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Pacific Century CyberWorks Japan closes US$10 million equity investment in Circadence Corporation
Boulder, Colorado (ots-PRNewswire) - PCCW Japan leads round as Circadence builds momentum among investors to bring Conductor QoS(SM) to marketplace.
Adding another pedigreed name to an already impressive list of
blue-chip investors, Circadence Corporation, a leading provider of
enhanced Internet performance solutions, today announced it has
closed a $10 million equity investment from Pacific Century
CyberWorks Japan K. K. ('PCCW Japan' JASDAQ: 7954).
In exchange for equity investment, PCCW Japan will receive an undisclosed number of shares of Series G preferred stock. The investment, which was announced earlier in connection with PCCW Japan's acquisition of Circadence's gaming unit, VR-1, was completed today and makes PCCW Japan the lead investor in Circadence's Series G round of financing. Today's announced investment will help fuel the company's commercial launch of its Conductor QoS, a service that is designed to enhance web site performance, improve the predictability and efficiency of Internet-based content transmission, and allow for improved real-time customer interaction. Circadence intends to debut its service to customers throughout North America this summer. "Today's announcement is further validation of our e-business strategy and it reinforces the value our technology has on a global scale," said Michael J. Moniz, Circadence president and chief executive officer. "We look forward to working with PCCW Japan as a strategic investor and partner." PCCW Japan president and chief executive officer Todd Bonner said, "We are excited to have VR-1 join the PCCW Japan family. Their Conductor Classic technology, which allows for massive multi-player online entertainment technologies and content, will further our position in this arena." Conductor Classic shares core technology with Circadence's Conductor QoS. PCCW Japan also is a long term strategic partner in Circadence with its recently-announced acquisition of the company's entertainment unit, VR-1, in exchange for a private placement of PCCW Japan common stock valued at $38 million US (JPY 4.4 billion). Under terms of that deal, PCCW Japan retains exclusive rights in the entertainment market to VR-1's proprietary technology, known as Conductor Classic 2.0(R), which enable thousands of gamers to simultaneously play "massively multiplayer" interactive games over the Internet. Circadence's offering for e-business, Conductor QoS, deploys the core premise of the Conductor technology it developed for online games. With PCCW Japan's equity investment, Circadence has raised $102.5 million to-date. In September, Circadence announced it had secured $51 million in equity from a number of high-tech leaders, including Hewlett-Packard, Global Crossing and PSI Net. Also last fall, Circadence secured $54 million in convertible debt facility from Hewlett-Packard. The company previously announced two rounds of private placement financing, including $25 million in Sept. 1999 and $13.6 million in Jan. 1998. About Circadence Corp. Circadence Corp., is a leading provider of enhanced Internet performance solutions. Circadence's Conductor QoS provides e-businesses with a service, which enhances web site performance, improves the predictability and efficiency of Internet-based content transmission, and allows for improved real-time customer interaction. Circadence is headquartered in Boulder, Colorado. and has a development facility in Toronto, Canada. For more information about Circadence and Conductor QoS, please visit: www.circadence.com. About Pacific Century CyberWorks Japan Co., Ltd. PCCW Japan K.K (JASDAQ: 7954) is focused on the development and delivery of next generation games and targeted content across multiple distribution platforms. The Company and the PCCW Group has engaged in extensive alliances and made significant investments in related companies including B-Factory, a leading i-Mode content supplier and Tomen Mediacom, one of the largest independent cable MSO operators in Japan. The Company also announced the acquisition of VR-1 Entertainment division of US-based Circadence Corporation. VR-1 is one of the world's leading developers of online games. On December 18, 2000, CS NOW, a subsidiary of PCCW Japan, was awarded a CS110 digital broadcasting license by the Japanese Ministry of Posts and Telecommunications, and on February 22, 2001. PCCW Japan K.K is the new name for Jaleco Ltd. from November 1, 2000 ots Original Text Service: Circadence Corp. Internet: www.newsaktuell.ch
Contact: Editorial, Kurt Holzberlein, Director of Corporate Communications, of Circadence Corporation, phone +1 303 413 8854, E-Mail: email@example.com