|AUSTIN, TEXAS - November 2, 1998 - Wayport, Inc. today announced
it has secured venture capital financing from Sevin
Rosen Funds, a leading national venture capital firm, and Trellis
Partners, L.P., a major investor in Southwestern high-tech companies. Wayport
will use the capital infusion to speed deployment of its Internet connectivity
solutions in frequently traveled business routes and places.
Sevin Rosen Funds and Trellis Partners will be represented on Wayport's board of directors by Jon Bayless, chairman of CIENA Corporation (Nasdaq:CIEN), on the board of directors of numerous companies, and Sevin Rosen partner since 1981, and John Long, principal of Trellis.
"We are excited that Sevin Rosen and Trellis Partners have come together to help us grow our business," says Brett Stewart, Wayport's chief executive officer. "The support of Sevin Rosen and Trellis is an important endorsement of Wayport's vision of delivering fast, convenient connectivity for business people on the move.
Both firms bring outstanding experience and relationships to Wayport, such as Jon Bayless' telecommunications expertise and John Long's experience in building successful Internet-based companies."
Wayport, Inc., based in Austin, Texas, provides the highest level of network performance, convenience and service for business travelers. Wayport's system provides these travelers simple access to fast networks. Wayport has formed strategic relationships with major telecommunications carriers and IP providers to create the backbone for its fast connectivity. Wayport has numerous service deployments in hotel and conference centers in Texas with other national properties in various stages of deployment. Sevin Rosen and Trellis Partners named several factors that interested them in Wayport, including the company's strong base of existing relationships and contracts, its comprehensive product offering, the size and breadth of the market opportunity, and the experienced management team.
"I am impressed by the scope of Wayport's business strategy, and the fact that they have completed their product development and are ramping their deployment. I look forward to helping them build their business," Bayless says.
Long notes, "Wayport delivers solutions at the strategic intersection of Internet remote access, mobile computing and high performance connectivity. The company delivers tremendous value to people who rely on mobile computing and connectivity."
Wayport is successfully providing connectivity solutions at leading hotels in all segments of the hospitality market. Hotels in Austin, Texas providing Wayport(tm) connectivity to meeting room and/or guest room customers include:
Wayport management has a diverse set of semiconductor, software and telecommunications experience. Brett Stewart, CEO, has served in a variety of general management capacities, most recently in business development and mergers and acquisitions for AMD's telecom and networking businesses. Brad Gray, VP, Sales and Client Services, served as VP, Operations for McCaw and AT&T's paging businesses, managing field operations of 900 people and 850,000 subscribers. Mick Koffend, CFO, served as CFO of Mission Critical Software, helping build the business from its inception to $15M in revenue and 90 employees. Dirk Heinen, VP, Marketing, was responsible for global marketing programs for AMD's microprocessor business. Kem McClelland, VP and General Counsel, served as Director of Contracts and Technology Portfolio Management at Rockwell Semiconductor systems and Sr. Corporate Counsel for AMD. To learn more about Wayport, see www.wayport.net or call Wayport at 512-492-0020. Wayport and the Wayport logo are trademarks of Wayport, Inc. All other product names may be trademarks of their respective companies.
``Safe Harbor'' statement under the Private Securities
Litigation Reform Act of 1995: This release contains forward looking
statements that are subject to risks and uncertainties, including, but
not limited to, the impact of competitive products, services and pricing,
product/services, demand and market acceptance, new product development,
business strategies of the Company or its competitors, reliance on key
strategic alliances, availability of raw materials, changes in technology,
the regulatory environment, fluctuations in operating results and other
risks detailed from time to time in the Company's prospectus or in filings
with the Securities and Exchange Commission.
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