Upstate Carolina Angel Network Organizational Meetings

Based on an overwhelming interest in the formation of an Angel Investors network, we are moving forward in the final stages of organization. It is the purpose of this document to give you an overview of the structure that is being contemplated. It is our hope that you can review this plan and decide your interest in joining our group.

The format of this document is in a question and answer layout answering the basic questions that you may have.

It is an exciting time for burgeoning companies, and I hope you plan to be a part.

Open to Accredited Investors

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; 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.

Fund vs. Individual Choice

The majority of the 290 Angel Groups around the country have chosen individual choice, and so have we. UCAN members will be able to choose on a case by case basis whether to invest or not invest on the opportunities that are presented to the Group.

Will we be member managed or manager managed?

There was a strong feeling that a professional should be employed to manage the day to day operations including: deal flow, company screening, review of financials, term sheets and proformas, coordination of other angel groups, structuring meetings, maintaining contact with funded companies and maintaining the confidential database for the group.

What is required other than my investment?

Though we have a professional manager, it is hoped that each member would serve on various committees that will be formed. It is hoped that each member has expertise in differing areas, and that assisting in the due diligence and ultimate assistance and advice to funded companies would be beneficial to all. We would also hope that you would at least invest in one company during a two year period. Minimum investment of $5,000 per investment.

What are the dues?

The annual dues to become a member are $2,500 per year and are open to any accredited investor in our area. The amount was determined by the need to attract quality management to oversee the success of this operation.

How often will we meet?

We will hold 10 meetings per year. The meetings will be held the third Friday of every month with the exception of July and December then 7:30-9:30 AM. A light breakfast will be included. The first actual meeting will be Friday March 21, 2008 at a place to be determined.

How can I learn more about angel investing?

We are scheduling a one day Angel education session taught by the Angel Education Foundation in association with the Kauffman Foundation sometime in the spring.

Next steps

Two similar meetings to answer questions are scheduled for either Thursday, February, 7th from 4:30 to 5:30PM or Friday, February 8th from 8:00 to 9:00 AM at RBC Liberty on 2000 Wade Hampton Blvd. . We will discuss the final details so as to kick off our first meeting in March 21st, 2008.

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