text: The Company participates in emerging technologies by investing in entities that invest in start-up companies. This 
  includes indirect participation through capital venture funds of South Atlantic Venture Fund III, South Atlantic Private 
  Equity IV, Dolphin Communications Parallel Fund, Dolphin Communications Fund II and the Burton Partnership. The 
  Company also participates by direct investment in privately held companies. Currently the Company’s only direct 
  investment is in NTC Communications, a provider of voice, video and data connections to off campus housing 
  properties at universities and colleges. For those companies that eventually make public offerings of their securities, it 
  
  51 ■ 2003 ANNUAL REPORT 