Innovation Works Announces John Hammer as Chief Financial Officer And Chief Investment Officer

Nov 10, 1999, 00:00 ET from Innovation Works, Inc.

    PITTSBURGH, Nov. 10 /PRNewswire/ -- Innovation Works, Inc. announced today
 that John R. Hammer has joined the organization as Chief Financial Officer and
 Chief Investment Officer.  In this position, Mr. Hammer is responsible for
 overseeing the financial operations of Innovation Works and capitalizing
 technology companies in accordance with the organization's new mission.
     (Photo:  NewsCom: )
     Prior to joining Innovation Works, Mr. Hammer worked as a director for
 Axia Partners, LLC, a New York City based investment bank and management
 consultancy specializing in early-stage technology firms.  In this role, he
 managed consultancy and investment banking operations.  He also headed Capital
 Access Partners, an investment and strategy advisory firm focused exclusively
 upon counseling and raising capital for early-stage telecommunications,
 electronics, software, Internet, and medical device ventures.  Other positions
 held by Mr. Hammer include vice president at Weatherly Private Capital, a New
 York merchant bank, and MMC Group, a Pittsburgh leveraged buy-out firm.
     Mr. Hammer is the latest addition to Innovation Works' expanding staff of
 seasoned high-tech professionals who bring private industry experience to
 Innovation Works' companies.  "John's experience is essential to implementing
 our new funding approach which is investment driven versus grant oriented.
 John will help us assess the financial quality of investments and structure
 payback terms that are mutually beneficial to both Innovation Works and
 entrepreneurs," said Douglas Goodall, President and CEO of Innovation Works.
     "Innovation Works provides tremendous opportunity for quality technology
 firms to obtain funding where few other investors dare tread," said Mr.
 Hammer.  "I am quite excited to be a part of this process and have the ability
 to contribute and shape the methodology that will be in place for years to
     Mr. Hammer has a Bachelor of Science degree in Industrial Engineering from
 Northwestern University and a Master's of Business Administration from the
 University of Pittsburgh's Katz Graduate School of Business.  Mr. Hammer and
 his wife reside in Pittsburgh, Pa.
     Innovation Works is a community-funded investment organization that
 emerged from the Ben Franklin Technology Center of Western Pennsylvania and
 the Enterprise Corporation.  Innovation Works' mission is to increase the new-
 enterprise success rate in southwestern Pennsylvania by insuring that high-
 potential technology companies have efficient access to the right people,
 expertise, and risk capital.  Innovation Works invests in firms that develop
 high-technology products or services; have fewer than 100 employees; are less
 than three years old; and reside in Allegheny, Armstrong, Beaver, Butler,
 Fayette, Greene, Lawrence, Washington or Westmoreland county.  Please call
 412-681-1520 or visit for more information.

SOURCE Innovation Works, Inc.