Milestone Venture Partners Invests in Knovel Corporation

New York, NY, November 6, 2002 -Milestone Venture Partners, a premier early-stage venture capital firm, today announced a recent investment in Knovel Corporation through its fund, Milestone Venture Partners II. Milestone has invested $550,000 in a growth financing that totaled $2,925,000. Other investors include Himalaya Capital, Stonehenge Capital, Silicon Alley Partners (SAVP), the founders and other employees and investors.

Knovel Corporation is a provider of scientific and engineering reference information in electronic form over the Internet. Knovel’s unique presentation format, database and software tools offer quick searches of high-quality content gathered from a variety of publishers. The software can manipulate and customize the data immediately. The company’s subscription-based information service is targeted initially to Fortune 2000 companies and academic and government institutions through in-house telesales, their primary sales channel.

Prior to founding Knovel Corporation, CEO Chris Forbes headed William Andrew, Inc. (WAI), a print publisher of scientific information, together with WAI’s founder, William Woishnis. Knovel is a spin off from WAI.

Visit Knovel Corporation at www.knovel.com.

Milestone Venture Partners

Milestone invests in early-stage, enterprise information technology companies in the New York City metro area. Knovel is the third recipient of an investment by Milestone Venture Partners II, Milestone’s current fund.

Milestone’s management team, Richard Dumler, Edwin Goodman and Todd Pietri, has extensive experience in equity investing and raising capital. Mr. Goodman and Mr. Pietri co-founded Milestone in 1999.

Mr. Dumler, a 30-year veteran venture capitalist, was a general partner at Lambda Funds and Bessemer Ventures. He was formerly a director of New Ventures for Sears Roebuck and a managing director of the Venture Capital Division of Allstate Insurance. Most recently, Mr. Dumler had been active as a private investor in several new ventures.

Mr. Goodman led the U.S. venture capital group of Hambros Bank for 17 years. The firm invested profitably in Allied Waste; Corporate Software; Komag, Inc PCA International, Inc; Petsmart Inc, RASNA Corporation; Solectron Corporation; Staples, Telematics and Veeco Instruments. Prior to that, Mr. Goodman worked for seven years at Apax Partners (formerly, Patricof & Co).

Mr. Pietri, prior to joining Milestone, co-founded the technology investment banking group at Legacy Securities and headed the consulting and sales organizations at CompuSystems, an enterprise resource-planning software company.

For more information, call Richard Dumler, Edwin Goodman or Todd Pietri at 212-223-7400, or write to Milestone Venture Partners, 551 Madison Avenue, 7th Floor, New York, NY 10022.

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