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Improving the Efficiency of SOA-Based Applications
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.
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Wherify Wireless, Inc. Raises $4.6 Million in Convertible Preferred Stock Financing
Wherify Wireless, Inc. Raises $4.6 Million in Convertible Preferred Stock Financing

By: Marketwire .
Apr. 12, 2007 01:00 PM

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

Published Apr. 12, 2007
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