Over-Subscribed Round Demonstrates Company's Momentum and Growth Potential
Spokane, WA, March 8, 2004-World Wide Packets, the leading provider of Ethernet access networking solutions, today announced a second close to its current round of funding, bringing the total new investment to approximately $24.5 million. The first close of the third round culminated in a total of $15.7 million. New investors Argo Global Capital and Entrepia Ventures participated in this over-subscribed second close of over $8.7 million. These funds will help World Wide Packets further accelerate its global growth in the municipality, telecommunications and cable MSO service provider markets.
"Argo Global Capital seeks out only the most compelling telecom investments that help enable voice, video, and data services over high-speed networks or other topologies," said Douglas Schrier, senior partner at Argo Global Capital and World Wide Packets' Board member. "Substantial demand for this second close proves that World Wide Packets is on the right track with important new customer wins and continuing product innovation. We are excited to be part of this rapidly rising company."
World Wide Packets has seen tremendous demand for its LightningEdge? Ethernet access network solutions in municipalities and carriers around the globe. Most recently, the city of Danville Virginia, in conjunction with Danville Power and Light, chose World Wide Packets to supply the Ethernet access to a state-of-the-art fiber optic network. Additionally, Asia represents a substantial opportunity for World Wide Packets as South Korea, Taiwan, Hong Kong and Japan are all in the world's top 10 broadband markets according to Point Topic, a U.K.-based analyst firm.
"Entrepia opens a gateway to Asia for World Wide Packets," said Ken Yasunaga, a partner at Entrepia Ventures. "Although the company has already seen early success in these markets, the continuing high demand for all forms of IP-based services will intensify World Wide Packets' growth throughout the continent. Entrepia will offer its rich experience and strong contacts to help fuel this push."
"Raising a total of $24.5 million that was over-subscribed with new investors is a clear indication of our momentum and technology offering that can deliver voice, video, and data services that are economically feasible for service providers and municipalities alike," said David Curry, president and CEO of World Wide Packets. "We are delighted that this second close includes not only previous investors, but also new investors excited by our potential. This round will provide the necessary capital to continuing our push towards a market leadership position."
About Argo Global Capital LLC
Argo Global Capital LLC is a U.S. Venture Capital firm with more than US$460 million of committed capital. Co-founded in 1997 by its CEO, H.H.Haight and by Telesystem, a private equity company in the digital economy, Argo is a leading international firm dedicated to the wireless industry and the convergence of wireless and the Internet. Argo's two funds, GSM Capital Limited Partnership and ARGO II-The Wireless Internet Fund Limited Partnership, have made more than 38 investments in the wireless sector in Europe, North America and Asia from its offices in Boston, Montreal, London and Hong Kong. Major wireless operators around the World - including France Telecom, Deutsche Telekom, KPN, ESAT, Singapore Telecom, SmarTone, VoiceStream, Microcell Telecommunications and TIW - contribute capital and ongoing support to Argo's funds and its portfolio companies. For more information, visit www.argoglobal.com
About Entrepia Ventures
Entrepia Ventures invests in private, technology-based, expansion-stage companies that stand to benefit from market or technology affiliation with Japan. Operating out of offices in New York, San Jose, Montreal and Tokyo, and increasingly recognized as the "go to Japan" fund, Entrepia helps its portfolio companies generate incremental top-line growth to become more competitive, successful and valuable. Anchored on access, relationships, a hands-on approach, and on-the-ground presence, Entrepia's strategy is directed towards investment opportunities worldwide in IT, communications, electronics and core technologies. For more information, visit www.entrepia.com
About World Wide Packets
Based in Spokane, WA, World Wide Packets LightningEdge? Ethernet service delivery access network solution enables delivery of simultaneous telephony, business and entertainment video, broadband data, and Internet access services, to any combination of business and residential subscribers, using Ethernet over fiber and copper medium. By bringing together the limitless bandwidth capabilities of a fiber infrastructure with the affordability and proven performance of Ethernet, these networks eliminate the constant bandwidth challenges now facing network operators. World Wide Packets is a privately held corporation, and a recognized pioneer of Ethernet geographic network solutions. For more information on World Wide Packets, please visit www.worldwidepackets.com.
Access Brilliance, Ethernet to the Subscriber, ETTS, Fiber to the Subscriber, FTTS, LightningEdge, World Wide Packets and the World Wide Packets logo are trademarks of World Wide Packets Incorporated. All other trademarks are the property of their respective owners.
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