<< Back
Lehigh University Creates Young Entrepreneurs' Fund With Founding Gift From Media Sciences CEO Michael W. Levin

New Undergraduate Engineer Entrepreneur Fund to Foster Students' Business Talents

OAKLAND, N.J., Jan. 4 /PRNewswire-FirstCall/ -- Media Sciences' CEO Michael W. Levin has committed to a gift of 50,000 shares of Media Sciences common stock (Nasdaq: MSII) to Lehigh University, designated for the creation of the Undergraduate Engineer Entrepreneur Fund (UEEF) in the university's P.C. Rossin College of Engineering and Applied Science. The gift will be made to the university over a period of three years. Media Sciences International, Inc. is the leading independent manufacturer of color toner cartridges and solid ink sticks for use in business color printers.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020604/NYTU016LOGO )

Mr. Levin's gift is part of Shine Forever: The Campaign for Lehigh, a $500 million campaign focused on raising endowment for faculty chairs, undergraduate scholarships, academic programs, and student life and athletics, to attract the finest students and faculty and continually enhance the quality and reputation of the university.

"The ability to innovate is the true value engineers bring to society," said David Wu, Dean of the P.C. Rossin College of Engineering and Applied Science. "But it is important to recognize that innovation requires far more than technical know-how. Through the UEEF program, our students will gain new, important opportunities to grow as technical innovators ready to tackle the real-world challenge of creating business ventures. Mr. Levin's gift will strengthen Lehigh's long tradition of collaboration between engineering and business and our efforts in student entrepreneurship. The program will help to recognize the entrepreneurial spirit of our talented young engineers, motivate them to take risks, and help them to succeed."

The UEEF supports the mission of the engineering school's Integrated Product Development Program (IPD), and affords students with successful projects from this program the chance to realize a promising business opportunity. A comprehensive integrated program that focuses on technical entrepreneurship through experiential learning, Lehigh's IPD program prepares students to lead companies in innovation, creativity and the commercialization of intellectual property.

Mr. Levin, who is a 1987 engineering graduate of Lehigh, remarked on the importance of Lehigh's new fund, "When engineering innovation is tested in a business context and shows marked potential, support like that of the Undergraduate Engineering Entrepreneur Fund can mean the difference between a great academic thesis and a new, promising business venture."

He continued, "While I am pleased to be the UEEF's founding donor, my sincere hope is that other successful entrepreneurs will recognize the value this Lehigh program brings to the business community-and will want to invest in the success of this next generation of engineer-entrepreneurs."

Mr. Levin founded the company that became Media Sciences International, Inc. in 1987 as a Lehigh undergraduate student. Earlier this year, Media Sciences reported over $20 million in annual revenues and announced a move to the NASDAQ Stock Market, trading under the symbol MSII.

For more information on Lehigh University's new UEEF or to make a contribution to this young entrepreneurs' scholarship fund, contact Robin Flemming at 610-758-5268 or rlf4@lehigh.edu .

About Lehigh University: Since its founding in 1865, Lehigh University (www.lehigh.edu) has combined outstanding academic and learning opportunities with leadership in fostering innovative research. The institution is among the nation's most selective, highly ranked private research universities. Lehigh's four colleges -- College of Arts and Sciences, College of Business and Economics, College of Education and the P.C. Rossin College of Engineering and Applied Science -- provide opportunities to 6,500 students to discover and grow in a learning community that promotes interdisciplinary programs with real-world experience. Lehigh's campus is located in Pennsylvania's Lehigh Valley -- in Bethlehem, PA (50 miles north of Philadelphia and 75 miles southwest of New York City).

About Media Sciences International, Inc.: Media Sciences International, Inc. (Nasdaq: MSII, formerly Amex: GFX), the leading independent manufacturer of solid ink and color toner cartridges for office color printers, has a strong reputation for being the informed customer's choice. As the premium quality price alternative to the printer manufacturer's brand, Media Sciences' newly manufactured color toner and solid ink products for use in Dell(R), Xerox(R), Tektronix(R), OKI(R), Ricoh(R), Konica-Minolta/Minolta-QMS(R), Epson(R), and Brother(R) office color printers deliver up to and over 30% in savings when compared to the printer manufacturer's brand. Behind every Media Sciences product is The Science of Color(TM)-- the company's proprietary process for delivering high quality products at the very best price, including its commitment to exceptional, highly responsive technical support and its longstanding, industry-leading warranty. With the Company's groundbreaking INKlusive(TM) FREE Color Printer Program (www.inklusive.com), printer users buy the supplies, and get the printer for free. For more information on the Company, its products, and its programs, visit www.mediasciences.com, E-mail info@mediasciences.com, or call 201.677.9311.

Brand names are used for descriptive purposes only and are the properties of their respective owners.

SOURCE Media Sciences International, Inc.

Bette Phelan, Assistant Director, University Communications, Lehigh University,
+1-610-758-4644, elp206@lehigh.edu; or
Barb Short,
Marketing Communications Manager, Media Sciences International, Inc.,
+1-201-677-9311, ext. 216, bshort@mediasciences.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Media Sciences International, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.