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05 January 2007


Dr. Robert W. Christensen

Dear Larry, I knew Paul very well as he worked for me and my company early in his career, and mine, in a start-up medical device enterprise. The company was TMJ Implants, Inc. here in Golden, Colorado. I will never forget on one of our earliest trips to Europe, Paul and I were in the train station in I believe Amsterdam, going to Frankfurt, and we had to run from one train level to another, or miss the train. Paul was giving it his best when I had to literally pull him onto a moving train. We both just collapsed in the platform in the car. We just sat there and laughed. Over the next few years, Paul and I had many laughs together. One was when we were being taken out to lunch by our German executives hosting us, and when I made the statement that there were a lot of German license plates around. Paul and I laughed, heartily, and no one else did, nor did they speak to us for the next twenty minutes. It was just a difference in humor. Paul was a friendly fellow to be with and it was my pleasure to know him and work with him.

Robert W. Christensen, D.D.S., FAIMBE
President, TMJ Implants, Inc.
Golden, CO

Mary Jolly

paul and i were close during the late 80s and early 90s. he was a very kind and gentle soul.

Larry Myers

I am a high school teammate of Paul Ray, and I am writing this as I listen to one of his entrepreneurial interviews. I was so saddened to learn of Paul's passing as he was a special person in my life during our high school days at Marion High School, Marion, Indiana. Paul, Mike Boatwright, and I were tri-captains of our high school wrestling team which won a still record 16 matches in a row our senior year. Paul was a transfer into our school system with the move of his family to Marion, and immediately endeared himself to all who he came in contact with. His name on our wrestling team was "Mighty Mouse" with the emphasis on mighty. His addition to our team at 103 pounds was felt immediately with his energy and enthusiasm that still resonates in my mind. Our success seemed to always be his success as our inspirational leader and his influence is still felt when we celebrate at our class reunions. It does not surprise me he was an entrepreneur as my memory is etched with the image of his determination as both a wonderful human being and fellow athlete. I know I join the Marion High School Class of 1965 in celebrating his life. I know we in Indiana wish we could have shared a few minutes with him before his passing, and from his website celebration I know you in Colorado miss him and his extraordinary passion for life and excellence. To his family, Paula, Jen, and Cameron our prayers are with you in your loss. While many years separated us from your husband and father we share a kindred spirit through Paul that will endure. God bless you!!

Larry Myers

Denise Dick-Clark

Paul was an amazing person who created many memories for myself and others. Paul motivated so many people to think outside the box, to explore life, business opportunities and to find or create an adventure. Thank you, Paul. I'll be missing you.

Tom McSorley

“Five Stages of a VC Startup:(1) Excitement and Euphoria (2) Disenchantment (3) Search for the Guilty (4) Punish the innocent (5) Reward the undeserving.” I heard Paul speak these words to me over business trip dinners in Englewood, Colorado in 1988; Maastricht, The Netherlands in 1990; Boulder, Colorado in 1992; Paris, France in 1993; London, England in 2001; New York City in 2002; Düsseldorf, Germany in 2003; and Brussels, Belgium in 2004. No doubt it’s one of Paul’s signature quotations. And how true it is!

Many people when they hear of a loved ones passing simply do not feel comfortable expressing the feelings of sympathy towards their friend. They don't know what to say or even how to say it... On the blessedly few occasions when I have had to write to convey my condolences, I am always at a loss for words.

The news of Paul’s passing reached me with mixed emotions. A dear friend gone way too early, but what an enormous life to celebrate! There is obviously no good time or way for someone whom you care about to die. Over the years, Paul made many, many friends around the world. I was honored and privileged to be counted among his European friends.

It is times like this that I most feel the physical distance that separates me from you and others of my relatives and friends; it would be so much better if I could convey my condolences in person. But at the very least I want you to know that I am out here and care and still waiting to take you on a tour of Brussels, Paris, Rome, Florence or Venice. Please let me know if there is anything I can do. You are in my thoughts and prayers!

Very sincerely and with loads of love!

