- January 28, 2003 - Qpass Inc., the leading provider of activity management business system software for wireless carriers and other network operators, announced today that Silicon Valley Bank will provide the company with a $2,500,000 term credit facility. Having successfully raised a B round of financing in December 2002, the credit facility provides Qpass additional working capital to support the company's growth and overall business strategy.
"Qpass requires a financial partner that understands the needs of a developing software company," stated Sterling Wilson, chief operating officer of Qpass. "Silicon Valley Bank provides us with a broad range of product offerings and proven financial experience."
"We are extremely pleased to be working with Qpass. They are a well managed, high potential company that is providing industry leadership with software solutions for wireless carriers and their content partners," said Patrick McCarthy, senior vice president in Silicon Valley Bank's Seattle office. "We look forward to supporting Qpass with our full suite of banking services as they grow their business." About Qpass
Qpass is the leading provider of activity management business system software to wireless carriers and other network operators. From Wi-Fi to J2ME™, Qpass© Prosperity Series™ software manages all the activities associated with offering advanced services and content. Playing a vital role in the mobile ecosystem, Qpass provides wireless carriers and their partners with proven, profitable solutions, enabling them to generate new revenue from the full spectrum of wireless applications - today and in the future. Qpass customers include Cingular Wireless and AT&T Wireless, the second and third largest North American wireless carriers. For more information regarding Qpass, please call 206.447.6000 or visit www.qpass.com
. Media Contacts
Lindsay Rogers, Qpass Inc., tel. 206.695.9532
Jennifer Karkar, Revolution PR, tel. 206.695.9533 email@example.comAbout Silicon Valley Bank
Silicon Valley Bank serves emerging growth and mature companies in the technology and life sciences markets, as well as other targeted industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the Bank services more than 9,500 clients across the country through 27 regional offices. More information on the Bank can be found at www.svb.com