New High-Tech Business Incubator The 548 BuildingCreates Buzz and Jobs in Downtown Digital...

Business Editors

LOS ANGELES--(BUSINESS WIRE)--June 12, 2000

The 548 Building (www.548.com), the first Smart Building (166,000 sq ft.), and totally rewired for New Media and high-tech startups has partnered with Global Business Incubation, Inc. (www.cyberparkusa.com) to launch

"Located at 548 South Spring Street, this model, known as the Interactive Multitainment Advanced Technology Center (IMATC) (http://www.cyberparkusa.com/imatc.htm) will nurture and launch successful small businesses in entertainment, multimedia and technology," said Dr. George Kozmetsky, a noted business and technology expert, who has agreed to lead Global Business Incubation, Inc. (GBI) as mentor and navigator of their developing Advisory Board.

A pre-launch reception of the synergistic Model Business Incubator Community is being hosted by the World Famous Los Angeles Athletic Club, 431 West Seventh St., Los Angeles, July 12, 2000, 6:30 pm. Government, Academics, Corporate America and Planet representatives Internet are expected.

"This Incubator Community aligns the interest of government, corporate America, colleges, universities and the self-employed to help empower new media, entertainment and high-tech start-ups and small businesses," said Tonia McDonald, president of GBI, and urban futurist. "Two years ago GBI completed a strategic market analysis plan entitled `Downtown Los Angeles, An Economy At Risk,' and our research showed us that the future of commerce is no longer in the suburbs."

The partnership makes the 548 Building the largest business Incubator in California, housing more than 40 new media and high-tech companies that have already brought more than 100 new jobs to the area. The incubator will help meet the business needs of the tenants of the 548's high-tech Smart Building as well as help launch new start-ups using the "best practices" of the most successful cooperatives, teaching factories and business incubators in this country and around the world.

"The 548 building has created quite a buzz in high-tech and business circles from the Silicon Valley, to Hollywood to Downtown Los Angeles," said Cherryl Wilson, manager, 548 Building. "We have more than three dozen New Media and high-tech startups, however, we still have 23,000 square feet of office space left in the ground floor, which is totally rewired, and ready for complementary companies."

In his letter to the new companies, Building Owner Mark Bolour said, "I am happy to inform you that the 548 Building is forming an alliance with Global Business Incubation Inc, (GBI), a non-profit incubator committed to helping multimedia and high-tech startups. Our goal in entering into this partnership is to turn the 548 Building into the largest entrepreneurial community in Southern California: A community that fosters creativity, entrepreneurship, relationships and knowledge creation."

About 548 Building

In 1998, the 548 Building partnered with The FastServe Network to become one of the first office buildings in Los Angeles to provide high-speed Internet access for startup high-tech businesses. Located at 548 South Spring Street in the heart of the historical business district (www.548.com).

About Global Incubation, Inc.

Global Business Incubation, Inc. (GBI), a private non-profit corporation, developed the IMATC, a business incubator for entrepreneurs and small businesses in technology, multimedia and entertainment.

About MAYO Communications

MAYO Communications (www.mayocommunications.com) is a fast growing, entrepreneurial, independently owned Los Angeles firm, which provides EXTREME B2B Marcom and PR results for startups, pre-IPOs and small-to-medium businesses. Its clients and partners include icChina.com, GBI Inc., 548 Building, MasterGourmet.com, STITCHES TECHNOLOGY, UNIFORMITY Inc., Stevie Wonder, and VDEC.org.