Client Company News
SOURCE: TECH VALLEY COMMUNICATIONS

TECH VALLEY COMMUNICATIONS SECURES INVESTMENT FROM BIA DIGITAL PARTNERS: INVESTMENT FUNDS GROWTH OF RAPIDLY EXPANDING COMPETITIVE TECHNOLOGY COMPANY

Albany, NY - April 29, 2004 - Tech Valley Communications (TVC), the only locally owned, facilities-based CLEC (Competitive Local Exchange Carrier) in the Tech Valley Region, announced today an investment commitment of $4.125 million by BIA Digital Partners LP, a Chantilly, Virginia-based venture capital fund. The investment provides growth and working capital to Tech Valley Communications to expand its telecommunications business in the Tech Valley region of New York State.

"This investment by BIA Digital Partners, their first in the region, is yet another positive signal for Tech Valley Communications, our growing Tech Valley region, and our industry," noted O'Connor. "Our ability to raise this capital and invest it in our region's telecommunications infrastructure helps to prepare the region for the next wave of technology-based growth among companies dependent upon bandwidth and sophisticated connectivity to drive their businesses."

Tech Valley Communications receives this capital infusion following another year of strong results for 2003, clearly bucking the downward trend and several years of upheaval in the telecommunications industry. Revenues in 2003 grew 34.7% from $ 7.8 million in 2002 to $10.5 million in 2003. The company continues to increase profitability for three years running and was recently recognized by Inc. Magazine as one of "20 Companies to Watch" as part of Inc.'s ranking of the "Inner City 100." In addition Tech Valley Communications was awarded the 2002 Rising Star Award from Techconnex, a local technology company association.

"Tech Valley has done a tremendous job developing commercial, government, and not-for-profit business, increasing revenue and profitability, and becoming a creative service provider offering a variety of customized voice and data solutions," said Charles Wiebe, a Principal with BIA Digital Partners. "The company has leveraged its network assets to develop a business with the 'franchise' characteristics we look for in investments. We are pleased to become Tech Valley's financial partner."

Lloyd Sams, also a Principal of BIA Digital Partners, will serve on Tech Valley's Board of Directors. "BIA Digital Partners was able to quickly understand our business and the growth opportunities facing our company," stated Tech Valley Communications' CEO, Kevin O'Connor. "Their capital will help us improve our market share in one of the most fertile telecommunications regions in the northeastern United States." BIA Digital Partners is an $88 million private investment fund. The Fund's formation was in direct response to the lack of mezzanine capital available for growing communications organizations. The Fund focuses on mid- to later-stage companies operating in the media and telecommunications industries, including cable television, publishing, wireless and landline telephony, radio and television broadcasting, towers, security alarm, movie theater exhibitors and outdoor advertising.

DH Capital, LLC, an investment banking firm serving the media and communications industries, acted as exclusive financial advisor to Tech Valley Communications on the placement of the notes. For information on DH Capital, please visit the firm's website at www.dhcapitalllc.com. Tech Valley Communications, headquartered at 87 State Street in Albany, has 50 employees in three locations in downtown Albany.

About Tech Valley Communications (TVC)
Tech Valley Communications (TVC), formed in 1999, is the only locally owned, facilities-based telecommunications provider headquartered in the Capital Region of New York State. The Company is a Competitive Local Exchange Carrier (CLEC), offering a full range of local and long distance voice, data and Internet services at competitive prices to commercial and residential customers. It also operates a Campus Tech subsidiary, which provides a full complement of communications services to school districts, colleges and universities in the Northeast. For more information and access to an online quote for services, log onto www.techvalleycom.com