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TOUCHPAK Raises $3.5MM
in Second Round; Wireless
Firm to Expand Applications and Wi-Fi Network
NEW YORK, May
1, 2002 - TOUCHPAK, a broadband wireless applications company, today
announced the closing of its second round of institutional investment.
New investors, WatchPoint Ventures and Meerkat Management, joined by Beehive Ventures, contributed $3.5 million to fund the company's expansion of wireless customer engagement solutions for the hospitality and retail industries. The two-year old firm has raised a total of $7.2 million in capital investment.
"We are pleased that both new and existing investors share the vision of TOUCHPAK's wireless applications and solutions," said Chun-Wei Evan Chen, President and CEO of TOUCHPAK. "TOUCHPAK is proving that providing access to personalized on-premise content creates significant value for operators and enhances guest experience."
TOUCHPAK has developed a suite of enterprise applications that run on the Wi-Fi standard of broadband wireless local area networks. The applications provide real-time interactivity with customers and employees and help to increase revenue, streamline processes and improve customer relationships, and include handheld-accessible catalogs, promotions and menus, intelligent messaging between host and guest, loyalty program maintenance and wait and line management.
TOUCHPAK'S systems are currently in use at several high-profile hospitality locations, including Universal CityWalk in the Universal Orlando Resort and the GM Test Track exhibit at Walt Disney World. Installations are scheduled in a wide variety of markets including restaurants, airports, theme parks, casinos, hotels and other retail locations.
"TOUCHPAK is positioned at the apex of the most exciting trends in the wireless industry today, Wi-Fi networks and handheld enterprise applications," said Rich Marin of Beehive Ventures. "By enabling a wide range of customers with solutions infrastructure, TOUCHPAK is developing a nationwide network of Wi-Fi `hotspot' locations for broadband access. This creates a valuable asset for solutions providers and wireless carriers alike."
TOUCHPAK utilizes Compaq iPAQ Pocket PCs and the WL Series of wireless products in its customer installations. Compaq is working with TOUCHPAK and extending their respective reach into vertical markets such as hospitality, retail and public arenas. "TOUCHPAK's solutions are turning wireless products and applications into truly usable solutions and helping to accelerate wireless adoption in the marketplace. TOUCHPAK's consistent focus on the user experience and their return-on-investment approach are congruent with our own goals for the iPAQ Pocket PC and WL Series products," said Sean Burke, Compaq's Vice President of iPAQ Products and Connected Devices.
ABOUT
TOUCHPAK:
TOUCHPAK, Inc. is a New York City-based broadband and
wireless solutions provider, integrating rich multimedia content to captive
audiences in waiting environments while enabling enterprise solutions to
businesses. TOUCHPAK delivers enterprise applications at high speeds by
employing wireless local area networks (LANs) to hand-held devices. TOUCHPAK is
currently placing solutions in hotels, restaurants, retail stores, and theme
parks in New York, Las Vegas and Orlando. More information on the company can be
found at www.TOUCHPAK.com.
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CONTACT:
TOUCHPAK,
Inc.
Chris
Knepler, 212/905-1700 X112