Constellation Ventures will subscribe to 28.5 million shares of series B at 2.1 SEK per share and 9 million warrants with a strike price of 2.41 SEK, the length of the warrant is five years. Constellation Ventures' Senior Managing Director, Clifford H. Friedman, is proposed being elected a Board Member of Net Insight. The transaction is subject to satisfactory legal review and signing of appropriate documents to be completed by March 19, and approval by an extra shareholder meeting, planned to take place on April 13, 2004. During the final negotiations Net Insight has given the information that sales for the first Quarter will not be lower than 11 MSEK.
Constellation Ventures manages $450 million USD of strategic capital and primary areas of focus include new digital content initiatives, Communication technologies and services and Enterprise Software. In the portfolio are companies such as SAVVIS Communications, Widevine, Verance, Agentis, Orchestria, Capital IQ, CSTV, and TVONE, etc.
Constellation Ventures will identify and introduce key accounts to Net Insight, work closely with Net Insight sales and management and assist in the business development process as Net Insight structures and secures strategic partnerships.
"While any venture fund could provide Net Insight with additional capital, Constellation Ventures is uniquely positioned to help guide Net Insight through the global media and entertainment market", says Clifford H. Friedman, Senior Managing Director of Constellation Ventures.
"Constellation Ventures brings very valuable contacts to the media industry and will help accelerate Net Insight's path to success" says Tomas Duffy CEO Net Insight AB.
Senior Director Clifford H. Friedman has more than 20 years of experience in finance, venture capital, technology, and media industries. He previously worked at Universal Studios, NBC, Bear Stearns, and Deutsche Bank/CJ Lawrence, Hazeltine Corp. and Cold Spring Ventures. Furthermore, Mr. Friedman has several patents in the area of communications, has been published in various technical and financial publications and is a Board Member of SAVVIS Communications, WideVine, Verance, and Active Health Management.
For further information, please contact
Tomas Duffy, CEO Net Insight AB
Tel. +46 8 685 04 00, e-mail: tomas.duffy@netinsight.net
Fredrik Trägårdh, CFO, Net Insight AB
Tel. +46 8 685 06 01, e-mail: fredrik.tragardh@netinsight.net