MOOT CORP is an institution I've been involved with for many years, both as a judge and advisor, and I am thrilled to be taking over as the new Director of such a great program. It's an ideal platform to promulgate entrepreneurship around the world; and an excellent venue to continue to build great companies, something I've done as an operating executive, entrepreneur and venture capitalist over the last 25 years.

The tone and tenor of MOOT CORP will remain the same, and I will work to enhance what is already in place. I'll be working with advisors, sponsors and affiliates over the coming months to further refine the competition. Additionally, the New Venture Creation course I'll be teaching at the University of Texas will focus on what it takes to build great companies, and how business plans are the key communications tool of a great company.

Thank you all for your continued support of the program, and I look forward to working with you in the near future.

MOOT CORP Contacts:

• Rob Adams, 512-471-5289, Rob.Adams@Mccombs.utexas.edu
• Ann Whitt, 512-232-6597, Ann.Whitt@Mccombs.utexas.edu
• Gary Cadenhead, cadenheadg@mail.utexas.edu

For the third consecutive year, Gary Cadenhead, outgoing Director of the MOOT CORP Program, and the winners of the Global MOOT CORP Competition opened the NASDAQ Stock Market on August 19 in New York City.

Idyll Life of Thammasat University in Thailand won the 2005 Global MOOT CORP Competition with its Pure Lite product, a natural, zero calories sweetener that is FDA approved, sweeter than sugar, and will be ready for market introduction in January 2006. The entire Idyll Life team, including Pitinapa Rakchaiwan, Pornpan Wisidwutikul, Wanwipa Teerasopon, Twipat Tesprateep, and their faculty adviser, Bill Randall, flew to New York from Bangkok for the Opening.

The NASDAQ Educational Foundation is a proud sponsor of the University of Texas MOOT CORP Competition. Today, we are excited to host the winners of that competition, the Idyll Life team from Thammasat University in Thailand. In addition, we are very pleased to welcome back many of the people who make this program happen including the organizer of the program, Dr. Gary Cadenhead of the McCombs School of Business at the University of Texas at Austin.

The University of Texas MOOT CORP program has a rich 21-year history. The competition began with an idea of two Texas MBA students who yearned for a business school activity as challenging and prestigious as moot court in law school. That vision became real in 1984 with the first competition, which was also the first of its kind anywhere. Today, the MOOT CORP Competition is the oldest operating inter- business school new-venture competition and hosts teams from top-ranked MBA programs around the world. Business Week has dubbed it the “Super Bowl of World Business Plan Competition.”

The Pure Golf business concept was conceived and presented during the Qualifying Round of the Texas MOOT CORP Competition in 2003. Since then, UT MBA Kirk Coburn has turned it into the most successful launch on XM Satellite Radio to date. XM has also turned to Pure Golf to produce and manage the new tennis programming starting with the US Open. Pure Golf is about to hit its first year business projections a quarter early.

Here is a quick overview of Coburn’s success:

• Created comprehensive business plan for a 24x7 satellite radio channel dedicated to golf.

• Raised over $600K in seed money from strategic investors including PGA TOUR players.