FastMobile Secures Series A Funding to Launch Instant Mobile Messaging Services in Europe and Asia

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Wireless Developer Network - Daily News

FastMobile Secures Series A Funding to Launch Instant Mobile Messaging Services in Europe and Asia

SCHAUMBURG, Ill., Nov 21, 2002 - FastMobile, a leading provider of innovative mobile instant communication services, announced today that it has raised $4 million in Series A Preferred Stock to fund the launch of its fastxt(TM) service in the United Kingdom and South Korea and to fund final development and testing of its push-to-talk service, fastchat(TM). fastxt(TM) and fastchat(TM) are integrated, group text and voice conversation services that let mobile users communicate with friends, families or ad hoc groups instantly, anywhere in the world. The financing was led by Leo Capital Holdings, with participation from BlueStar Ventures and Red Barn Investments.

The financing represents the first outside money invested in FastMobile and was funded in tranches, with the initial capital invested in January of this year. "This investment enables us to introduce our revolutionary fastxt(TM) service to leading Short Messaging Service ("SMS") markets. fastxt(TM) delivers all of the functionality of PC-based instant messaging and more to the mobile environment," said Kang Lee, Founder and CEO of FastMobile. "We have solved many of the user issues that have hindered mass adoption of instant mobile messaging in the past."

"This is an exciting time for FastMobile and mobile consumers globally as the Company introduces instant mobile messaging without geographic, mobile operator or technological boundaries," said Randy Rissman, Managing Director of Leo Capital Holdings. "We believe that when FastMobile rolls out its full suite of mobile instant communication services, including push-to-talk instant voice chat early next year, it will have a major impact worldwide."

fastxt(TM) provides the instant messaging functionality that other service providers are just beginning to discuss. These features include:

-- User-friendly support of multiple, simultaneous group conversations;

-- Global interoperability, without carrier restrictions or network boundaries;

-- SMS integration, allowing non-fastxt(TM) friends to stay in the loop;

-- Simple buddy lists that provide presence and allow users to even initiate phone calls;

-- Large scrolling dialogue screen has no character limits and instantly displays messages received; and

-- Messages sent to or composed by the user are stored when there is no network coverage and immediately delivered upon reentry.

By offering unlimited fastxt(TM) messaging with integrated SMS capability in a variety of subscription-based packages, FastMobile's fastxt(TM) service provides unmatched messaging value and features to its subscribers.

Patrick Pollard, Managing Director of BlueStar Ventures, said, "We believe that fastxt(TM) is the first of many killer applications that FastMobile can deliver over 2.5G and 3G mobile networks. We will work aggressively to support FastMobile as they expand globally."

About FastMobile

FastMobile is the company that brings you fastxt(TM). FastMobile has operations in the US, Europe and Asia delivering value added messaging services over GPRS and other 2.5G and 3G mobile networks. FastMobile's first service, fastxt(TM), brings the power of instant messaging to mobile phones and will be followed with a range of innovative services that link the power of the internet to the immediacy of mobile. For more information, please visit FastMobile's Web Site at http://www.fastmobile.com .

About Leo Capital Holdings

Leo Capital Holdings, LLC is a Chicago-based private equity company focused on early stage investments in wireless, telecommunications, semiconductors and the Internet. Portfolio companies include 422 Inc., Epiworks, Go2Call, NetNearU Corp. and RFWaves. For more information, please visit Leo Capital's Web Site at http://www.leocapholdings.com .

About BlueStar Ventures

BlueStar Ventures, L.P. is a Chicago-based private equity investment fund focusing its capital, time and other resources on early stage investments in technology and telecommunications companies. BlueStar's portfolio includes NetNearU Corp., nii communications and SurePayroll. For more information, please visit BlueStar's Web Site at http://www.bluestarventures.com .

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