Close WindowSan Jose, Calif. PRNewswire | Mar. 14, 2002 —Aeris.net, operator of the North America-wide MicroBurst® network and the leading network service provider for wireless telemetry messaging, announced today an agreement with CDP Capital - Communications to complete the private equity funding of Aeris.net at a level that fully funds the Aeris business plan through cash break-even. CDP Capital - Communications is a unit of CDP Capital, the Canadian leader in fund management and one of North America's premier financial institutions, managing over $84 billion in assets.
"The agreement with CDP Capital - Communications is a critically important milestone for Aeris," said Dick Gossen, President and CEO of Aeris.net. "We appreciate the confidence that CDP Capital - Communications shows in Aeris with this investment. With this financing and the completion of our North American coverage footprint, Aeris is positioned for the long term as the leading player in the market for machine-to-machine communications (M2M) - wireless telemetry and data telematics."
"CDP Capital - Communications has been a supporter of Aeris since 1999," commented Pierre Bélanger, president of the company. "We believe in the wireless telemetry opportunity and we believe that the Aeris team has done an excellent job in building the MicroBurst business in the midst of a recession and is on a path to profitability. We are proud to be associated with Aeris.net"
The new funding will complete an $8 million rights offering to the current Aeris shareholder base that was begun last fall. CDP Capital - Communications will backstop the rights offering and purchase any shares not subscribed by other Aeris shareholders. Aeris will close the next funding tranche before the end of March. The investors will also have the right to invest an additional $2 million within the next two years.
CDP Capital - Communications, member of CDP Capital, has investments in 116 companies in Quebec, Canada and world markets. Its portfolio is now valued at more than CAN $2.1 billion. The Company has developed partnerships with telecommunications, media and entertainment firms that want to penetrate promising new markets or to consolidate their market position, in Quebec or abroad. For more information: www.cdpcapital.com/capcomm/eng
CDP Capital, a global fund manager, manages over $84 billion in assets. It offers to CDP and to other clients in Canada and around the world a complete range of fund management services.
Aeris.net, headquartered in San Jose, Calif., provides web-to-wireless connectivity and control for a broad array of fixed and mobile telemetry applications using its proprietary MicroBurst® technology. MicroBurst employs the control channel infrastructure of cellular networks as a robust transmission medium to achieve low cost and ubiquitous data coverage. Aeris.net deploys MicroBurst technology across cellular service areas in the United States, Mexico, Canada and much of South America. Initial applications include vehicle tracking and alarm reporting, security and equipment monitoring, and utility meter reading. For more information, please visit the company's web site at www.aeris.net or call 1-888-GO-AERIS within the United States.
MicroBurst® and VBurst™ are trademarks of Aeris.net, Inc. Aeris is a registered trademark of Aeris.net. All other company or product names are trademarks of their respective holders.
###
© 1999-2004. All rights reserved. Aeris.net