Jeff Pulver resigns as Pulvermedia chairman

The investor is still looking for early-stage start-ups in Israel.

As of present, the fate of Pulvermedia remains unclear, as is the real reason for Pulver's decision to step down although in a brief announcement on his blog he said, "Just wanted to share the news that I have resigned as a director from Pulvermedia. And I am not able to say anything else nor can I address any questions about this."

Pulver is always courted during his visits to Israel by local entrepreneurs, hoping to secure a commitment from him to invest in their companies by joining his entourage and attending his breakfasts for the media fraternity. Yet the announcement of his resignation may not necessary spell the end to dreams like these. "If you are aware of any early stage hi-tech Israeli start-ups that I should be aware of, please feel free to contact me. I am in the process of setting up meetings with early stage startups for my next trip to Israel which will be taking place in mid-May," Pulver wrote in a post on his blog yesterday. Among the companies Pulver has invested in so far are Kayote Networks Inc., SemantiNet Ltd., UrbanSeeder Ltd., Voov, and ZShow Ltd..

It is believed that Pulver's resignation is connected to the decision by its investor, TICC Capital Corp. (Nasdaq: TICC), to pull out of the company after investing $11 million in it in June 2007. TICC had to write off most of its investment in Pulvermedia, following a dramatic fall in its revenue and profit.

Published by Globes [online], Israel business news - www.globes-online.com - on April 27, 2008

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