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 Convedia closes $11.25 Million dollar investment round; appoints new CEO Vancouver, Canada - September 12, 2000 - Convedia Corporation a leading provider of enhanced service processing platforms for next generation packet networks, today announced that it has received $11.25 million in new financing. The financing round was lead by Wesley Clover and included participation from Alcatel, MDS Capital, Ontario Teachers Pension Fund and Altamira. The proceeds of the placement will be used to complete Convedia's media server product development and launch the company's sales, marketing and partnering activities as the company accelerates it's thrust into the packet network enhanced services market. "In my opinion, the company is addressing one of the biggest opportunities of the new millennium in the telecommunications industry" said Terry Matthews, Chairman of the Board of Convedia. Concurrently, the company announced the appointment of Peter Briscoe to the position of President and Chief Executive Officer. Mr. Briscoe brings over 20 years of experience in the telecommunications industry to the company and has held development, management and senior positions with leading telecommunication equipment manufacturers such as Nortel, Newbridge Networks and Starvision. Mr. Briscoe served as Executive Vice President Marketing and Product Management at Starvision since 1995, and Director of ATM Product Management at Newbridge from 1992 to 1995. "The convergence of the Internet and telecommunications services is driving the explosion in enhanced services. With our powerful CMS-6000 Media Server platform, Convedia is poised to be a major player in the rapidly growing packet telephony market" said Peter Briscoe, President and CEO of Convedia. About Convedia Convedia Corporation is the leading supplier of next-generation, softswitch-compliant media servers which enable communication service providers to rapidly deliver innovative and differentiated voice and video services over Internet Protocol networks. Convedia is headquartered in Vancouver, British Columbia, Canada, and financed by leading venture capitalists. For additional information about Convedia, its products or the role of media servers in the softswitch architecture, please visit www.convedia.com. *Convedia is a trademark of Convedia Corporation Contacts: Convedia Contact: Grant Henderson +1 (604) 918-6309 ghenderson@convedia.com |
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