ACE*COMM Closes Private Financing with Hale Fund Management
15 6월 2007 - 9:00PM
Business Wire
ACE*COMM Corporation (NASDAQ:ACEC), today announced that the
financing it reported on June 4, 2007 was closed with Hale Fund
Management, LLC. The financing includes a senior, secured,
convertible, prime plus three percent note and warrants, providing
aggregate gross proceeds to the Company of $4.2 million. Repayment
of the note is to be completed in three years. Jim Greenwell,
ACE*COMM�s Chief Executive Officer, commented, �Martin Hale has a
long track record of successful investing in rapidly growing
private and public technology companies. At his prior firm, Pequot
Ventures, which he joined shortly after inception more than�ten
years ago and where he served as a Managing Director and member of
the Investment Committee, Mr. Hale sponsored such successful
investments as Flarion Technologies, sold to Qualcomm, Inc (Nasdaq:
QCOM) for more than $800 million, and Cobalt Networks, brought
public, sold to Sun Microsystems Inc. (Nasdaq: SUNW) for
approximately $2 billion. He has made significant investments in a
dozen wireless technology companies. His investment in ACE*COMM is
a vote of confidence in our products, people and direction. In
addition to his capital investment, we anticipate Mr. Hale will
contribute to ACE*COMM�s success through his extensive contacts and
reputation.� Martin Hale, Managing Partner of Hale Fund Management,
commented, �ACE*COMM is a classic example of an established company
that has created a growth engine to serve future markets while
maintaining a large installed base of customers and a worldwide
geographic footprint. With ACE*COMM�s new focus, leadership and
industry presence, it became an obvious choice for an investment of
our fund�s resources.� ACE*COMM plans to use this new funding to
roll out current products such as Parent Patrol� and Enterprise
Patrol� for mobile operators already in the delivery cycle and to
reduce time to market for new value-added services applications.
ACE*COMM�s Parent Patrol is a network resident application that
helps parents balance access with safety. Parent Patrol is a policy
enforcement tool that lets parents personalize each child�s phone
use, independent of the handset choice, for voice, messaging and
data services. Parents use a graphical web interface to specify
what times of day their children can use their mobile phones, what
services are permitted, and what content may be viewed on the
mobile phone. Enterprise Patrol allows corporate communications
managers to specify and control company-owned mobile phone usage.
Delegated access management allows authorized individuals to
designate acceptable-use policies and cost controls for individuals
or groups. Control can be based on time of day, the type of service
used, specific telephone numbers, and classification of appropriate
content. About Hale Fund Management Hale Fund Management, LLC is an
investment advisor founded by Martin M. Hale, Jr. to manage the
Hale Fund family of funds. With offices in New York and
Massachusetts, Hale Fund Management brings a venture capital skill
set and focus to investing in small- and micro-cap public
companies. About ACE*COMM ACE*COMM is a global provider of
value-added services, mobile content delivery applications and
advanced operations support systems (OSS) solutions for
telecommunications service providers and enterprises. ACE*COMM�s
solutions are applicable to a range of legacy through
next-generation networks that include wired, wireless, voice, data,
multimedia, and Internet communications networks. These solutions
provide revenue-generating mobile applications and the analytical
tools required to extract knowledge from operating
networks�knowledge customers use for cost reduction, improved
operational efficiency, acceleration of time-to-market for new
services, and more effective customer care. For over 20 years,
ACE*COMM technology has been effectively deployed for more than 300
customers, spanning over 4,000 installations in 70 countries
worldwide. ACE*COMM-installed products are currently enabling the
success of customers and partners such as Alcatel-Lucent, AT&T,
Cisco, General Dynamics, IBM, Level 3 Communications, Marconi,
Motorola, Northrop Grumman, Siemens and Verisign. Headquartered in
the Washington, DC area, ACE*COMM has corporate offices in
Australia, Canada and the UK. ACE*COMM is an ISO 9001 compliant
company. For more information, visit www.acecomm.com. ACE*COMM, the
ACE*COMM logo, Parent Patrol and N*VISION are registered trademarks
of ACE*COMM Corporation. Except for historical information, the
matters discussed in this news release include forward-looking
statements that are subject to certain risks and uncertainties that
could cause the actual results to differ materially from those
projected, including, but not limited to: the failure of
anticipated demand to materialize, delays or cancellations of
orders due to various factors, including business and economic
conditions in the U.S. and foreign countries; industry-wide
slowdowns, any limitations on customers� financial resources, the
continued convergence of voice and data networks, the continuing
success of the Company�s strategic alliances for product
development and marketing, customer purchasing and budgetary
patterns or lack thereof; pricing pressures and the impact of
competitive products; the timely development and acceptance of new
products; the Company�s ability to adequately support its
operations, and other risks detailed from time to time in the
Company�s Report on Form 10-Q and other reports filed with the
Securities Exchange Commission.
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