Dominican Republic institute and research center to be established in alliance with Stevens

September 14, 2004

HOBOKEN, N.J. -- Stevens Institute of Technology, the Coralina Group Technologies and the Pontifica Catolica Universidad Madre y Maestra (PCUMM) today announced plans to jointly establish a new Institute featuring educational and research programs designed to help the Dominican Republic meet its objectives for industrial job creation.

The new entity, which will be located adjacent to the Cyber Park and the Institute of Technology for the Americas (www.itla.edu.do) in Santo Domingo, will benefit from the expertise of Stevens in the US in developing curricula and research centers that nurture innovation in the development and application of technologies for business formation and growth. The new high technology institute will also benefit from the experience and infrastructure of PUCMM. The new Institute is the result of past planning and collaboration with the Global Foundation for Democracy and Development.

Additionally, His Excellency Leonel Fernandez, President of the Dominican Republic, has issued a decree naming Dr. Harold J. Raveché, President of Stevens Institute of Technology, as Presidential Advisor for Science, Technology and Innovation to Dr. Fernandez. The establishment of this entity of advanced learning is among the first steps toward the implementation of a broader economic strategy to establish the Dominican Republic as a center for advanced engineering, business leadership and innovative technology in such areas as computer and telecommunications software, agriproducts, pharmaceuticals and biotechnology. The new Institute is scheduled to open in mid-2005.

"We see this as a major development in the Dominican Republic's entry into the global high technology market," said President Fernandez. "Our country boasts several advantages, including a vibrant competitive telecommunications sector, an ideal geographical location and an energetic young population. The establishment of this unique entity will significantly enhance our educational assets as well as the intellectual capital for our country to compete in a changing global market place. Additionally, the Institute's advanced education and research centers will accelerate the country's emergence as an important center of technological innovation and business development," observed President Fernandez.

"Education is a critical objective for our country's successful economic advancement. We are pleased to strategically partner with this new center of higher education that will help to accelerate the country's participation in the global high technology industry sector," said Monsignor Agripino Nunez, Rector of the Pontifica Universidad Catolica Madre y Maestra, one of the leading universities in the Dominican Republic. "We are particularly pleased that two great centers of learning in Santiago and Santo Domingo will collaborate in helping the country's advancement," concluded His Eminence.

"Stevens Institute of Technology is one the world's premier technological schools. We combine advanced engineering and management programs in partnership with industry as part of our Technogenesis methodology. Additionally, Stevens is a leader of advanced Research and Development in innovative technologies. We are excited about being selected to partner in the development of this new technological institution of higher learning and research which will greatly further the objectives of the Dominican Republic to achieve greater economic growth and business expansion," said President Raveché. "The new institution will provide customized engineering, science and technology management programs that are based on the same rigorous research and high academic standards found at Stevens in the US. The research centers that will be established will benefit from the experience base of Stevens in creating innovative technologies in partnership with business, industry and private investors. We are truly excited that we can contribute to the development of countries like the Dominican Republic where there are great opportunities for the development of technology based businesses in software, telecommunications, agriproducts and biotechnology," noted Dr. Raveché.

"This is an exciting and strategic project for the country. We will provide an educational environment that creates the critical engineering, science and management talent required to enable the Dominican Republic to rapidly expand its high technology sector. This new center will also be an educational and technology innovation resource for the rest of Latin America," said Pablo Tapia, Founder/CEO of Coralina Group Technologies. "We will locate the new center in the Santo Domingo Cyber Park which provides us with modern building facilities and advanced telecommunications capabilities," said Mr. Tapia. "The venue for this project will be unique in the world, as both academia and high tech corporations will be co-located within the same campus having synergistic goals and objectives. Over the next three years we will require investments exceeding $50 million dollars from private enterprise and educational foundations. We already have received significant commitments of support," concluded Mr. Tapia.

"The establishment of this new Institute realizes a major objective of the Dominican Republic: create premier educational opportunities for the peoples of the Dominican Republic and the region. We see this project as adding significant value to both the utilization of the Cyber Park and the technology corridor in this part of the country," said Mr. Eddy Martinez, Executive Director of the Center for the Promotion of Exports and Investments. "The Government of the Dominican Republic is pleased to see two premier centers of education, Stevens and PCUMM join forces to create a new center of higher learning which will enable further growth in critical industry sectors, including agri-business, telecommunications, software development, medical technology and manufacturing engineering," concluded Mr. Martinez.
-end-
About Pontifica Universidad Catolica Madre y Maestra:
PCUMM is devoted to serving the community. PCUMM is dedicated to the highest academic standards for both its faculty and students. The University has different faculties that include Medicine, Health Sciences, Business Administration, Engineering Sciences and Law. The University offers degrees up the PhD level. (www.pucmm.edu.do)

About Coralina Group Technologies
Coralina Group Technologies was founded by Pablo Tapia to provide the foundation for the Dominican Republic's acceleration as a new center of software and High-tech development. Leveraging the seasoned experience of its executive management team, the Group will invest and provide management leadership in helping to establish high technology and software development in the Dominican Republic and North America. (www.coralina.com)

About Stevens Institute of Technology
Founded in 1870, Stevens Institute of Technology is a private university offering degrees, baccalaureate through doctoral, in engineering, science and technology management. Stevens, which is situated on the Hudson River overlooking Manhattan, has 1850 undergraduate students and 2500 graduate students. Its major research centers include wireless network security, maritime systems, drug discovery and delivery, environmental systems, design and manufacturing, systems engineering, micro-chemical systems, and risk analysis/decision support.

Additional information may be obtained from its website at www.stevens.edu.

For the latest news about Stevens, visit its online news publication, StevensViews, at www.stevensnewsservice.com/views.

**STEVENS**

Stevens Institute of Technology

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