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April 21, 2003 InnerWireless Secures Additional Private Equity Funding and Debt Facility Genesis Campus Becomes Newest Investor Richardson, Texas – April 21, 2003 – InnerWireless Inc., an in-building wireless systems and services company, recently raised $1 million in new equity capital from Genesis Campus, and plans to use the funds to further enhance sales efforts and accelerate the deployment of the company’s in-building wireless systems. InnerWireless has raised more than $26 million in equity capital since September 2001. Additionally, InnerWireless has secured a $2 million term loan from Comerica’s Technology and Life Sciences Division (NYSE: CMA). The company plans to use the funds to deploy in-building wireless systems that will be owned and operated by InnerWireless. Genesis Campus, a Richardson, Texas-based venture capital firm focusing on telecommunications technology investments, joins InnerWireless’ list of high-profile venture capitalists including Sevin Rosen Funds, Rho Ventures, Technology Associates Management Company (TAMC), Massey Burch Capital Corp., and HO2 Partners. “We believe that significant value can be created by enabling the clear and continuous use of wireless voice and data applications inside buildings because doing so solves a number of problems for wireless carriers, real estate owners and enterprises,” said Roman Kikta, managing partner of Genesis Campus. “The InnerWireless investment illustrates our commitment to advanced telecommunications technologies that solve real business and consumer issues.” "The wireless technology sector continues to attract venture capital, and we are committed to supporting the industry through debt financing to companies demonstrating the greatest potential,” said Stu Bell, vice president in the Dallas office of Comerica’s Technology and Life Sciences Division. "We are pleased to provide a credit facility to InnerWireless, which in our view is on its way to becoming the in-building wireless system of choice for building owners, enterprises, and wireless carriers." “Thanks to our unique business plan and innovative combination of technology, systems, and services, InnerWireless has already made excellent progress penetrating the in-building market, and we’re rapidly building momentum,” said Ed Cantwell, president and CEO of InnerWireless. “The financial commitments from Genesis Campus and Comerica will help us further accelerate deployment of our broadband wireless distribution system, InnerMobile™, which simultaneously supports cellular and PCS voice and data; paging; 2-way radio for applications like building maintenance, operations and security; wireless LAN for high-speed data; as well as fire, life and safety communications that are vital to all emergency services.” About InnerWireless, Inc.: InnerWireless Inc. is an in-building wireless technology, systems and services company that brings the promise of anywhere, anytime wireless communications to high traffic public spaces, commercial office buildings and enterprise campuses. The company’s InnerMobile™ system employs patented technology to converge wireless voice and data onto a single in-building infrastructure that is reliable, efficient and versatile. One InnerMobile system can simultaneously provide coverage for multiple services from 400 MHz to 2.5 GHz using any current or future wireless protocols, including GSM, TDMA, CDMA, 2.5G, 3G, iDEN®, LMR, paging and 802.11 b/g. About Genesis Campus Genesis Campus is a technology business creation accelerator and early-stage venture capital fund headquartered in the Telecom Corridor®, Richardson, Texas. Genesis Campus focuses on investments in the Information Technology field, in particular wireless telecommunications. Areas of involvement include software, network infrastructure, components/semiconductors, applications and services. For further information, visit www.genesiscampus.com. About Comerica’s Technology and Life Sciences Division Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 18 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with nearly $56 billion in assets as of March 31, 2003. InnerWireless is based in Richardson, Texas in the heart of Telecom Corridor® and can be found on the Web at www.innerwireless.com. |