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AnchorFree Secures $6 Million Series A Investment Round; Company Will Use Funds to Accelerate Delivery of Free Wi-Fi Access to ConsumersSUNNYVALE, Calif. --(Business Wire)-- May 24, 2006 -- AnchorFree, the world's largest free Wi-Fi network & community, consisting of 10,000 hot spots in more than 2,400 cities across the U.S. and worldwide, has secured its "Series A" investment financing from notable investors including Bert Roberts, former chairman and CEO of MCI; RENN Capital Group, Inc., under the leadership of the fund's President Russell Cleveland; Richard Rainwater, president of Rainwater, Inc., on behalf of his wife Darla Moore and his son Todd Rainwater; and other strategic investors. Janssen Partners, led by its chairman and CEO Peter Janssen, was the investment banking firm that handled the financing. The company intends to use the $6 million funding to support its rapid growth and proliferation of free wireless internet access (Wi-Fi). AnchorFree will continue to aggressively develop products and intellectual property that will further solidify its leadership position as the world's largest provider of free Wi-Fi. AnchorFree is utilizing its technology and global advertising base to drive the adoption of Free Wi-Fi and unite Free Wi-Fi access around the world. The company is dedicated to supporting existing Wi-Fi operators and networks with its co-marketing program and ad targeting technology. "The successful Series 'A' financing for AnchorFree demonstrates the company's leadership in the area of free Wi-Fi access," said Bert Roberts, independent investor formerly chairman and CEO of MCI and strategic advisor to AnchorFree. "We expect the business model of providing free Wi-Fi access, supported by advertising dollars, will explode in the coming months. AnchorFree's proprietary technology will play a vital role in the future of the advertising targeting market." AnchorFree provides consumers with access to 10,000 free Wi-Fi hot-spot locations. The company is expanding quickly and currently holds 10 percent of the estimated 100,000 hot-spot market(1). AnchorFree, through its recent acquisition of MetroFreeFi and its success in global unification of Free Hotspots, gives customers free access to an "open" community made up of hot spots, ISP providers, and its own proprietary network. The company's products enable revolutionary ad targeting over ISP and Wi-Fi networks, secure access capabilities, and the WiPod product that enables internet users to take AnchorFree's network list of 10,000 free Wi-Fi hot spots "to go" by downloading the directory to their iPod. "We are pleased that some of the world's most respected and noteworthy investors have chosen to invest in AnchorFree," said David Gorodyansky, president and co-founder of AnchorFree. "AnchorFree strives to revolutionize the entire Internet access market and create significant opportunity for companies providing Internet access. Today's funding announcement will most definitely help AnchorFree reach its aggressive goals." AnchorFree is dedicated to making free Wi-Fi access a successful investment for Hotspots, ISPs, and other online businesses. By utilizing AnchorFree's Global Free Wi-Fi Network, online businesses can benefit by driving consumers to products, services, and advertising. The company provides locations within its Wi-Fi network, a global advertising base, proprietary monetization technology, free marketing tools, and a customizable welcome page. About AnchorFree AnchorFree provides consumers and businesses access to the nation's largest network of free high-speed Wi-Fi. Through its acquisition of MetroFreeFi.com, AnchorFree's network includes 10,000 Internet hot spots and "Hot Zones" in the nation's major metropolitan retail districts. AnchorFree's ISP and Internet content partners benefit from increased online e-commerce and media revenues. Numerous Internet Service Providers (ISPs and Wi-Fi) are partnering with AnchorFree to benefit from its success. The AnchorFree team views such relationships as another way to provide consumers affordable and widespread Internet access. The company is currently pursuing its next ambitious objective: to provide consumers with free and relevant information. For more information, visit www.anchorfree.com. (1) Independent industry research firm Informa Telecoms and Media estimates there are 100,000 Wi-Fi hot spots worldwide. |
