mecke & O’Neal, a local Investment Banking firm. Additionally, she is the Founder and President of Hunter Ventures LLC, a five year old business that invests in, assists with capital raising for, and provides financial consulting services to municipalities, real estate developers, and start up and small businesses. She is a licensed real estate salesperson in the State of Alabama. Ms. Browning was an interim Executive Manager of the Ceres Venture Fund, a $2.5 million early stage venture capital investment fund located in Chicago, Illinois during its formation phase.

Prior to that, Ms. Browning managed a $1.6 billion Non Rated Municipal Bond portfolio for Allstate Investments. Ms. Browning began her career at Continental Bank, where she was a Vice President for the Real Estate Group that lent nationally out of Chicago, covering most high growth markets. While at the Bank, Ms. Browning started in systems programming COBOL and IMS, sold bank financial services to her clients, and sold whole loans to domestic and foreign banks. Ms. Browning has an MBA in Finance from the University of Chicago, and a BS in Business Management - Marketing, from Purdue University. She is a volunteer for the Baldwin County Economic Development Alliance, a member of the Capital Formation Committee and the Technology Innovation Center creation committee. She is a member of the Mobile Area Chamber of Commerce and consults with the Downtown Mobile Alliance. She serves on Boards including Smart Coast and Educators Resource.

Denise Browning, Principal, Browning Mecke & O'Neal LLC (251) 625-6291

www.bmando.com

Denise Browning, Principal, Browning Mecke & O'Neal LLC (251) 625-6291

Questions for the Panelists

Q:  How and why did you become an Angel?

Q: What is an investment that you have made that will offer a learning

opportunity for this audience of entrepreneurs?

Q: What types of deals would you like to see?

The Art of Angel Investing