Canopy to Develop Its Fifth Major High-Tech Office Building; New Property to Provide Businesses...

LINDON, Utah -- Canopy Properties announced today the development of a 95,000-square-foot high-tech office building in Lindon, Utah. This massive new project, called Canopy V, will be the first new building to be added to the Canopy campus in two years.

The three-story building is designed

"Ray Noorda started Canopy Properties because he understood that it could often be difficult for smaller companies to find space that is both high-quality, and provides them room to grow," said Gerald Garbe, vice president real estate/facilities, Canopy Properties Inc. "While this development is good news for the current and future Canopy Ventures portfolio companies, the facilities will also provide space for non-Canopy tenants seeking a high-tech park environment. We've seen that businesses tend to locate in Canopy buildings in part because they benefit from the close physical proximity to other high-tech companies."

As established high-technology companies continue to expand and new companies are founded, Canopy Properties will support this growth by providing the expertise and investment necessary to deliver high-quality infrastructure and assistance in areas of space planning, leasing and facility management.

"This exciting new expansion will provide an atmosphere for growth and continued innovation in Utah," said Ron Heinz, managing director of Canopy Ventures. "Canopy Building V will help foster the conception of cutting-edge technologies and innovative new products, while providing a platform for companies to grow."

Ground breaking will take place in late summer 2006 and the building is scheduled for completion near fall 2007. The development is located just east of I-15 in Lindon, Utah. Canopy Properties owns approximately 20 additional acres upon which it may expand in the future.

About Canopy Properties

Canopy Properties provides high-tech companies with the latest in facilities, security, office management and onsite technologies. Canopy Properties currently owns and manages buildings with over 250,000 square feet of high-tech office space along with 10,000 square feet of Class A, raised floor data center in Lindon, Utah.