Rene Zamora

I will remember his gregarious laugh, wrestling with our kids when they were small in the living room and his eternal optimism. I will remember times at weddings, serious talks that led to humorous talks. I will remember his faith and watching it grow. I will remember his generosity, pride and humility. I am glad our paths crossed and look forward to seeing him down the road of eternity. Jen and Cam, my best wishes and condolences. Rene

Jim Walters

I did not know Paul well, only through my wife Randa at IGT where at the occasional party I would study his humor. I remember him driving his Audi A6 and all one could see through the driver door window was a cigar and a baseball cap very close to the steering wheel. He inspired me to get my Audi A8!

Ray Godfrey

My friend Paul...When he walked in the room, he lit it up, small in stature, he was so big in presence, even when he had to crane his neck to keep eye contact, I knew it was he who was in control. Paul is one of fewer than five people I have known (investment banking brings you a lot of opportunities), who combined excellence and achievement, unwavering ethics, and a truly loyal friendship in the real "pal" sense; someone I could rely on, trust, and share sometimes quite politically incorrect banter.

Paul was always willing to be the butt of jokes to move events or conversations along, or of course to sell a deal. I will miss so much the telling for the 200th time at the University Club bar how the 1996 IGTI IPO roadshow was the only one of many I led around the country where at 5'6" I was the tallest in the group. After the hysterics died down I would add the punch line that it was also the only IPO of under $10M in size I had led among hundreds where it was done over 50% with Fidelity-type institutions of the world, not because of us, but because of Paul.

Paul was genuine, even sweet at times, clever in the best sense, inscrutably insightful, an old-fashioned "stand-up" guy and one of the only truly NICE guys I have met on the Street who was also very effective. I can't tell people at the memorial by message how much I will miss him and do it justice, but I will keep his legend alive at the U. Club of New York. I'm afraid I have to say that Paul is evidence of the old Irish saying that "only the good die young."

Barry & Jackie Rigby

I will never forget the first day I met Paul Ray (about 14 years ago). I was arriving for an interview with Pixsys. The job was VP of Sales & Marketing. Paul told me to come into the building when I arrived and look for the "short guy". From that first introduction, Paul took me under his wing and taught me about start-ups, about sales & marketing in the real world, about manageing relationships, and how to focus on what is important. The lessons were not always easy, but I tried to learn them as well as I could.

Paul's lessons always came peppered with a little humor. Paul had an enormous sense of humor. One time, I was feeling very stressed as I had so much going on and I was traveling non-stop. Paul pulled me aside and said that I reminded him of the guy on the Ed Sullivan show that spun saucers on the end of sticks. I was running from one stick to the next trying to keep the saucers spinning, achieving little else. Paul advised me to slow down and pick the 2 or 3 issues I was working on that would have the biggest impact on the business, rather than trying to "keep all of the saucers spinning". That little piece of advice, presented in a way that was humorous and easy to understand has really helped me over the years to focus on what is important and to keep my stress level under control.

I eventually left Pixsys (after it went on to become IGT) and moved on to other start ups, focusing on my real interest - international business. However, I will never forget Paul. I will never forget the lessons in business and life that he taught me. He was a giant of a man and his lessons and thoughts will remain with me the rest of my life. He was and will continue to be a mentor to me as I make my way through life.

When my wife, Jackie (Singaporean), wanted to do some consulting work for start ups in Asia, Paul was there to take up his teaching role again. Paul was very encouraging to Jackie to start her own company (which she eventually did)and to develop the business around the model of helping small US based start ups develop, train, and manage their Asian distribution. Paul gave Jackie the confidence to go forward. He was a really great teacher and a natural at it. It was like a second nature to him.

That brings me to today. Paul started off in my life as my manager. He became my mentor, my confidant, my friend and my inspiration. Paul helped me to get to where I am today and I will always be appreciative for the support and encouragement he gave me over the years. I will also always remember how Paul touched people in such a positive manner. When I married Jackie, he immediately took to her as well and was always offering her advice on how to manage her business. Paul loved to teach and encourage.

It has been a tough several days. Paul will always be with us and the lessons he taught and the inspiration he gave will be with Jackie and I the rest of our lives. Paul Ray was simply a great man and we will miss him, like all of us will. Good bye good friend and blessings to Paula and the family. We will miss you.

