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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

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To: foundation who wrote (31765)	1/27/2003 5:01:28 PM
From: foundation	Read Replies (3) of 197214

SOMA Seals $10M Financing 01.27.03 SAN FRANCISCO -- SOMA Networks today announced that it has finalized a $10 million financing agreement with Bank of America Corporation. The financing will support SOMA Networks' current efforts to ramp up its operations in anticipation of large-scale commercial deployments. After successfully completing rigorous field trials and launching initial deployments of its next- generation wireless broadband solution in the United States and Japan in 2002, SOMA Networks expects to enter into one or more major deployment contracts in the second quarter of 2003. The financing from Bank of America builds on the more than $100 million that SOMA Networks has already raised over the past four years. The financing agreement is a significant step in the strategic relationship between Bank of America and SOMA Networks. SOMA Networks chose Bank of America because of its broad capabilities in investment banking and capital raising, along with traditional banking services such as working capital and trade financing. Both capabilities will be important to SOMA Networks as it prepares for rapid deployment of its last-mile solution in multiple domestic and foreign markets. "With support from Bank of America, SOMA Networks is poised to enter the large- scale deployment stage of operations from a position of great strength," said Yatish S. Pathak, president and CEO of SOMA Networks. "Bank of America has demonstrated their confidence in SOMA Networks' technology, people, and execution capability. As we scale up to handle major deployments, we look forward to having a strategic relationship with Bank of America and the benefit of their experienced financial counsel." unstrung.com

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