Cottonwood Technology Fund Announces Latest Investment in FibeRio Technology Corporation

Online, September 13, 2010 (Newswire.com) - (El Paso, TX)-Cottonwood Technology Fund-a venture capital fund headquartered in the U.S./Mexico border region-proudly announces its latest investment geared towards greater global economic and technological development. The fund is partnering with FibeRio Technology Corporation, which has pioneered a new process to create the microscopic nanofibers used widely from traditional textiles and filtration products to medical supplies and aerospace materials, with further potential applications ranging from tissue engineering to drug delivery.

A press conference announcing this investment in addition to a new grant from the state of Texas will take place on Tuesday, September 14, at the University of Texas-Pan American (UTPA). The conference will feature UTPA President Dr. Robert Nelsen, Rio Tech Fund Executive Director Eva-Jean Dalton, FibeRio CEO Ellery Buchanan, Cottonwood Technology Fund Managing Partner Beto Pallares, McAllen Chamber of Commerce rep Steve Ahlenius, and UTPA Innovation & Intellectual Property Director Jackie Michel.

Originally developed at UTPA, Forcespinning™ is a much more environmentally sound breakthrough in nanofiber production that reduces manufacturing costs up to 75% while broadening the range of applicable materials. FibeRio's experienced management team is dedicated to scaling up this powerful new technology to meet the most demanding industrial requirements. Planned product launches range from research scale to high output continuous in-line processing equipment. The capacities of these machines will far exceed currently used nanofiber production methods, resulting in broad implications for a huge variety of industries.

"We feel that we have found the ideal partner in Cottonwood Technology Fund to help us achieve our goals," said Buchanan. "They are savvy technology investors and businessmen. Our early stage fits their targeted profile and we both value integrity and have a real interest in advancing economic growth and the technology industry in the Valley." Pallares said, "Consistent with our model, our investment in FibeRio is primarily focused on backing a capable team that's introducing a disruptive technology at a time when nanofibers hold so much promise. We are confident in the company's contributions to the field and the team's ability to execute."

With Forcespinning™, a variety of materials can be used, making it more versatile and cost-effective than the current electrospinning process. With the development and manufacturing of Forcespinning™ machinery for commercial applications, FibeRio will formulate strategic relationships with commercial and academic leaders in key markets including filtration, catalytics, energy, textiles and biomedical devices.

FibeRio is headquartered in Edinburg, Texas and can be found online at www.FibeRioTech.com. The company is supported by UTPA's Rapid Response Manufacturing Center (RRMC), which is dedicated to developing and applying emerging technologies that improve the competitiveness of manufacturing companies while assisting entrepreneurs to form new enterprises and providing specialized workforce education. It is also the first regional technology start-up company based on inventions resulting from faculty research out of UTPA. "Technology-based economic development (TBED) flowing from university research can increase the standard of living in a region," said Michel. "The creation of new local job opportunities by FibeRio is a demonstration of the impact TBED can have in Rio South Texas."

Cottonwood Technology Fund is a seed-stage technology commercialization fund with offices in Los Alamos and Santa Fe, New Mexico as well as El Paso, Texas. It marks the first time a venture capital fund has headquartered in El Paso, servicing the world's largest border metroplex via development of new technologies from the area with formal funding to back it. CTF aims to cultivate the entrepreneurial community in the Southwest Region from Austin, Texas to Phoenix, Arizona. More information can be found at www.CottonwoodTechnologyFund.com.

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To set up interviews or inquire about FibeRio and Cottonwood Technology Fund, contact Lisa Y. Garibay at [email protected] or 915-996-9846.