Total Early-Stage Funding Surpasses $1.5 Million; Company Currently Engaged in Series A Venture Capital/Private Equity Round

StreamerNet® Corporation recently announced that it has secured a round of early-stage angel financing bringing the total amount of capital raised to-date to more than $1.5 million.

Details of the financing were not disclosed, however, the Company confirmed that the most recent financing round, which closed in late August, was secured from an existing investor in the Company.

In related news, StreamerNet also confirmed that the Company is currently engaged in a Series A round of venture capital/private equity (VC/PE) fund-raising.

"Building on nearly $1.0 million in early stage financings in 2005 and early 2006, this most recent financing strengthens our cash position and allows us to focus on significant revenue development and profit. Investments prior to 2006 were primarily utilized for intellectual property management, technology R&D and introduction of our mature Version 3.0 of the StreamerNet Mobile Video Producer™ technologies," said William R. Hornbeck, president and CEO of StreamerNet.

"After more than three years of refinement, our technologies are solid and are currently seeing broad acceptance in several key industry sectors. In fact, recent contract awards encompass critical industry sectors including broadcasting, publishing, government, corporate enterprise, telecommunications, utilities and others."

The Company indicated that recent contract awards, sales pipeline forecasts, patent portfolio developments, enhancements to the management team and timely accomplishment of critical technology milestones in the first three quarters of 2006 have enhanced its valuation significantly making this the ideal time to pursue a formal Series A round of VC/PE funding.

"We are currently in discussions with numerous candidate VC/PE organizations in the mid-Atlantic, Northeast and West Coast regions for this initial round of expansion capital," stated Hornbeck. "While we have considerable interest from many of the smaller VC firms to participate in a syndicate, we are primarily focused on finding a sole-source investor or perhaps a strategic leader for the round. This investor-partner will have a complementary portfolio and the interest and ability to contribute expertise and strategic support during our approaching strong revenue growth stage," added Hornbeck.