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Statewide Network of Angel Investor Groups Announced in Alabama

HUNTSVILLE, Ala., Feb. 6, 2012 /PRNewswire/ -- The Angel Investor Management (AIM) Group announced today the formation of the Central Alabama Angel Network (CANN) to serve the capital needs of entrepreneurs and investors in a seven-county region.

"The Angel Investor Management Group is bringing together a single network of angel investor groups in Alabama. By banding together to share the expenses of operations, the economies of scale will work to benefit all," said AIM Group CEO Dick Reeves. "In this way we expect to increase the number and quality of investment opportunities available to investor members, and to speed up the process for entrepreneurs seeking capital for their companies. The result for Alabama will be increasing angel capital availability to early-stage companies throughout the state."

The AIM Group will manage all aspects of the CANN operations including: deal flow, due diligence, investment negotiation, member meetings, investment closings and long-term portfolio management. Each local angel investor network managed by AIM Group will be led by a member-elected local board of directors and a local executive director employed by AIM Group. All members of local networks managed by AIM Group will have the opportunity to invest in companies that successfully complete AIM Group's due diligence.

About AIM Group
Organized angel groups, like those managed by the Angel Investor Management (AIM) Group, provide $250,000 to $1 million to startup and early-stage companies engaged in providing products in fields such as information technology, medical devices and instruments, web-based services, mobile data services, software and biotechnology. Approximately 265,000 high net-worth individual angel investors invested $20 billion in 62,000 companies in 2010. These companies are estimated to have generated more than 5 percent of the new jobs in the U.S. that year. 

AIM Group CEO Dick Reeves has successfully managed Huntsville Angel Network since its founding in 2005. The HAN's 125 participants have invested $11 million in nine companies. AIM Group COO Jim Corman is a successful serial entrepreneur and longtime individual angel investor, and is currently an instructor and executive in residence at Auburn University College of Business. AIM Group CFO Clay Corman is an entrepreneur with experience in private equity and small company valuation, and is currently serving as the executive director of the Auburn Angel Network.

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