Slater Technology Fund Reinvests in Fast-Growing Internet Search Company

Joins with Other Investors to Raise a Total of $600,000 for Location Inc.®

Providence, R.I., June 10, 2008 – The Slater Technology Fund today announced that it has provided a second round of funding to Rhode Island-based Location Inc.®., a developer of an innovative neighborhood search engine. Slater led the Series A round with a commitment of $150,000, bringing its total investment in the company to $400,000. Other investors contributed $450,000, bringing the total raised in this round to $600,000.

Industry research shows that more than 84% of home buyers and sellers use the Internet to start their real estate process. Location Inc. provides answers to the first question of those seeking to move – that is, not what house should they buy, but in which neighborhood or town should they focus their house hunt. Being the go-to place for this information provides Location, Inc. with access to consumers early in their house hunt, prior to them connecting with a real estate agent or other service provider. This positions the company to help consumers during the full value cycle leading up to, during, and after their move, a six-month window where consumer transactions are in the trillions of dollars.

Location Inc.’s patented search engine, NeighborhoodScout®, lets consumers enter their personal criteria for what they are looking for in a neighborhood, and use the results to instantly focus their house hunt on those neighborhoods that best match their criteria, whether they are moving across town or across the country. By applying sophisticated search algorithms to the industry’s most comprehensive database of neighborhood statistics, NeighborhoodScout provides users with rich, detailed information and exclusive insights in categories ranging from schools, property values, crime rates and many others.

Location Inc. has established referral relationships with more than 3,000 real estate brokers nationwide, and receives 35 percent of the real estate commission for every house sold to a homebuyer referred through the NeighborhoodScout site. The company also generates revenue through subscriptions to its services, and commissions on “click-throughs” to real estate listing services.  Last year, NeighborhoodScout.com drew 1.8 million visitors, and received extensive news coverage in Forbes, the New York Times, the Today Show, and other national media outlets.

The company was founded in 2002 by Dr. Andrew Schiller, who earned his Ph.D. from Clark University’s Graduate School of Geography. Dr. Schiller was previously a scientist at Oak Ridge National Laboratory and Atomic Energy Complex, and also director of science for The Nature Conservancy’s Tennessee Chapter. Location Inc. also employs seven experts in computer mapping and analysis, web design, and software sales and marketing to develop and commercialize its solutions. The company is currently hiring additional web developers and programmers to grow its technical team.

“We were initially drawn to Location Inc. by its thought leadership,” said Thorne Sparkman, managing director of the Slater Technology Fund. “With this latest investment, we are excited to be powering the next generation of real estate search.”

“Slater was one of the first investors to understand the potential of NeighborhoodScout, and to provide the seed funding needed to grow the company,” said Dr. Schiller. “We are indebted to them for their support and encouragement.”

About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new companies committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

For More Information:
Laura Nelson or Kaycee Roberts
SVM Public Relations
401-490-9700
laura.nelson@svmpr.com
kaycee.roberts@svmpr.com