Cherrystone Angel Group and Slater Technology Fund Invest in Ion Signature Technology
PROVIDENCE, RI - (Oct. 31, 2005) - Cherrystone Angel Group and
Slater Technology Fund today announced that they have jointly invested
nearly $500,000 in Ion Signature Technology, Inc. (IST), a Rhode Island
company which has created a software product that significantly speeds
up the analyses performed by mass spectrometry laboratories on a variety
of complex samples, including foods, fragrances, flavors, and environmental
contaminants.
The Cherrystone Angel Group's $310,000 investment is the second for the
private investor group since it was established in early 2004.
Slater Technology Fund's co-investment of an additional $150,000 represents
the second round of financing it has provided to IST since the company
moved from Massachusetts to Rhode Island last year.
IST will use the new financing to ramp up its marketing effort and hire
technical support staff.
"IST's innovative and cost-effective solution to a bottleneck shared
by Mass Spec laboratories around the world makes it an exciting investment
opportunity," said Kenneth N. Kermes, of the Cherrystone Angel Group.
"CEO John Moore and founder Al Robbat have an excellent understanding
of their market and the role IST can play in it, and we look forward to
helping the company grow."
Ronald Unterman, managing director, Slater Technology Fund, said "Re-investing
in IST's seed round was an easy decision for Slater. Their technology
provides a clear benefit for customers, and now that the marketplace is
realizing that, we wanted to make sure that the company was funded to
expand here in Rhode Island. As an early investor, I've had a chance to
work closely with the company since they moved here from Massachusetts
last year, and their hard work has resulted in significant customer traction
and investor interest."
IST President John Moore said, "From product development to bioterrorism,
companies around the globe increasingly are focused on organic analysis
to create a more productive and secure world. Working with The Cherrystone
Group and the Slater Technology Fund has allowed us to accelerate next
generation software development efforts and expand our technical and sales
teams to keep pace. They are a unique class of investor that works closely
with us to ensure we have the resources we need to respond to an incredible
customer demand."
About Ion Signature Technology
Ion Signature Technology, Inc (www.ionsigtech.com),
a privately held company based in North Smithfield, RI, provides data
analysis software to analytical laboratories which require accurate, high
throughput chemical analysis.
Based on the innovative Accurithm deconvolution algorithms, IST's
products reduce the time required to collect, analyze, and report complex
chemical samples. The company increases the productivity and profitability
of high throughput service organizations by providing faster, simpler
and more dependable sample collection and analysis methods.
About Slater Technology Fund
The Slater Technology Fund (www.slaterfund.com)
supports the development of emerging Rhode Island-based high-tech companies
and industries with potential for significant long-term growth within
Rhode Island. Slater typically invests at the inception stage in the development
of a new venture, often based upon ideas and technologies originating
in the private sector, academic institutions and/or government research
laboratories located within the region.
About Cherrystone Angel Group
Founded in 2004, Cherrystone Angel Group (www.cherrystoneangelgroup.com)
provides early stage capital and expertise to innovative startup companies.
Cherrystone is comprised of 40 members from the Rhode Island community
and invests in companies with the business plan and leadership required
to satisfy a well-defined market opportunity.
For further information, contact:
Cherrystone Angel Group
Peter Lowy
Business Communication Strategies
Tel: 781-326-9980
lowy@bus-com.com
Slater Technology Fund
Andy Cutler
Cutler Communications, LLC
Tel: (401)743-7842
andy@cutlerpr.com
Ion Signature Technology, Inc.
Shari Worthington
Telesian Technology Inc.
tel: 508-755-5242
sharilee@telesian.com
© 2005, Ion Signature Technology, Inc. Accurithm is a trademark
of Ion Signature Technology.
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