West Trenton, New Jersey – July 27, 2006 – Exclaim, a leading branded platform provider of innovative Web and wireless applications that allow advanced sharing of digital images, video, and rich media, today announced that it has secured a US $2 million venture loan from MMV Financial Inc.
This debt financing followed a $3.5 million second round equity commitment from Edison Venture Fund and Sycamore Ventures. The financing is part of an ongoing strategic growth plan for the Exclaim platform, which may include additional equity financing in the future. Exclaim will use the current proceeds to further enhance its business development and marketing programs.
“Exclaim is pleased to have MMV as a financial partner,” said Ivan Ruzic, Chief Executive Officer of Exclaim. “The funding process with MMV allows us to remain focused on our business strategy to continue expanding our innovative platform applications.”
Previously known under the corporate identity dotPhoto, Exclaim delivers a broad range of powerful rich media tools to enable wireless photo sharing, online digital imaging, media sharing, and merchandising of photos and videos. The business-to-business platform’s Web and wireless applications are at the heart of an extensible strategy to deliver personal memories and digital entertainment to any screen, from computers, mobile phones, and PDAs, to video game consoles and plasma TVs.
“Exclaim’s Web and wireless platform for handling digital content is uniquely positioned to grow in an emerging market,” said Ron Patterson, Executive Vice President, MMV Financial Inc. “We believe its technological leadership and strong management team will help them take advantage of the growth potential in this space. This opportunity is also significant for MMV, as our first investment directly into the northeastern United States market, which we intend to open further in the coming months.”
Exclaim (http://www.exclaim.com/) is a leading branded platform provider of innovative Web and wireless applications that allow advanced sharing of digital images, video, and rich media. The new Exclaim platform enables wireless and Web providers to easily extend and offer digital imaging services to their customers, to better engage online audiences, increase wireless network traffic, and boost revenue. The Exclaim platform seamlessly integrates and moves rich media from wireless handsets to Web applications to devices in the home providing the most complete rich media solution on the market today.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial, Inc., and Wells Fargo Company. For more information visit www.mmvf.com or contact:
Ron Patterson, Executive Vice President
MMV Financial Inc.