Akimbo Systems Named Red Herring 100 Company; Recognized for Innovative Business Model, Expected Profitability, Seasoned Management Team.

Business Editors/High-Tech Writers

SAN MATEO, Calif.--(BUSINESS WIRE)--May 11, 2004

Red Herring today announced that it has chosen Akimbo Systems as one of this year's Red Herring 100 Top Private Companies. Akimbo, which made its corporate debut just three months ago, will be the first to offer an Internet video-on-demand service for television. The Akimbo Service brings to television the wide breadth of content that consumers have grown used to on the Internet, infinitely expanding TV viewing choices. When it becomes available this summer, the Akimbo Service will feature more than 10,000 digital-quality programs in 50 categories, including independent films, foreign language, news, health and fitness, sports, children and education.

Over the last few months, Red Herring editors carefully examined the business models, financials and management teams of more than 500 private companies from 10 countries, including China, Japan, Israel, the U.K. and Germany. The Red Herring 100 is a thorough sifting of companies most likely to disrupt markets or create new ones. The Red Herring 100 are judged by criteria favored by investment bankers and venture capitalists -- careful analysis of financial data as well as subjective factors such as quality of management, execution of strategy, and dedication to research and development.

"We intend to be the world's largest video-on-demand service by the end of the year so we are thrilled that Red Herring has identified the launch of our company as an industry-shaping event," said Josh Goldman, CEO of Akimbo. "We are honored to be recognized as a technology leader among such an illustrious group of companies."

Red Herring publisher Alex Vieux said his publication has long been known for spotting the most innovative technology companies and entrepreneurs. "At the Red Herring, we scour the industry to identify the best and brightest technology companies that are transforming current markets and creating new ones," said Vieux. "The Red Herring 100 is our annual list of the most promising private companies. Like Google, eBay, Salesforce.com, and other previous Red Herring 100 alumni, this year's 100 have the potential to become the next titans of technology."

Akimbo Service and Akimbo Player

The Akimbo Service will initially be available via the Akimbo Player, a stylish set-top box that can store 200 hours of video, and provides consumers with viewing controls such as pause, rewind and archive. The Akimbo Service automatically delivers an onscreen program guide filled with channels, video previews, editorial information and viewer options. From the guide, Akimbo subscribers choose which programs they would like to download to the Akimbo Player for later viewing. Then, each time Akimbo subscribers turn on their TVs, they will have new videos, previews and editorial information waiting for them. The Akimbo Service works with any broadband connection, either DSL or cable modem, and a home network. Consumers simply connect their wired or wireless home networks to their Akimbo Players, which are then connected to their televisions through standard A/V cables.

About Akimbo

Akimbo is the first company to deliver DVD-quality video-on-demand to any television via a broadband-Internet connection. The Akimbo Service with the Akimbo Player lets consumers choose from thousands of hours of programs specifically suited to their tastes, so they can watch them whenever they choose. By partnering with Akimbo, video providers gain a new opportunity to cost-effectively reach targeted audiences with content ranging from special interest to broad appeal, without building new infrastructure. Akimbo partners with leading providers of specialty video to deliver more than 50 categories of unique entertainment, including film, comedy, music, health and fitness, sports, education, youth, foreign language, and cooking. With offices in Los Angeles and San Mateo, Calif., Akimbo is a privately held company funded by Draper Fisher Jurvetson, Sprout Group and Zone Ventures. The company is founded and managed by executives from ReplayTV, Macromedia, CNET Networks, mySimon, Microsoft and Apple. For more information, visit www.akimbo.com.