BOARD OF DIRECTORS

Mr. Peres is a Managing General Partner and Co-Founder of the Pitango Venture Capital partnership. In 1992, he founded the Mofet Israel Technology Fund, an Israeli venture capital fund publicly traded on the TASE (Tel Aviv Stock Exchange), which he managed until 1996, when he co-founded Pitango. Prior to Mofet, he was VP Marketing and Business Development at Decision Systems Israel (DSI), and a Senior Consultant to Israel Aircraft Industries (IAI). Mr. Peres served as a pilot in the Israeli Air Force for 10 years. He holds an MBA degree and a Bachelor of Science degree in Industrial Engineering & Management from Tel Aviv University.

Dr. Barel has been active for the last 17 years in the international venture capital business. Dr. Barel established STAR at the beginning of 1992 with the objective of actively investing in Israel-related companies. From 1986 – 1992, Dr. Barel served as Investment Manager, and later, as Managing Partner of TVM – Techno Venture Management GmbH & Co. KG, one of the largest venture capital companies in Germany. Dr. Barel holds a Master's Degree and a Doctorate Degree (Dr.-Ing.) in Electrical Engineering from the Department of Data Communication at the Technical University in Aachen, Germany.

Mr. Crocker has more than 25 years of experience in the high-tech industry, including venture investing, general management and investment banking. Mr. Crocker joined the Pitango team as a Managing Director with the combination of the Eucalyptus and Pitango management groups in April 2000. Prior to that, Mr. Crocker co-founded Eucalyptus Ventures in 1997, and since that time has served as Managing Director of the fund. Prior to founding Eucalyptus, he served as a managing director in technology investment banking at Hambrecht & Quist. Mr. Crocker led the development of H&Q's initial underwriting practice in Israel, and sponsored six H&Q venture investments. Mr. Crocker previously served as President and CEO of Exploration Systems, a start-up application software company targeting the oil and gas exploration markets, and of EG&G Geometrics, a manufacturer of geophysical instruments and a supplier of airborne geophysical survey services. Mr. Crocker holds a B.Sc. and an M.Sc. in Chemical Engineering from MIT, and an M.B.A. from the Stanford Graduate School of Business.

Mr. Goldschmidt is founding General Partner at Valley Venture Capital. Prior to founding Valley, Mr. Goldschmidt was Managing Partner and CEO at Mofet Technology Fund, a unique publicly traded venture capital firm. At both firms he has been acting as active investor supporting portfolio companies both financially and operationally. Earlier in his career, Mr. Goldschmidt served as vice president of ADC (Israel) (Nasdaq: ADCT), a leading global supplier of broadband equipment and solutions for communications providers. In this position, he led the Product Management, Product Marketing, and Business Development for ADC's broadband multiservice access products. Prior to his tenure at ADC, Mr. Goldschmidt managed the Business Development group for Teledata Communications Ltd. (Nasdaq: TLDCF, acquired by ADC). In this capacity he was responsible for developing and implementing strategic partnerships and company initiatives, including R&D and marketing co-operations, know-how and manufacturing transfer, new market penetrations, and establishment of oversees subsidiaries. Prior to joining Teledata, Mr. Goldschmidt had an 8 years career in an elite technology unit of the IDF. He holds B.Sc. in Mathematics & Physics, and M.Sc in Solid State Physics from the Tel Aviv University.

Mr. Lorber is a highly accomplished executive with over 15 years of domestic and international experience in operations, P&L management, multi-channel and direct product distribution, strategic positioning, technology development, and strategic planning with both private and public organizations. Prior to joining the Challenge Funds, Mr. Lorber served as CEO & Director of BackWeb Technologies (NASDAQ: BWEB). In his tenure at Backweb, Lorber also served as head of International sales, Business development and Marketing. Before this Mr. Lorber served as President and CEO of HERMES Softlab USA, Inc. A leader in Software Development solutions for the Hi Tech industry. Mr. Lorber was previously the founder and CEO of Deloitte & Touche Information Technology Israel, selecting & managing large scale deployment of Enterprise Software Solutions. He is also the co-owner and Chairman of the Board of Madei Taas Industrial Controls Ltd., a leading Instrumentation & Control firm, specializing in the delivery of advance monitoring and control solutions. Mr. Lorber is a member of the Board of Directors of CopperGate, Avantry, Flash Networks and Telrad Connegy. He holds a B.A. degree (with high honors) from Temple University and an MBA from the Reccanati School of Business Administration, Tel Aviv University.

Mr. Leibow has been in executive capacities at leading edge companies for more than 22 years. Prior to Mercado, Mr. Leibow was Executive Vice President of worldwide sales and service at SEEC, Inc./Asera, a Kleiner Perkins Caufield & Byers backed provider of software solutions for enterprise. Mr. Leibow's leadership also includes Chief Operating Officer of ClickSoftware, an enterprise software company specializing in field service solutions and Executive Vice President of sales and professional services at Ajuba, a B2B integration company which was acquired by Interwoven. Before Ajuba, Mr. Leibow was Vice President of worldwide sales operations of Cadence Design Systems, the world's largest supplier of EDA technologies. Earlier in his career he was a co-founder of the North American CRM practice at KPMG Peat Marwick (now BearingPoint). Mr. Leibow earned his Bachelor of Arts in Political Science with a minor in Communications from the State University of New York.