Ace Comm Corp (MM) (NASDAQ:ACEC)
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From May 2019 to May 2024
ACE*COMM Corporation (NASDAQ:ACEC),
today announced that the financing it reported on June 4, 2007 was
closed with Hale Fund Management, LLC. The financing includes a senior,
secured, convertible, prime plus three percent note and warrants,
providing aggregate gross proceeds to the Company of $4.2 million.
Repayment of the note is to be completed in three years.
Jim Greenwell, ACE*COMM’s Chief Executive
Officer, commented, “Martin Hale has a long
track record of successful investing in rapidly growing private and
public technology companies. At his prior firm, Pequot Ventures, which
he joined shortly after inception more than ten years ago and where he
served as a Managing Director and member of the Investment Committee,
Mr. Hale sponsored such successful investments as Flarion Technologies,
sold to Qualcomm, Inc (Nasdaq: QCOM) for more than $800 million, and
Cobalt Networks, brought public, sold to Sun Microsystems Inc. (Nasdaq:
SUNW) for approximately $2 billion. He has made significant investments
in a dozen wireless technology companies. His investment in ACE*COMM is
a vote of confidence in our products, people and direction. In addition
to his capital investment, we anticipate Mr. Hale will contribute to
ACE*COMM’s success through his extensive
contacts and reputation.”
Martin Hale, Managing Partner of Hale Fund Management, commented, “ACE*COMM
is a classic example of an established company that has created a growth
engine to serve future markets while maintaining a large installed base
of customers and a worldwide geographic footprint. With ACE*COMM’s
new focus, leadership and industry presence, it became an obvious choice
for an investment of our fund’s resources.”
ACE*COMM plans to use this new funding to roll out current products such
as Parent Patrol®
and Enterprise Patrol™ for mobile operators
already in the delivery cycle and to reduce time to market for new
value-added services applications.
ACE*COMM’s Parent Patrol is a network
resident application that helps parents balance access with safety.
Parent Patrol is a policy enforcement tool that lets parents personalize
each child’s phone use, independent of the
handset choice, for voice, messaging and data services. Parents use a
graphical web interface to specify what times of day their children can
use their mobile phones, what services are permitted, and what content
may be viewed on the mobile phone.
Enterprise Patrol allows corporate communications managers to specify
and control company-owned mobile phone usage. Delegated access
management allows authorized individuals to designate acceptable-use
policies and cost controls for individuals or groups. Control can be
based on time of day, the type of service used, specific telephone
numbers, and classification of appropriate content.
About Hale Fund Management
Hale Fund Management, LLC is an investment advisor founded by Martin M.
Hale, Jr. to manage the Hale Fund family of funds. With offices in New
York and Massachusetts, Hale Fund Management brings a venture capital
skill set and focus to investing in small- and micro-cap public
companies.
About ACE*COMM
ACE*COMM is a global provider of value-added services, mobile content
delivery applications and advanced operations support systems (OSS)
solutions for telecommunications service providers and enterprises.
ACE*COMM’s solutions are applicable to a
range of legacy through next-generation networks that include wired,
wireless, voice, data, multimedia, and Internet communications networks.
These solutions provide revenue-generating mobile applications and the
analytical tools required to extract knowledge from operating networks—knowledge
customers use for cost reduction, improved operational efficiency,
acceleration of time-to-market for new services, and more effective
customer care.
For over 20 years, ACE*COMM technology has been effectively deployed for
more than 300 customers, spanning over 4,000 installations in 70
countries worldwide. ACE*COMM-installed products are currently enabling
the success of customers and partners such as Alcatel-Lucent, AT&T,
Cisco, General Dynamics, IBM, Level 3 Communications, Marconi, Motorola,
Northrop Grumman, Siemens and Verisign. Headquartered in the Washington,
DC area, ACE*COMM has corporate offices in Australia, Canada and the UK.
ACE*COMM is an ISO 9001 compliant company. For more information, visit www.acecomm.com.
ACE*COMM, the ACE*COMM logo, Parent Patrol and N*VISION are
registered trademarks of ACE*COMM Corporation.
Except for historical information, the matters discussed in this news
release include forward-looking statements that are subject to certain
risks and uncertainties that could cause the actual results to differ
materially from those projected, including, but not limited to: the
failure of anticipated demand to materialize, delays or cancellations of
orders due to various factors, including business and economic
conditions in the U.S. and foreign countries; industry-wide slowdowns,
any limitations on customers’ financial
resources, the continued convergence of voice and data networks, the
continuing success of the Company’s strategic
alliances for product development and marketing, customer purchasing and
budgetary patterns or lack thereof; pricing pressures and the impact of
competitive products; the timely development and acceptance of new
products; the Company’s ability to adequately
support its operations, and other risks detailed from time to time in
the Company’s Report on Form 10-Q and other
reports filed with the Securities Exchange Commission.