Philadelphia, PA - The Third Semi-Annual Russian-American Innovation Technology Week (RANIT), to be held from November 7-11, 2005 is designed to bring together entrepreneurs, scientists, venture capitalists, and established corporations within the United States and Russian technology communities. Based on the remarkable success of the inaugural RANIT, and the evident potential for tremendous growth of this undertaking, the decision was made to expand the event and make it semi-annual. As a result, it now includes even greater numbers of seminars, panel discussions, round-table meetings, trade shows, conferences, and networking events. Russian delegations representing the best Russian technology companies take part in the various regional technology events of RANIT.

RANIT is supported by leading regional businesses and governmental organizations, including administrations of the City of Philadelphia, the Commonwealth of Pennsylvania, the States of New Jersey, Delaware and Maryland, as well as Mid-Atlantic regional organizations focusing on international business and technology development. John F. Street, the Mayor of Philadelphia, has officially proclaimed the Semi-Annual Russian-American Innovation Technology Week in Philadelphia.

"We are very pleased to host this event centered in the City of Philadelphia," said Richard Bendis, President and CEO of Innovation Philadelphia. Innovation Philadelphia is a public/private partnership initiative founded in 2001 by the City of Philadelphia, the Commonwealth of Pennsylvania, and private enterprises dedicated to increasing the Region's entrepreneurial capacity and positioning the Greater Philadelphia Region as a leader in the Global Innovation Economy. "With a strong foundation of both established and entrepreneurial businesses plus an academic base of over 80 colleges and universities, we are uniquely able to supply the innovation needed to keep technology businesses at the forefront of the industry. This is a region of growth and development and we look forward to collaborating with Russian technology companies in order to advance the Innovation Economy."

The 3rd Semi-Annual Russian- American Innovation Technology Week will formally open on Monday, November 7, with a welcoming ceremony in the Mayor s Reception Room at Philadelphia City Hall. The 3rd Semi-Annual Week includes a particular focus on information technology, technology in education, alternative energy technology, biotechnology, robotics, chemical engineering, safety and security technologies, venture industry, and entrepreneurship.

The leading event of the 3rd RANIT will be an extensive MARBC-organized Russian program at Philadelphia ITEC. The Philadelphia ITEC is part of the nations largest series of regional business technology events for IT and business professionals, featuring a combination national vendors and local suppliers, and a conference program with seminars on the hottest issues in information technology. The trade show will be held at Valley Forge Convention Center from November 9-10. The Mid-Atlantic - Russia Business Council and other leading technology organizations support Philadelphia ITEC. MARBC will organize the participation of Russian companies in the exhibition (Booth 718) and will also present panel discussions highlighting Russian information technology capabilities and other topics related to Russian technology and business on November 10 at 1:30pm in the ITEC Theater 1.

Taking place this year within the framework of RANIT, the 5th Biennial Russian-American Business Opportunities Symposium marks the 10th anniversary of the Mid-Atlantic - Russia Business Council. Topics addressed by the symposium will include the challenges of doing business in Russia and opportunities in specific industry sectors. The week will continue with visits to other states in the Mid-Atlantic Area, and participation in the Diamond State Ventures Forum in Wilmington, DE on November 11, and will end with the final reception in Pyramid Club in Philadelphia.

"The focus of Russian-American Technology Week is to help introduce Russian companies to the Mid-Atlantic Region's local technology business and venture capital communities," said Val Kogan, President of the Mid-Atlantic Russia Business Council. "The Semi-Annual Russian-American Technology Week will help match advanced Russian technology and engineering talents with American entrepreneurial and managerial skills. Many companies in the Mid-Atlantic region are finding Russian counterparts and are developing successful business ventures. We hope it will ultimately establish the Mid-Atlantic Region as a major partner for Russian technology companies and a premier center of Russian-American technology cooperation. "

For further details about the events of the 3nd Semi-Annual Russian-American Innovation Technology Weeks in 2005, please contact Val Kogan, Mid-Atlantic-Russia Business Council, by phone: (215) 708-2628, email: val@ma-rbc.org, or visit the MARBC website at: http://www.ma-rbc.org

About Innovation Philadelphia. Innovation Philadelphia is a public/private partnership created to grow the wealth and the workforce of the Greater Philadelphia Regions Innovation Economy by growing, attracting, retaining, and connecting technology-based businesses and workforce in the Region. Innovation Philadelphia accomplishes this mission by providing technology-based and early-stage businesses with traditional seed capital, access to alternative funding, skilled human capital, commercialization assistance, entrepreneurial resources, and intellectual capital.

About Mid-Atlantic - Russia Business Council. Since 1994, MARBC has worked to foster business relations between Russia and the Newly Independent States (NIS), and the U.S. Mid-Atlantic Region, while cultivating mutual appreciation of political, economic, cultural, and educational interests. Throughout the past ten years, the goal of MARBC has been to enable companies based in the U.S. Mid-Atlantic Region to enhance their positions in Russia and the NIS, and to attract Russian businesses to the U.S. Mid-Atlantic Region.