Poised for Growth--Smart Furniture Appoints Board of Directors
Chattanooga, Tenn., October 15, 2004 - Smart Furniture, Inc., an innovative web-based provider of patented organizational, workspace and display solutions, announced today that it has appointed three new members to its Board of Directors. The new directors are Grady Vanderhoofven, Executive Vice President of Southern Appalachian Management Company, Don Mundie, Managing Partner of Delta Capital Management, LLC, and T. J. Gentle, an attorney with Miller & Martin PLLC.
"I am pleased to announce the appointment of Grady Vanderhoofven, Don Mundie, and T. J. Gentle to our Board of Directors," said Stephen Culp, Chairman and CEO of Smart Furniture. "In a period of anticipated high growth following a recent round of venture capital funding, I believe their experience and leadership will be instrumental to Smart Furniture's growth and ability to expand our customer-centric design solutions to a mass market," Culp added.
Mr. Mundie, co-founder of Delta Capital Management, has been active in the securities industry for over 20 years. Prior to Delta Capital, Mr. Mundie was with the Investment Banking Group of Union Planters National Bank where he was responsible for the structure and placement of various debt and equity transactions designed for banks, insurance companies and pension funds. Before joining Union Planters, Don worked for the consulting practice of Ernst & Whinney in Memphis. He received his MBA in Finance as well as his BA in Management from Mississippi State University. Mr. Mundie serves on the Board of Directors of Delta's portfolio companies: Nextek, Inc., uMonitor, Inc., ServiceU Corporation, MedEvolve, Inc., Accuship, Inc. and Forum Technologies, Inc. He also serves on the Board of The Memphis Area High Technology Council.
Mr. Vanderhoofven is the Executive Vice President of Southern Appalachian Management Company, LLC, the General Partner of the Southern Appalachian Fund, a venture capital fund focused on the southern Appalachian region of the United States. Prior to joining the Southern Appalachian Fund, Mr. Vanderhoofven was the Assistant Fund Manager for Southeast Capital Partners, L.P., a venture capital fund focused on Tennessee and the adjoining states. Mr. Vanderhoofven has more than 10 years of experience at Oak Ridge National Laboratory (ORNL), where he led the group responsible for identification and commercialization of intellectual property developed in an R&D organization with an annual budget exceeding $300 million. While at ORNL, he negotiated more than 50 license agreements and more than 125 commercial research and development agreements with national and international companies ranging from new company start-ups to Fortune 500 corporations. Mr. Vanderhoofven led ORNL in the creation of twelve start-up companies founded to commercialize technology developed at ORNL. Mr. Vanderhoofven has both a bachelor’s degree and a master’s degree in mechanical engineering from Yale University.
Mr. Gentle is a corporate attorney with Miller & Martin PLLC. He works with early stage and high growth technology companies, assisting them with raising venture capital and related financing, structuring strategic alliances and joint ventures, mergers and acquisitions, and intellectual property licensing. Mr. Gentle was a cofounder of the Chattanooga Technology Council and currently serves as its President & CEO. He is the Chattanooga representative to the Tennessee Technology Network. Mr. Gentle is licensed to practice law in Tennessee and Georgia and is a member of the Chattanooga, Tennessee, Georgia and American Bar Associations. He received a B.S. in political science from Middle Tennessee State University and a J.D. from the University of Tennessee College of Law.
About Smart Furniture
Located in Chattanooga, Tennessee, Smart Furniture, Inc. provides patented organizational, workspace and display solutions for customers in all 50 states and Canada via an award-winning web model at www.SmartFurniture.com. Combining the most functional aspects of web technology and industrial design, Smart Furniture saves both company and customer three precious resources: time, space, and money. On the forefront of the accelerating migration to "smart" products, Smart Furniture sets a benchmark in design, masscustomization, and the customer service experience.
About Delta Capital Management
Delta Capital Management, a Memphis-based venture capital firm with offices in Chattanooga, manages over $90 million in capital and seeks investments for its second investment fund, Delta Venture Partners II, L.P. DVPII is a $16 million venture capital fund focused on making investments in emerging growth companies located primarily in the southeastern U.S. DVPI consists of 16 companies in information technology, healthcare, supply chain/logistics, and telecommunications.
About Southern Appalachian Fund
The Southern Appalachian Fund is a New Markets Venture Capital Company, providing equity capital and operational assistance for early-stage and growth companies in low income areas in Kentucky, Tennessee and the Appalachian counties of Mississippi, Alabama and Georgia.