Bitfone Secures Additional Funding from Motorola Ventures.Business Editors/High-Tech Writers LAGUNA NIGUEL, Calif.--(BUSINESS WIRE)--June 30, 2003 Bitfone Corporation (www.bitfone.com), a leader in over-the-air (OTA (Over The Air) Refers to any wireless system such as AM/FM radio and network television that uses open space as its transmission medium. ) firmware A category of memory chips that hold their content without electrical power. Firmware includes flash, ROM, PROM, EPROM and EEPROM technologies. When holding program instructions, firmware can be thought of as "hard software." See flash memory, ROM, PROM, EPROM, EEPROM and FOTA. update technology for mobile phones, today announced it has secured additional funding from Motorola Ventures, the venture capital investment arm of Motorola, Inc. This investment will bring Bitfone's total funding to over $35 million. Previous investors include Nokia Venture Partners, St Paul Venture Capital, 3i, Nexit Ventures, Orange Ventures, KTB KTB Keep Texas Beautiful (Austin, TX) KTB Korea Treasury Bond KTB Kick the Bucket KTB Kenyan Top Bar (beehives) KTB Keppel Tatlee Bank Ltd (commercial bank in Singapore) Ventures and CIR (Committed Information Rate) In a frame relay network, the average transmission rate in bits per second (typically Kbps) for a virtual circuit. It defines the maximum rate that the network can handle under normal conditions. Ventures. "The investment from Motorola reinforces our position as trusted experts in over-the-air reflash technology, capable of bringing a fault-tolerant and cost-saving solution into the mainstream," said Gene Wang, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Bitfone. "With our incredible roster of investors, and the relationships they facilitate with the leading handset manufacturers and carriers, we have the means to foster widespread adoption of OTA firmware updates." "We look for innovative technologies that are based on sound business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point and satisfy a market need," said Warren Holtsberg, corporate vice president, Motorola Ventures. "We believe that Bitfone's management team and patent-pending technology position the company to become a leader in providing critical OTA device management solutions to wireless handset manufacturers and carriers worldwide." Today's announcement makes Bitfone the first company to receive funding from both Motorola Ventures and Nokia Venture Partners. Bitfone's mProve is the first commercially available product for updating a wireless phone's entire firmware over the air, in a 100% fault-tolerant manner. mProve offers service providers and mobile phone manufacturers significant cost savings by reducing product recalls, phone replacements and retail center servicing due to software defects. mProve also accelerates time to market for mobile phones, and provides an efficient delivery vehicle for high-margin, value-added services and features. Hang Xu, CFO See Chief Financial Officer. , Bitfone, said, "While other companies are struggling to get funded, Bitfone continues to attract top tier investors by demonstrating an exceptional value proposition. With this new funding from Motorola Ventures, along with recent funding from Orange Ventures and KTB Ventures, we are in great shape to execute on our business plan." About Motorola Motorola Ventures (MV) is the global, strategic venture capital investment arm of Motorola, Inc. MV actively invests at early stages in developing companies of strategic value to Motorola in order to accelerate access to new technologies, new markets and new talent. For more information, please visit: www.motorola.com/ventures. Motorola, Inc. (NYSE NYSE See: New York Stock Exchange :MOT) is a global leader in providing integrated communications and embedded electronic solutions. Sales in 2002 were $27.3 billion. Motorola is a global corporate citizen dedicated to ethical business practices and pioneering important technologies that make things smarter and life better, honored traditions that began when the company was founded 75 years ago this year. For more information, please visit: www.motorola.com About Bitfone Corporation Bitfone Corporation provides innovative software solutions for mobile device management. Bitfone's mProve(TM) is the wireless industry's leading technology that updates a mobile phone's core embedded operating system An operating system used in special-purpose applications (embedded systems). Embedded operating systems are typically very compact and often designed for real time operations. See embedded Linux, QNX, OS-9, Windows XP Embedded, Windows CE, VxWorks and Symbian OS. over the air, in a secure and fault-tolerant manner. mProve offers wireless manufacturers and carriers significant cost savings in the areas of warranty, recall and customer service, and expedites the time to market for mobile phones. Bitfone is a global company headquartered in Laguna Niguel, California Laguna Niguel is a city located in southern Orange County, California. The name "Laguna Niguel" is derived from the Spanish word "Laguna" which means lagoon and the word "Nigueli" which was the name of a Juaneno Indian village once located on Aliso Creek. , with offices in Finland, Japan and Korea. Bitfone's investors include Nokia Venture Partners, St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Venture Capital, 3i, Nexit Ventures, Motorola, Inc., Orange Ventures, KTB Ventures and CIR Ventures. For more information, please visit www.bitfone.com. |
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