SlipStream Secures Growth Capital
Financing to Drive Adoption of SlipStream's Data Compression Technology for Corporate Web Browsing, Email and Wireless Applications
WATERLOO, Ontario, November 27, 2003 - SlipStream Data Inc. today announced that it has secured growth capital from existing investor EdgeStone Capital Partners and Jim Estill, a board member of SlipStream and CEO of EMJ Data Systems (TSX:EMJ). The investment will be used to accelerate the product development cycle and sales growth of SlipStream's data compression technology targeting Internet Service Providers (ISPs), corporations and wireless providers. In addition, the funding will be allocated towards the development of strategic partnerships and the company's sales and marketing initiatives in the area of corporate and wireless communications. This funding represents a more than doubling of the capital invested in SlipStream.
SlipStream's Version 3.0 web and email acceleration software gives dial-up and wireless users an opportunity to experience broadband-like capabilities. The company's phenomenal success with customers such as AOL Canada and United Online for their NetZero HiSpeed and Juno SpeedBand solutions, highlights the demand dial-up users have for faster download times when accessing email and browsing the Internet. SlipStream is on target to have more than 1,000,000 paying customers by the first quarter of 2004.
"Our technology is becoming the de facto standard for how ISPs bolster and differentiate their dial-up service offering," said Ron Neumann, President of SlipStream. "In less than twelve months we've signed-up more than 500 ISPs worldwide while keeping pace for launching a new service virtually every day. The funds we've secured from EdgeStone and Mr. Estill will allow SlipStream to take our data compression technology to a wider business audience."
SlipStream's web accelerator technologies compress, optimize and streamline web content after it leaves the server, providing a dramatic improvement in web-surfing speed, which is important for dial-up or wireless users who either don't have access to high-speed cable or DSL services, or don't want to pay the higher prices charged for broadband services. Customers surfing the net with these technologies will find that web pages download up to five times faster than traditional services.
"SlipStream is at the forefront of developments in data compression technology and the market potential is enormous," said Bryan Kerdman, Partner for EdgeStone Capital Partners. "In less than 18 months, SlipStream has transitioned from a technology innovator to a profitable, high-growth business. This funding will extend the company's product offering to include corporate enterprises and wireless carriers looking to optimize network bandwidth and throughput."
It is estimated that fewer than one half of Internet subscribers in North America access the Internet over high-speed broadband networks. In the next five years, while broadband access will increase, it is projected that more than 30 million people will continue to rely on dialup for Internet access.
About EdgeStone Capital Partners
EdgeStone Capital Partners manages over $1 billion of private capital on behalf of institutional and high net worth clients employing a family of funds approach. EdgeStone's strategy is designed to drive superior investment performance by leveraging synergies across their family of funds, capitalizing on the resources of the firm's strategic and business partners, and capturing value creation opportunities throughout their investment portfolios. http://www.edgestone.com
About SlipStream Data
Founded in 2000 in Waterloo, Ontario, SlipStream Data Inc. is a privately-owned software development company that delivers on the need to increase the speed of Internet access-regardless of network connection-by providing unparalleled compression. SlipStream's solutions accelerate connection speed by as much as five times, when compared to traditional dial-up connections. The company's primary customers are ISPs, ASPs, carriers and corporations. For more information visit:
For more information visit: http://www.slipstreamdata.com
SlipStream is a trademark of SlipStream Data Inc.
For more information:
Andre Fuochi
Maverick Public Relations for SlipStream Data
416-640-5525 x 233
andref@maverickpr.com
SlipStream Data Inc. is a subsidiary