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Technology Stocks : Ericsson overlook? -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (4272)	8/30/2000 11:53:12 AM
From: Jim Oravetz	Respond to of 5390

August 30, 2000-Ericsson, Investor AB and Merrill Lynch today announced their agreement to form Ericsson Venture Partners, a $300 million venture capital fund, targeting mobil Internet development. Ericsson Venture Partners will invest primarily in mobile Internet ventures and technologies, focusing on Europe and North America. Investments will cover all aspects of mobile Internet technology, including network infrastructure, services and applications. "We expect more mobile Internet users than fixed Internet users already by 2003, and this means an incredible demand for building out networks and creating new services," said Kurt Hellstrom, President of Ericsson. "By joining the knowledge of these four venture partners this initiative will provide a very strong drive for the creation of the mobile Internet." "As a holding company we feel it is natural to seek value growth in the rapidly growing mobile Internet segment," said Clas Reuterskiold, President and CEO of Industrivarden. "The wealth of experience offered by Ericsson Venture Partners will give interesting growth companies access to valuable support in their continuing development." "We are very much looking forward to being a part of the development of the innovative and exciting mobile Internet industry in which we see enormous growth potential," said Marcus Wallenberg, President and CEO of Investor AB. "A partnership like this is definitely in line with our strategy and further deepens and complements Investor's existing activities in the area." "We are delighted with the opportunity to become a partner in this innovative new venture," said David Komansky, Chairman and Chief Executive Officer of Merrill Lynch. "We are confident the expertise of the venture partners will add significant value to new companies looking to target mobile Internet development." Each venture partner will commit $75 million each, totaling an aggregated committed fund capital of $300 million. The fund is expected to be operational by September/October 2000. Ericsson Venture Partners will direct its activities out of offices in Stockholm and New York. Jim