Ottawa, Ontario - January 17, 2006 – Spotwave, the market leader for indoor wireless coverage products, today announced that it closed an expansion round of USD$10 million led by the company's existing investors and Motorola Ventures, the venture capital arm of Motorola Inc. (NYSE:MOT).
Motorola Ventures joins Spotwave's premier list of investors including Newbury Ventures, VenGrowth Private Equity Partners, Primaxis Technology Ventures, Skypoint Capital, VentureLink Fund, The GrowthWorks Canadian Fund, and RBQ Limited. Spotwave management and staff are also active participants in this close.
"We are excited to have our company plans accelerated with this round of financing and welcome Motorola to our investment syndicate," said Bill Carlin, CEO of Spotwave. "The funding will extend Spotwave's marketing and distribution efforts and aid in speeding our expansion into new global markets. Additionally, this funding will enable us to develop new products that will be the catalysts for the convergence of wireless and multimedia in the home."
"Spotwave's leadership in the growing in-building wireless segment complements Motorola's Seamless Mobility strategy and we are pleased to add Spotwave to our investment portfolio," said Warren Holtsberg, corporate vice president, equity investments, Motorola. "We are impressed by Spotwave's execution in the carrier and enterprise markets and we are confident that the company's upcoming products will advance indoor wireless coverage for consumers."
Wireless ubiquity is clear. Already cell phones have become a predominant means of voice communication. The growth of PDAs and 3G data services clearly demonstrates businesses and individuals are investing heavily in wireless technology to ensure efficient reliable communication. But there are millions of locations around the world where indoor wireless coverage is impaired, rendering devices inefficient or useless.
Coverage has now become a strategic issue for enterprises deploying wireless applications, for carriers looking to prevent churn and win new data service business, and for home users looking to cut the cord or simply work from home. Spotwave provides products for multiple markets to ensure these tools work effectively where they are used and needed most – at work and at home.
Spotwave is the only company providing intelligent solutions to address a range of in-building environments from large enterprise locations to small and home offices. Spotwave has a proven track record in providing coverage improvement solutions to and through the top tier wireless carriers, a high growth strategy with large distribution partners to deliver volume product to enterprise customers, as well as solutions for the home.
Motorola Ventures (MV) is the global, strategic venture capital investment arm of Motorola, Inc. MV actively invests at all stages in developing companies of strategic value to Motorola in order to accelerate access to new technologies, new markets and new talent. For more information: www.motorola.com/ventures.
More information about Spotwave's investment syndicate can be found at the following websites:
Newbury Ventures
www.newburyven.com
www.eagleoneventures.com
Vengrowth Private Equity Partners
www.vengrowth.com
About Primaxis Technology Ventures
www.primaxis.com
About Skypoint Capital
www.skypointcorp.com
About GrowthWorks
www.growthworks.ca
About VentureLink Fund Inc.
www.venturelinkfunds.com
Spotwave Wireless provides carrier-approved, intelligent indoor coverage solutions that seamlessly bring the outdoor signal inside – ensuring that cell phones and wireless devices work reliably indoors. Changing the economics of in-building wireless coverage, Spotwave's solutions are cost-effective, quick and easy to install, and require no maintenance. Spotwave solutions are also backed by a range of comprehensive installation services and support and are now the preferred coverage solution in networks operated by the top North American cellular and PCS carriers. The company website is www.spotwave.com.
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Spotwave, Spotwave Wireless and SpotCell are trademarks and/or registered trademarks of Spotwave Wireless Inc.
Jamie Crawford
Tel: (613) 591-1662 ext. 298
Email: jamie.crawford@spotwave.com
