Re: RECENT EVENTS AT AMBAR BOARD OF DIRECTORS

Dear AmBAR Members, Sponsors and Partners!

Over the last five years, and after very hard and significant investment of time and energy, AmBAR was built into a sizeable and successful organization.  Because of our expansion efforts AmBAR’s membership and reputation have increased dramatically. Our SVOD Conference became the flagship event on the West Coast successfully bringing together Russian-speaking entrepreneurs, venture capitalists and partners. We have also strengthened the organization financially, brought in many reputable sponsors and partners, and developed AmBAR into a significant organization which has assisted many budding entrepreneurs both here in Silicon Valley and in Russia/CIS. 

AmBAR has recently received tremendous press coverage in the U.S. and abroad for organizing (together with RUSNANO) the first ever trip of twenty managing partners representing major Silicon Valley venture capital funds with over $60B under management to Russia, an unprecedented event which opened Russia to the venture capital world.  This event, as it was exceptionally well received, was the apex of AmBAR's success and a springboard for generating real connections between Russian technology startups and US venture capitalists.  Following this trip AmBAR was also instrumental in organizing President Medvedev’s visit to the Silicon Valley in June of this year.   

Less than a month after these events, certain AmBAR directors who during the prior five years were only minimally involved in AmBAR activities, decided to take over the association and exclude us from ongoing involvement with AmBAR. We will not speculate as to the motivations behind their actions.  Suffice it to say, the take over occurred under the most egregious circumstances. Weeks after those actions had occurred these directors attempted to justify their unlawful actions by making absurd allegations against us and spreading false rumors of financial improprieties, while at the same time refusing a proposal to formally conduct an independent financial audit.

Although we initially tried to resolve the situation amicably to continue grow and promote the mission of AmBAR, they rejected all of our attempts. Accordingly, we have no choice but to withdraw our support of these individuals and any future events in which they are involved, and to protect our good name and reputation. For our sponsors and paid members, we have opened our financial accounts and books. If you wish to review this financial information, please send us an e-mail at president@svod.org or info@ambarclub.org.

We, as AmBAR directors since 2005 and Founders/Executive Directors of SVOD Conference, do not endorse these individuals as current management of our organization, and do not believe that the new group acquired their position legally. In fact, we do not believe these individuals are qualified to lead the organization.

The official AmBAR and SVOD websites are currently frozen until the internal issues have been resolved.  To continue serving the AmBAR community, we re-organized under AmBAR’s long-term partner – CoolTech Club (www.cooltechclub.org). Please join us for our events and activities, as well as our CoolTech Club LinkedIn group.

Always yours,

AmBAR Board Members

Anna Dvornikova

Stas Khirman

Vera Shokina