jhv1blz5 wrote: The article validated SOA as an IT architecture paradigm that can be leveraged in many ways. Taking data storage, scalability and application performance to a nifty level using SOA Application Grid infrastructure will no doubt enhance data and application performance on Oracle architecture platforms, it also has the promise of a cost effective and efficient IT delivery model. The very benefits of SOA.
SAN MATEO, CA -- (MARKET WIRE) -- 04/12/07 -- Wherify Wireless, Inc. (OTCBB: WFYW), a
leading developer of wireless location products and services, announced
today it has sold approximately $4.6 million of Series A Convertible
Preferred Stock pursuant to an existing Option disclosed in the Company's
Form 8-Ks filed on February 28, 2007 and on April 12, 2007.
This financing is in addition to $1.2 million previously raised by
Wherify's issuance of its 10% Senior Convertible Promissory Note as
disclosed in the 8-K.
"We are very pleased to have raised this new round of financing," said W.
Douglas Hajjar, a Director of Wherify. "This capital infusion will allow
Wherify's management team to continue to provide innovative
GPS-based location technologies, and allow the company to further refine
its corporate strategy by launching new initiatives in this fast-growing
marketplace."
The Company plans to use the net cash proceeds of approximately $4 million
for general working capital purposes, including purchase of inventory, and
to re-launch its corporate strategy.
This press release does not constitute an offer of any securities for sale.
The securities have not been registered under the Securities Act of 1933,
as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
About Wherify Wireless, Inc.
Wherify Wireless, Inc. (OTCBB: WFYW) is a developer of personal location
products and services, as recognized by the Smithsonian Institution
Museum's adoption of Wherify Wireless' first product, the Child Locator,
into permanent display as the world's first commercial personal GPS
tracking device. With three U.S. patents granted in the areas of personal
location and position tracking and four more patents pending in the area of
GPS locator phones, Wherify Wireless continues to be a leader in location
technology development by integrating Aided-GPS location into a GSM
cellular platform that has been demonstrated on over 100 GSM networks
world-wide. Wherify Wireless' expertise in GPS technology for wireless
devices and its patented
back-end location service engine enable customers to obtain real-time
location information on individuals and property directly through the
Internet or any phone. Wherify Wireless was founded in 1998, and is located
in San Mateo, California.
Note Regarding Forward-Looking Statements
Any statements that are not statements of historical fact (including
statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates" and similar expressions) should be considered to be
forward-looking statements. There are a number of factors that could cause
actual results or events to differ materially from those indicated by such
forward-looking statements, including general conditions in the relevant
industries and markets, the impact of competitive products, intellectual
property issues and the other factors described in Wherify Wireless'
periodic filings with the SEC. The company disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this press release.
CONTACTS:
Joe Noel
Wherify Investor Relations
Tel: 1.925.922.2560 Email Contact
Stephen Axelrod
CFA
Wolfe Axelrod Weinberger Associates LLC
Tel: 1.212.370.4500 Email Contact