Company Contact:
Michael Liss
WARP Technology Holdings, Inc.
610-715-5656 mliss@warpsolutions.com
Public Relations Contact:
Domenick Cilea
Springboard Public Relations
732-863-1900 x.102 dcilea@SpringboardPR.com
For Immediate Release:
MORGAN STANLEY DEAN WITTER INVESTMENT MANAGEMENT LEADS SECOND ROUND OF PRIVATE PLACEMENT FINANCING FOR WARP SOLUTIONS, THE LEADING DEVELOPER OF INTELLIGENT TECHNOLOGY FOR INTERNET PERFORMANCE
NEW YORK, NY - August 08, 2000 -- WARP Solutions, the nation's leading developer of Intelligent Technology for Internet Performance, today announced that it has raised $10 million in its private placement series B preferred offering. A group of institutional investors led by Morgan Stanley Dean Witter Investment Management participated in the financing which was over subscribed.
The investment will enable WARP to continue development of its interoperable suite of next generation Internet Performance software products, which will be introduced later this year. Since January, staffing for R&D and marketing has grown rapidly to bring WARP's innovative and comprehensive Internet performance product suite to market.
"This round ensures that we will reach the critical mass necessary to succeed," says Paul Foley, CFO of WARP Solutions, in announcing the closing of the round. "The interest and the enthusiasm, especially from institutional investors, in our company and technology are further affirmation that we are on the right track of creating and delivering the most intelligent Internet technologies that have ever been available.
"Mr. Foley noted that the round was led by Morgan Stanley but also included Wheatley Partners, Ridgely Management LLC and Wafra Investment.
About WARP Technology Holdings, Inc.
WARP Technology Holdings (OTC BB: WRPT) is a leading provider of network and application acceleration technology solutions. Through its subsidiaries WARP Solutions, Inc. and SpiderSoftware, Inc., and its licensing arrangement with iMimic Networking, Inc., the company offers a strategic portfolio of software and hardware solutions to significantly improve the speed, performance, and reliability of business-critical applications and content delivered over IP-based networks. For information, contact 877-688-9277.
Cautionary Statement
Statements contained herein which are not historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties. Actual results could differ materially from those included in the forward-looking statements for a variety of reasons, including the level of acceptance of the WARP 2063e product by the marketplace, the ability of the product to achieve the results for which it is designed, the ability of the company to raise capital to fund operations and marketing programs for this product, competition from other approaches to application acceleration and network architecture, and other risks described in the Company’s filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
