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) -- 04/19/07 -- Wherify Wireless, Inc. (OTCBB: WFYW), a
leading developer of wireless location products and services, announced
today it has sold approximately $1.4 million of Series A Convertible
Preferred Stock, which concludes the total financing under an Option
disclosed in the Company's Form 8K filed on April 12, 2007.
The financing is in addition to the sale of approximately $4.6 million of
Series A stock announced last week, and $1.2 million previously raised
through the issuance of a 10% Senior Convertible Promissory Note. These
transactions raised an aggregate gross total of $7.2 million, and resulted
in net proceeds to Wherify of approximately $6.4 million.
"This funding will allow Wherify to strengthen its position in the LBS
marketplace where our
GSM-based technologies remain unique, and where there is significant demand
for those technologies in enterprise, government and consumer sectors,"
said W. Douglas Hajjar, a Director of Wherify.
The Company plans to use the proceeds 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