Middlebury, VT, October 15

FreshTracks Capital, L.P. announced today that Timothy C. Davis and Lee E. Bouyea have joined the firm as Managing Director and Associate respectively. Davis and Bouyea join firm founders, Charlie Kireker and Cairn Cross, two established venture finance professionals based in Middlebury, Vermont.

“This is a very exciting time for FreshTracks,” said Kireker, Managing Director of the fund. “We are seeing more opportunities in our target markets, from early stage companies seeking growth financing to later stage companies in the process of changing their capital structure. With the addition of Davis and Bouyea, we can look at a much broader range of investment opportunities.”

Davis grew up in Burlington, graduated from UVM and earned an MBA from Harvard. He has twenty years’ experience managing manufacturing companies and providing successful exits for shareholders. Tim and his wife Susan have a son who graduated in June from Middlebury College and a daughter who is a freshman at Princeton. They have a home in Colchester.

Bouyea is a native of Burlington, VT where his family owned and operated Bouyea-Fassetts Bakery for three generations. Lee graduated from Colgate University and has an MBA from the Tuck School of Business at Dartmouth. His background at eBay, Nextel Communications and Ebates.com includes experience in marketing, as well as product and business development.

FreshTracks Capital seeks to make investments of up to $1.5 million in privately held growth companies. FreshTracks has co-led financings for EatingWell, a Charlotte, Vermont based media company publishing a magazine of food and nutrition and nutrition oriented cookbooks, and for ClearSource, a super regional water bottling company with a flagship plant in Randolph, Vermont. Recently FreshTracks co-led a later stage financing to take private the former NASDAQ small cap Vermont Teddy Bear Company.

FreshTracks Capital (www.freshtrackscap.com) is an $11 million venture fund founded in 2001 that has invested more than $4.5 million to date in its core geographical markets including Vermont, and surrounding New Hampshire and New York counties. FreshTracks Capital’s institutional investors include Middlebury College, Banknorth, Key Bank, National Life of Vermont, the Vermont Community Foundation and the John Merck Fund. FreshTracks Capital is affiliated with Village Ventures, Inc. (www.villageventures.com), an early stage venture capital firm investing in exceptional entrepreneurs building companies in emerging domestic geographies. Village Ventures identifies these investment opportunities in partnership with its nationwide network of early stage venture capital funds that are focused on these emerging domestic geographic markets. The combination of local capital and FreshTracks’ hands-on investment practices--backed by Village Ventures' centralized services and national network--has created an innovative investment strategy, one that is bearing substantive results.