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Press ReleaseWi-Fi Security Company KoolSpan Completes $750,000 in Seed FinancingNobska Group leads investment in Wi-Fi security technologyBethesda, Md., October 21 2003 - Wi-Fi security and authentication solutions company, KoolSpan Inc., has raised more than $750,000 in seed financing from Nobska Ventures; The Supper Club and other angel investors; the Challenge Fund of the State of Maryland's Department of Business and Economic Development (DBED); The State of Maryland's Technology Development Corporation (TEDCO); and the Maryland Industrial Partnerships (MIPs) program. Frank Baitman, Nobska Ventures partner stated, "In addition to being the most secure Wi-Fi solution that we've seen, no other product combines the access provisioning, security, and roaming capabilities of the KoolSpan system. We believe that KoolSpan has the potential to be a major player in enabling accelerated deployment of Wi-Fi in business, government, healthcare, education, hospitality and public hotspots." "Our Supper Club members found KoolSpan to be the most compelling technology investment opportunity they've reviewed in the past three years," said Karim Rahemtulla, Club Director. "Our members include business owners, executives, doctors and other professionals who understand the practical benefits of the technology for use in their businesses. The chance to invest in a successful serial entrepreneur, KoolSpan founder Tony Fascenda, was particularly attractive." KoolSpan's patent-pending solution employs the tamper-resistant, inexpensive, "smart " token used in hundreds of millions of cell phones worldwide. Users simply insert a physical token, the Client Key, into a USB port on their laptop or other computing device. This gives them access to a KoolSpan-enabled network "lock", which is able to automatically authenticate and secure approved users who are logging onto the network from any location with 256-bit AES encryption. Combining authentication, security and remote access in a single solution, KoolSpan technology works with every vendor's wireless access point in the market today and in the future, and is fully compatible with all current and emerging standards. "KoolSpan's solution is a major breakthrough in securing wireless LANs, providing the missing puzzle piece for Wi-Fi transmissions," stated Dr. Ashok Agrawala, Director of the MIND Lab at the University of Maryland (www.mindlab.umd.edu), one of KoolSpan's beta sites and a center of expertise in wireless networking technologies and related issues. "This financing is a 'bridge' to a larger round with institutional and strategic investors, " said Tony Fascenda, CEO of KoolSpan."This capital will enable us to complete beta tests and build our sales and marketing alliances, maintaining momentum toward commercial introduction." About KoolSpan KoolSpan (www.KoolSpan.com) has developed an affordable approach to Wi-Fi security that allows businesses to provide authentication and security for all Wi-Fi users, even when they are using public Wi-Fi networks - thus eliminating a critical barrier to Wi-Fi adoption for businesses. KoolSpan's patent-pending technology, which plugs into a device's USB port, employs the tamper-resistant "smart" token used in millions of cell phones worldwide. The solution's bi-directional, Layer 2, AES encryption architecture protects against the many vulnerabilities that have been identified with Wi-Fi networks while providing ease of use when moving among home, office, remote and public Wi-Fi networks. KoolSpan founder, Tony Fascenda, holds more than 10 wireless patents. He has a history of delivering successful solutions that solve complex technology problems with a simple, straightforward no-nonsense approach. KoolSpan, based in Bethesda, Md., is privately funded. About Nobska Ventures Nobska Ventures (www.nobskagroup.com) invests partner and client capital in select emerging technology companies and management buy-outs. Nobska Ventures is an affiliate of strategy consulting and merchant banking firm Nobska Group. Nobska Group creates, builds, and accelerates the success of growth companies, with particular interests and expertise in wireless communications, IT security, enterprise application software, health care and life sciences, and business process outsourcing. For more information: Brad Wills, Wills and Associates |
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