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AirPrime Inc. announced it has closed a new round of financing in the amount of $6.2 million. Omninet Capital, LLC led the round, which included Liberty View Equity Partners, Nova Ventures, Parker Price Venture Capital, QUALCOMM Incorporated, Quantum Technology Partners, RBC Capital Partners Telecom Fund, RBC Ventures and TechHarvest Group.

Picture shows a Helium 1x Embedded Module

The proceeds will fund a range of growth initiatives, including product rollouts and new product development activities. AirPrime will continue to focus on mass production of the Helium 1x embedded module, which is the wireless engine in the Handspring Treo 300. The Treo 300 is one of the lead products being sold by Sprint PCS for their recently launched 3G CDMA network. In addition, AirPrime and its OEM partners will be launching a number of CDMA2000 1X and 1xEV-DO PC cards in the second half of 2002.

CDMA remains the fastest growing wireless technology in the world and the first commercial 3G version - CDMA2000 1X - is available in eight countries with services from 18 different network operators. CDMA2000 1X has been experiencing dramatic subscriber growth since inception and carriers worldwide are offering over 145 mobile devices, that allow consumers to enjoy high-speed Internet access, e-mail, built-in MP3 and video players, downloadable games and graphics, polyphonic ringers, location-based safety and security services, and phones with color displays and camera attachments.

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"Our ability to raise capital in these difficult market conditions demonstrates investor confidence in our CDMA market leadership position," said Jim Kirkpatrick, president of AirPrime Inc. "This additional investment enables us to build on our leadership position in wireless PC cards and embedded modules at a time when OEMs and service providers are just beginning to provision advanced wireless data applications and services to the mass market."

"AirPrime is already recognized by the nation's top wireless service providers as the CDMA2000 1X technology leader and this financing round will advance that position at a critical time in the technology's adoption," said Craig Enenstein, chief investment officer for Omninet Capital, whose principals were involved in the development of worldwide wireless communications leader QUALCOMM. "We are very pleased with the quality of the development team and overall leadership of the company. AirPrime is generating significant revenue today and has an exciting product roll-out schedule for the balance of this year."