Blue Cove Ventures invests in leading wind energy company

I'm delighted to announce the first investment by Blue Cove Ventures. We are co-investing with Innovation Capital in a Canberra company called Windlab Systems. I have had the pleasure to be closely involved with the team at Windlabs since December 2004. They are "A" players with unique IP, excellent market timing and a vast addressable market. This investment will accelerate their expansion.

The full media release is below.

Windlab Systems Successfully Completes a A$5 million Capital Raising.

Canberra, 17 August 2007.

Windlab Systems, a world-leader in the development and application of atmospheric modeling systems used globally to locate and develop wind energy sites, today announced the successful close of a A$5.0million equity financing. The investment round was led by Innovation Capital, a leading Australian venture capital fund and included investments from Blue Cove Ventures, and the continued support of Epicorp and other existing shareholders.

"Windlab Systems has enjoyed excellent growth over the past 4 years since its inception, and is benefiting from operating in a global market that is experiencing unprecedented growth and long term opportunity" stated Windlab's CEO Mark Sinclair.

Sinclair said, "Our world leading technology provides a sustainable competitive advantage in this increasingly active market and the successful conclusion to this funding round will provide the resources needed to implement our aggressive growth plans."

Innovation Capital's Roger Price said "We are excited by the prospects for this business in the rapidly developing wind energy sector. Windlab has an exceptional technology platform, a well rounded and experienced team and a track record of successful early stage growth". Nick McNaughton, CEO, Blue Cove Ventures said "We are delighted to be co-investing with Innovation Capital. They have a strong team and a successful investment track record". He went on to say "Windlab has executed well over their formative years. This investment now provides the capital to accelerate expansion".

Windlab, a successful spin-out from Australia's CSIRO and Graduate from Epicorp's Incubation program, is active across four continents, and has partnerships with strong global infrastructure organisations. "We will continue to develop prospects in targeted global markets where the opportunities for growth and value creation are highest" said Mark Sinclair. "We look forward to working with Innovation Capital as a strategic investor in the business, and developing a significant portfolio of valuable wind farm assets globally."

About Windlab Systems: Windlab Systems is a world-leader in the development and application of atmospheric modeling systems used globally to locate wind energy sites rapidly and cost-effectively. Windlab has also developed advanced wind modeling tools, which combined with our powerful modeling suite, dramatically reduces risk by enabling a detailed understanding of the wind resource very early in the development cycle of a project. www.windlabsystems.com

About Innovation Capital: Innovation Capital is a leading Australian venture capital firm that invests in physical and life science ventures. It provides finance and commercial expertise to assist Australian entrepreneurs build world class technology companies. It has offices in Australia and the United States. www.innovationcapital.net

About Blue Cove Ventures: Blue Cove Ventures invests in innovation and is committed to building successful technology companies. Blue Cove is based in Canberra and is backed by Hikari Asset Management a subsidiary of the Hikari Tsushin Group from Japan. www.bluecoveventures.net

For further information, please contact;

Mark Sinclair - CEO Windlab Systems Pty Ltd +61 407 303 654