STATEMENT:
The Charleston Digital Corridor Foundation is a South Carolina non-profit, 501(c)(6) organization. Its mission is to attract, nurture and promote technology based investment in the Lowcountry.

To that end, the Board of Directors of the Charleston Digital Corridor Foundation established the Corridor Fund - which consists of privately contributed funds to assist start-up companies targeted by the Digital Corridor. These funds are separate from the Digital Corridor's annual operating budget, contain no public monies, and currently total $35,000. The Foundation invested these monies in Parish Economics, LLC.

The April 6, 2007 headline in the Post and Courier titled "Economist Accused of Fraud" alleges that Parish Economics, LLC is under investigation by the Securities and Exchange Commission (SEC).

Ernest Andrade, Executive Director of the Foundation said, "It is my hope this matter is resolved in such a manner that the Foundation recovers all its monies. This matter will have absolutely no impact on the daily operations of the Digital Corridor or its ability to serve the businesses that comprise our knowledge-based economy."