FOR IMMEDIATE RELEASE            

CONTACT: Linda Hemingway            
Director of Market Development & Communications
Sirti
509-358-2031
lindah@sirti.org

Two Inland Northwest Technology Companies Tap Sirti Technology Growth Fund for Market Acceleration

IBQ Systems and GeoData Technologies Receive Growth Capital

Spokane, WA – February 25, 2009 – The Sirti Foundation Board and the Business Development Corporation of Eastern Washington announced today that they have completed two recent loans totaling $670,000 via the Sirti Technology Growth Fund. IBQ Systems and GeoData Technologies received a capital infusion to fund continued product innovation and market development.

IBQ Systems is a Spokane based application service provider focused on increasing productivity in the insurance industry via the internet. IBQ's products concentrate on the exchange of data between insurance companies and agents, helping to move the industry away from paper based transactions, increase the efficiency of the insurance sales and maintenance process, and reduce the cost per transaction. A loan in the amount of $170,000 closed in December and a second installment of $170,000 is anticipated to close in late February.

“Sirti and the Sirti Foundation Board have proven their ability to not only accelerate startups, but high-growth technology companies as well”, said Brian Hopkins, CEO of IBQ Systems. “This loan will fuel our expansion into new geographic regions and allow us to move aggressively toward our growth goals.”

GeoData Technologies is the leading provider of 3D collaborative software used by real estate professionals. Their virtual reality technology, SiteSeer3D™, allows buyers to visualize properties that meet their search criteria using high resolution, photo-realistic aerial imagery combined with data sets such as parcel boundaries and MLS data and photos. Buyers visit the site virtually to analyze the property, views and neighborhood from all directions before they even leave their home or office. SiteSeer3D has been embraced by brokerages and agents that are committed to improving interactions with buyers, increasing productivity, shortening the sales cycle, and differentiating themselves from their competitors. GeoData Technologies is headquartered in Sandpoint, ID and also has offices in Boise, ID and Spokane, WA.  The $330,000 loan will be utilized for ongoing product development and market expansion.

“This financing will enable us to enhance our leadership position within the real estate software market and prepare us for further growth”, said Mark Williams, CEO of GeoData. “In a difficult economic climate, the Sirti Technology Growth Fund is a rare source of capital that will accelerate our market growth and is of vital importance to the recovery of our regional economy.”

“IBQ and GeoData are two Inland Northwest software companies with innovative products and large market potential”, said Kevin Cable, President of the Sirti Foundation Board. “Both are well positioned for growth, have experienced leadership, and will use the capital financing to grow, post profits, and create jobs.”

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About IBQ Systems
IBQ Systems is an application service provider (ASP) focused on increasing productivity in the insurance industry via the internet. IBQ's products concentrate on the exchange of data between insurance companies and agents. By moving the industry away from paper based transactions, IBQ increases the efficiency of the insurance sales and maintenance process, while also reducing the cost per transaction. Established in 1998, IBQ software products are used by insurance carriers in Washington, Idaho, Oregon, Montana, and Utah. For more information about IBQ Systems visit their website at www.ibqsystems.com

About GeoData Technologies
GeoData Technologies is the leading provider of 3D collaborative software used by real estate professionals. GeoData Technologies provides the tools, data layers, services and training to increase productivity, generate more leads and reduce costs. Its first product, SiteSeer3DTM, is a powerful real estate search and analysis tool that employs 3D photo realistic imagery to give buyers a sense of neighborhood. GeoData Technologies is headquartered in Sandpoint, ID and also has offices in Boise, ID and Spokane, WA. For more information about GeoData, visit their website at geodatatechnologies.com.

About Sirti Foundation
The Sirti Foundation is a tax-exempt entity that is privately funded through grants and contributions to help support Sirti’s vision and mission.  In particular, the Sirti Foundation pursues funding for special projects which help deliver results under Sirti’s mission. The Sirti Foundation has six independent board members representing executive leadership from various industries and three board members from the Sirti board.

About Sirti
Sirti is an agency of the State of Washington which is a collaboration of business, higher education and government to accelerate the development and growth of technology-based companies in the Inland Northwest, especially in Eastern Washington. Its target clients are innovative technology companies with defensible intellectual property, large market potential, and principals who show a strong desire to grow their business. Sirti offers two state-of-the-art buildings with a total of 40,000 square feet of space with wet labs and light manufacturing potential along with full service offices and a sophisticated IT infrastructure.  Sirti offers business coaching and management assistance, as well as access to capital and Sirti IP/BizNet legal services. Sirti’s experienced staff and veteran entrepreneurs provide expertise in technology assessment, market research, strategic planning, marketing, finance and management for both start-ups and high-growth businesses.  

For more information, visit Sirti online at www.sirti.org or contact us at 509-358-2000.

About Business Development Corporation of Eastern Washington (BDC)
The Business Development Corporation of Eastern Washington (BDC) was created to serve as a community economic development tool providing debt financing to startup, early stage and emerging businesses that demonstrate a high probability for success.  Financed by community conscientious investors, and supported by a consortium of regional and community member banks, the BDC provides an innovative way to leverage precious investment capital.  Each member bank contributes to a pool of funds which are, in turn, invested downstream to qualified loan applicants. This arrangement provides debt financing to those most promising, growth-oriented businesses are community wants to attract and retain, while distributing the associated credit risk among the consortium’s participating member banks. The BDC is a unique financing vehicle designed to enhance the economic prosperity of our community and its citizens. For more information, contact the BDC at 509-747-1800.