Barry & Jackie Rigby

Dean Schulz

Paul Ray and I were involved professionally several times, but most notably, as the CEO of Image Guided Technologies, which he kept afloat. Eventually with Jeffrey Hiller, Paul successfully sold IGT to Stryker. Not only there, but twice since, Paul graciously facilitated opportunities for me professionally, because he liked to connect people. There are many people whom Paul directly or indirectly assisted in forwarding their careers.
Paul had an amazing ability to direct technology companies, although his education mostly excluded science and math. That was undoubtedly a strength, which kept him doing what he did best and let the engineers, and other staff, do what they did best. He did focus on securing the right team of staff and consultants. His management style was very informal: he managed through personal relationships. He did so through humor and stories of what he had learned, sometimes by mistakes.
My best wishes to Paula, Jen, and Cameron during this time of adjustment, as well as to Paul’s long-time assistant Denise.

John Backlund

I ran into Paul this past summer at Anschutz Cancer Center. I was accompanying my cousin who was getting a PET scan that day and we ran into Paul in the cafeteria afterwards... While I didn't know Paul all that well personally, he was his usual jovial self..beeming.. full of confidence about what he was doing there... No question this man was very special... And, his five stages of a VC backed company will live with me forever... I laugh out loud every time I see it.... Paul had given me a copy after one of his presentation... "Search for the guilty"... "Punish the innocent" and "reward the undeserving".... What a hoot! and with a most powerful and sincere message... He will still impact many entrepreneurs going forward as much of his commentary has been memorialized including at w3w3.com.

Rob Reuteman

What a wonderfully warm and energetic human being he was! I had the honor of emceeing the Bioscience Association's awards dinner this past August and presented Paul with the Lifetime Achievement Award. I had been made aware of his condition and ordered up a profile of him, which ran in the Rocky the day of the dinner. In the profile he recalled how, in the mid-1980s, the infamous Meyer Blinder sold penny stock in his first start-up, Allertech. Paul's company had a booth at Meyer's annual confab in Vegas and he spotted "60 Minutes" correspondent Ed Bradley cruising around with a film crew. "I said, I don't think this is good," Paul recalled. "I ducked out of the back of the booth." Two months later, the FBI nabbed Blinder and put him away. When I became biz editor at the Rocky, I inherited a sort of soup can filled with beans that rattled, and the label had the Blinder & Robinson logo. "Success is measured in cans and not cannots," the label also read. I gave the can to Paul just before the dinner, and we had a great laugh over it. He wrote me a wonderful note about it a few weeks later that I have pinned to my wall at work. I am looking at it now. He'll be missed greatly but remembered well.

Rick Patch

Simply an outstanding individual. Always bright and full of life. Always happy to see you and made you feel special. Very professional, yet human.


Probably due to our early parallel experiences in managing Medical Technology
Companies, I knew of Paul & his great track record long before we formally met via the Boulder Technology Incubator (BTI now morphed to CTEK)in 1991 through an Incubator
company (PIXSYS aka/ Image Guided Technology) which he successfully reconstituted & sold to Stryker Int'l years later. That experience with Paul, together with many others we shared on numerous Boards that we jointly served, developed my keen respect, trust & love for the great Man he became. We will miss you, dear friend--until we meet again. Barbara & I share in the family's grief, and wish the best for Paula, Cameron,Jennifer & all loved ones!

Gwen Porter

I will never forget the first time I saw Paul. He was reporting for his first day at work as the Natioinal Sales Manager at Allergenitics. Paul was my friend and my mentor and gave me more than words can express. He was always encouraging, always thoughtful and always happy. I carry with me to this day, the pride of knowing him, his mother Julia, father Bob and children, Jennifer and Cameron.

As we mourn this untimely loss, let us remember that greif is not an event, but a passage, a pilgrimage along a path that allows us to reflect upon the past from points of remembrance held in the soul. At times the way is filled with stones under our feet and we feel pained by our memories, yet on other days the shadows reflect our longing and those happy times we shared.

