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Welcome to the May issue of KeiretsuNews.

With 350 members throughout our network of ten chapters, Keiretsu Forum is the largest North American angel network. This Newsletter is from, and for our members. Please enjoy reading about our "mind-share” and best practices in investing, due diligence, market trends, as well as the activities of the Keiretsu Forum Charitable Foundation. Randy Williams, Founder & CEO, Keiretsu Forum.
   Charitable Foundation
2005 Sports for Charity Raises over $130,000!
Keiretsu Forum Charitable Foundation’s 3rd Annual Sports for Charity event was the biggest ever with over $130,000 raised for non-profit organizations. 387 Keiretsu Forum members and friends participated in the auction and dinner, which took place at the beautiful Castlewood Country Club in Pleasanton.

Highlights for the evening included live and silent auction items which raised over $60,000, choral music by the Oakland School for the Arts, presentations from several of the charities present including OPTIC, Foster A Dream and the Foodbank of Contra Costa. [FULL STORY]

   Portfolio Companies
Lucky Litter LLC
In Q1 2005, Lucky Litter received $843K from Keiretsu Forum members in our San Francisco East Bay, Chicago and Boston chapters. Scoop Free by Lucky Litter is a self-cleaning cat litter box you can leave alone for up to thirty days. [FULL STORY]
   Keiretsu Forum Chapters

Keiretsu Forum Dallas/Fort Worth
We are proud to announce the launch of our tenth chapter. Keiretsu Forum Dallas/Fort Worth held it inaugural meeting on April 13, 2005 in Richardson, TX. There have been two Keiretsu Forum meetings with nine deals presented. Six deals received investor interest. [FULL STORY]

   Featured Column

A Better Technique for Disciplined Venture Investment Decisions
By Steven Kam and Jason Ruiz,
Houlihan Valuation Advisors
Section One of this article explores the application of net present value and internal rate of return analysis to assist in choosing between alternative early-stage investments. Section Two develops the principle of value based on rates of return by exploring the difference in reasonable expectations between the venture and mature stages of companies. [FULL STORY]

   By And For Members
Publicly Traded Stocks Suffer
By Harvey Rowen, Keiretsu Forum Member

The first four months of the year have been challenging. The Russell 3000 index of the domestic equity market is down 5.4% through April; NASDAQ is down 11.7%. Large cap stocks have taken over leadership from small cap stocks, which means that they have lost less in the first third of the year. Value stocks continue to outperform growth stocks by a significant amount, which again means that they have lost significantly less in the first third of the year. [FULL STORY]
   PwC MoneyTree
PwC MoneyTree VC Survey Q4 2004 Summary
By Steve Bengston - Managing Director, Emerging Company Services, PricewaterhouseCoopers.

VC investment in the US increased 15% in Q4’04 to $5.3 Billion, vs the prior quarter, and was down 2% vs Q4’03. VC investment for the full year 2004 totaled $20.9 Billion, an 11% increase over 2003. The US continues to dominate the global VC market for technology companies. Silicon Valley remained the #1 area for investment in Q3’04, getting 32% of the US dollars. [FULL STORY]