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GTI Capital Venture Fund Announces New Investment in PointShot Wireless
Ottawa, Ontario,, 17 Novembre 2003 -
PointShot Wireless, a developer of wireless voice and data solutions for mobile environments including trains, buses and vehicles, today announced USD $1 million in Series A funding from institutional investors. The new investor in the round includes GTI Capital, who along with existing investors Venture Coaches, Axis Investment Fund and several angel investors, brought the total investment to date to USD $1.5 million.
PointShot Wireless will use the funding to advance product development and expand the market reach of its SolutionPoint™ family of products into Europe. The company recently launched the first-ever wireless Internet service for passenger trains in North America to provide users with first-time access to email, the Internet, corporate intranets, instant messaging and digital entertainment while in transit.
“Our investment in PointShot Wireless underscores our company’s strategy of seeking out and funding early-stage advanced technology firms that are leaders in their market. PointShot Wireless has proven that there is a rapidly growing demand for broadband wireless connectivity in trains and other mobile environments, and that they have the technology that responds to this market,” said Bernard Hamel, chairman and senior general partner of GTI Capital. Mr. Hamel will also join the PointShot Wireless board of directors.
“This round of financing validates the strength of our vision, product set and development path, and underscores a tremendous market need for mobile Wi-Fi solutions for business travelers and consumers,” added Shawn Griffin, president and CEO of PointShot Wireless. “Our new funding enables PointShot Wireless to turn our trials into deployments and positions the company for rapid market development in Europe.”
The financing will support rail trial deployments expected in Europe in early 2004. PointShot Wireless is currently active in Wi-Fi trials with Altamont Commuter Express (ACE), a commuter train service running between Stockton and San Jose, California; VIA Rail, an intercity rail service running between Toronto, Ontario, Montreal and Quebec; and Amtrak’s Capitol Corridor, an intercity rail service, operating from Sacramento to San Jose, California.
PointShot Wireless developed its SolutionPoint™ platform with the understanding that to succeed in today’s Wi-Fi market, Wi-Fi must be available in the locations most optimal for business users to access. SolutionPoint™ is the next logical step for Wi-Fi access because it provides business travelers and mobile consumers wireless access while in transit so that, no matter where they are located, they can be productive with their travel time.
About GTI Capital
www.gticapital.com
Established in 1992, GTI Capital is a Montreal-based venture capital firm dedicated to emerging IT enterprises. It applies a fundamental approach to investing and avoids speculative, momentum-driven investments. GTI Capital is particularly interested in the following segments: Business-to-Business e-commerce, Network solutions and convergence technologies, Knowledge Management, Enterprise Application Integration, as well as Electronics and Photonics.
About Axis Capital Corporation
www.axisfunds.com
Axis Capital Corporation is a hands-on venture capital management firm focused on early stage technology companies. In 2002, after successfully managing a private fund, Axis Capital launched Axis Investment Fund, a labour-sponsored investment fund that invests in Ontario-based merging software and wireless companies. Axis Investment Fund offers Ontario residents the opportunity to participate in venture capital and receive a 35 per cent tax credit.
About Venture Coaches
www.venturecoaches.com
Venture Coaches is an Ottawa based early-stage investor committed to building the next wave of communications and information technology companies. The Partners have extensive operational knowledge and experience to mentor portfolio companies in technology development, corporate governance and business development. For more information, please visit www.venturecoaches.com.
About PointShot Wireless
www.pointshotwireless.com
PointShot Wireless provides mobile wireless solutions creating environments that enable people to work, communicate and be entertained – no matter where they are located or how they travel. The company’s family of products, based on the SolutionPoint platform, represents a unique architecture that bridges 802.11 networks to next-generation wireless, cellular and satellite networks, delivering a host of business and user applications. The company is headquartered in Ottawa, Canada. For more information visit: www.pointshotwireless.com.
Contact
Shawn Griffin
613-228-0435
shawn@PointShotWireless.com
Shaun Markey
613-728-9951
shaunmarkey@PointShotWireless.com
Bernard Hamel
President of the Board & Senior Partner
GTI Capital
Telephone : 514-845-3800, x26
bernard.hamel@gticapital.com
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