Brian Vogt

Paul Ray gave so much to so many. Colorado will forever resonate his gifts to us, his keen focus, his determination and his wonderful style. What an honor is was to know Paul.

Teresa Salins

I had the privilege of meeting Paul Ray approximately 6 years ago. I was new to the legal world and my position. Paul was a very important client and I wanted to make sure the meeting setups went well. Paul immediately made me feel important and most of all at ease. Paul was one of the nicest, most interesting and funniest people I had ever met. He never failed to thank me for helping him during meetings and visits. Paul had an innate talent of bringing out the best in people. I made him laugh because I could be myself around him. God bless the Ray family, his friends and colleagues. He will be greatly missed. The world is a better and blessed place to have had him in our midst.

Dan Stein

Paul was a mentor and friend. But even greater than that to everyone he met, he was a teacher. Not only in business, but in life. Somehow he just knew. Didn't matter what the subject was, he just somehow knew. And he wanted to pass on that knowledge, a path. He made me a better person, a more thoughtful person. To say that I'm deeply saddened is not enough. To say I'll miss him doesn't go far enough. I look forward to the day I'll see him again, he'll sit me down and say, "let me tell you a little about heaven."

Sharon Dennis

Paul Ray...do the appropriate words exist to honor this man, who touched so many lives?

Paul was my mentor and my friend. I had the priviledge of working for him in the early 80's at Allergenetics, and then again, in the mid 90's at Image Guided Technologies. Through all the challenges, we laughed, strategized, sweated, debated, bantered and laughed again. He taught me to view no as an golden opportunity, maintain a sense of humor, never settle for the path of least resistance and above all, never quit! Paul was an amazing man and I shall miss him.

Taylor Gold

Paul was one of the best people that I knew.

I first met him at Life Care Center of Longmont where his father Bob was being taken care of. My mom worked there and helped take care of Bob. I have two rocking chairs that were donated to Life Care from Paul to remember his Father. Now each rocking chair will be remembered for each of them.

My mom was with Paula and him at his house where he passed away at approximatley 12:15.

RIP Paul

Terry Gold

I first met Paul many years ago at an entrepreneur event, and while I didn't know him well he always had a smile and something funny to say when we'd run into each other. I'll miss that.

Chris Weatherley-White

Obviously there are many who knew him better than I, but there are a couple things that he did that were VERY helpful to me.
First, he helped my daughter Chantal
and myself start our company, Biomedical Consultants, giving us lots of
practical help and advice. He was instrumental, along with Tim Wirth,
in getting me involved with CBVC of which I later became the Chairman.
Finally, at a difficult period when CVC and CTEK were planning a joint
affiliiation, he smoothed the way over some personality differences,
allowing the whole thing to go forward. I don't know if those are worth
including as a footnote, as I'm sure he did many things of far greater
significance. Congratulations and sadness, Chris W-W

Alan Fleishman

Paul Ray was a giant of a man. I have known none better. He was a good man and a loyal friend. We had a lot of fun together over the 25 years of our friendship. We shared many a business victory together and shed a few tears. He was a very capable businessman who filled any room he walked into. He was bigger than life. Ever the optimist, he never gave up, which is one reason he achieved all he achieved. I am indescribably proud to have been his friend. I will never ever forget him.

Theresa M. Szczurek

Thanks to Paul Ray for his radiant and contagious entrepreneurial spirit. I had the pleasure of working with Paul as he brought his tremendous energy, vision, wisdom, and experience to the board of the Boulder Technology Incubator as it evolved into the Colorado Technology Incubator and then became CTEK. The Colorado entrepreneurial community benefited greatly from Paul Ray's work. We will miss him. He is gone but never forgotten.

Marc Holtzman

Paul's vision and dream inspired the establishment of Colorado's first cabinet level technology focus. It was my great privilege and honor to have had the pleasure to work closley with Paul. I will forever remember his optimism, courage and positive spirit. Paul loved Colorado and helped guide public policies that will have a permanent positive impact on our future. Paul's humility and good nature inspired the highest standards to which we should all strive to achieve. I shall miss my dear friend--- a giant among us.

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