>>Africa Venture Partners <<

JOHANNESBURG 24 February 2006: AVP has created a new black empowerment company, Circle Technology Partners, to invest in telecommunications, media, and technology businesses in South Africa. AVP’s partner, Circle Capital Ventures is a black owned investment company with assets in the health, ICT, and industrial sectors.

Dr. Mamphela Ramphele, former MD of the World Bank and ex vice-chancellor of the University of Cape Town, is the Executive Chairperson of Circle Capital Ventures. Circle Capital was founded in 2002 by Hlumelo Biko and Blessing Rugara. The company boasts a highly skilled investment team and has institutional investors from the US, SA, and Europe. Circle’s South African investors include Standard Bank, Sanlam and the Oppenheimer family. In the technology space Circle holds investments in Cueincident, a surveillance systems company, and CommsCo the ICT services business in which Circle has co-invested with Venfin.

Eric Wright, Chief Executive of Circle Technology Partners, said of the new venture, “With AVP’s deep telecoms and technology expertise and the investment and empowerment credentials of Circle Capital Ventures, Circle Technology Partners is well positioned to establish a portfolio of strategic investments in the South African TMT sector.” Circle Technology Partners will pursue investments in high growth sub-sectors of the telecoms, media and technology sector and with companies that can benefit from having an active empowerment partner.