Red Herring & IVA Announce Second Annual Israeli Startup Contest - June 10-11, 2007

Red Herring announced today that it is sponsoring the Israeli
Startup Contest 2007 in conjunction with the Israel Venture
Association's (IVA) high-tech conference, taking place June 10-11 in
Tel Aviv. This marks the second consecutive year that the
internationally renowned American media company will conduct an
Israeli competition to evaluate and select the top technology startups
of 2007. Registration for the competition opens this week and will be
split into three tracks: Software & Internet, Semiconductor &
Communications. Three finalists per category will be selected and
profiled in Red Herring prior to the conference. The overall winner in
each category will be announced at the IVA conference.

Joel Dreyfuss, Editor-in-Chief at Red Herring, will direct the
competition. "Israel continues to be one of the world's centers of
innovation," says Dreyfuss. "We look forward to finding the technology
startups that will change the way we live, work, and communicate."

Independent judges, including prominent Israeli entrepreneurs and
the International Editor of Red Herring, Jennifer Schenker, will score
companies based on vision, technological achievement and market
leadership. The competition is intended for early-stage startups in
2007 that are supported by venture funds associated with the IVA.

The winning startups will receive their awards and present their
companies at IVA's annual high-tech conference, June 10-11 in Tel
Aviv, in front of investors, senior government officials, Ms.
Schenker, and Alex Vieux, CEO and Chairman of Red Herring. They will
also gain international exposure in Red Herring and the Israeli media,
and receive access to IDC research material.

About Red Herring

Red Herring, Inc. is a global media company which unites the
world's best high technology innovators, venture investors and
business decision makers in a variety of forums: a leading innovation
magazine, an online daily technology news service, technology
newsletters and major events for technology leaders around the globe.
Red Herring provides an insider's access to the global innovation
economy, featuring unparalleled insights on the emerging technologies
driving the economy. More information about Red Herring is available
on the Internet at www.redherring.com.

About Israeli Venture Association (IVA)

The Israeli Venture Association (IVA) was founded in 1996 in
response to the extensive development of the hi-tech and venture
capital activities in Israel. It is a broad based organization
representing the diverse aspects of the venture capital industry in
Israel. The many initiatives of IVA include supporting and enhancing
the growth of Israeli high-technology industries and providing a
dynamic platform for members to present subjects of common interest.
More information about IVA is available on the Internet at
www.iva.co.il/.