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3/24/2006

 
Groove Mobile Receives $8.5 Million Investment

ANDOVER, Mass., March 24 /PRNewswire/ -- Groove Mobile, the leading mobile music commerce platform, today announced the closure of an $8.5 million round of financing led by new investor Egan-Managed Capital. The Egan-Managed Capital team has over 50 years of hands on experience with early stage companies. These investments will provide capital to fuel the continued growth of Groove Mobile.

The investment reinforces Groove Mobile's global leadership in mobile music service marketplace, which includes the launch of the Sprint Music Store, the first mobile music service in the United States, as well as powering mobile music services for wireless carriers in Canada, the United Kingdom, the European Union, and Asia. The company will use the funding to accelerate the growth of its innovative mobile music platform while it continues to expand in global markets.

"We are delighted to receive the endorsement of Egan-Managed Capital. Their participation validates our leading role in the wireless music service sector and the prospects for our continued success and future growth," stated Bathsheba Malsheen, CEO and Chairman of the Board of Groove Mobile. "It is a pleasure to engage the support and guidance of Egan's highly experienced team."

"Groove Mobile is poised to continue its leading role in the mobile music sector with a strong management team, a dominant market footprint, and innovative technology," said Travis Connors, Partner of Egan-Managed Capital. "We are excited to contribute to this growth and look forward to helping the company realize its full potential."

Groove Mobile is backed by leading venture capital firms. In addition to Egan Capital, continuing investors are Charles River Ventures, Kodiak Venture Partners, and Star Ventures, which have combined investments of over $20 million in Groove Mobile.

ABOUT GROOVE MOBILE

Groove Mobile is the world's leading mobile music service. Groove Mobile's Complete Music Gateway includes Full Track Mobile Downloads, Peer-to-Peer Sharing and Personalized Music Recommendations, in addition to providing Personalized and Programmed Streaming Radio, Music Subscriptions, and more. Groove Mobile powers the #1 rated mobile music service in the UK, Orange's Music Player and the first mobile music services in the US, Sprint Music Store. Groove Mobile launched the world's first secure peer-to-peer distribution in the mobile space, with its pioneering TELL-A-FRIEND feature. Groove Mobile's direct download service is available in the US, Canada, Europe and Asia-Pacific and provides access to music from EMI, Warner Music International, V2, Beggars Group, Digital Rights Management and The Orchard libraries. www.groovemobile.com

ABOUT EGAN-MANAGED CAPITAL

Egan-Managed Capital is a New England focused venture capital firm that provides funding for early stage high-technology start-ups. Egan-Managed Capital delivers field-tested strategies, first-hand technology expertise and hands-on management involvement. Some of the industry's most successful start-ups have already been funded by the firm, including Network Engines, Epicon, Highground Software, and NetScout. Founded in 1997, the firm currently manages funds with $233 million in committed capital. www.egancapital.com

Source: Groove Mobile

CONTACT: Bennet Ratcliff of Ratcliff Strategies, +1-310-261-0408,
bennet@ratcliffstrategies.com, for Groove Mobile

Web site: http://www.egancapital.com/

Web site: http://www.groovemobile.com/




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