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February 18, 2000

SS8 Networks Upgrades Multimedia Over the Net With Financing From Woodside Fund

Woodside, CA - Woodside Fund is the lead investor in a $10 million first round financing for SS8tm Networks, Inc. This new IP (Internet Protocol) signaling startup company based in San Jose, CA is developing a signaling engine that provides a breakthrough solution required for multimedia communications over the IP networks. The company has been co-founded by CEO Henry Wong, a three-time successful entrepreneur in the communications area.

SS8tm Networks will offer a signaling solution for IP, analogous to what SS7 offers for the PSTN -- a huge market potential. The IP telephony signaling market is predicted to reach $1.7 billion by the year 2003, according to a 1999 study by Probe Research. "SS8tm Networks is a very attractive investment opportunity because a robust solution and dominance in this market should create exceptional value and deliver outstanding returns for Woodside Fund and other SS8tm Networks investors" says Woodside Fund Principal Daniel H. Ahn. Other investors include Onset Ventures, CIT Group Ventures, and Sofinov. Woodside Fund Managing Director Vincent M. Occhipinti and Onset Ventures Partner Susan Mason will join the SS8tm Networks board of directors.

The IP network, which was originally designed for carrying non-real time data traffic on a best efforts basis, is unequipped to handle telephony and video applications due to lack of a high performance and reliable signaling system. SS8tm Networks is the first company developing high performance, scalable, reliable and secure IP signaling routing and switching solutions. Their innovative Universal Signaling Model (USM)tm technology will enable competing Internet service providers to deliver high performance and differentiated telephony for voice and Advanced Intelligent Network (AIN) services such as universal portable number, Internet roaming, and unified messages.

Woodside Fund’s Managing Director Vincent M. Occhipinti anticipates rapid growth in the need for SS8tm Networks’ products in the market. "I am very excited by the potential market demand for the company’s solutions, and the great attention generated in this area, as well as the talent and dedication of the company’s founders," says Mr. Occhipinti.

Woodside Fund is a leading player in the Northern California venture capital arena that specializes in developing early stage information technology ventures. Founded in 1983, the firm has grown to four funds under management. Woodside Fund has achieved success by investing in high growth potential companies like SS8tm Networks in specific industries: Internet and electronic commerce, computer software, telecommunications, and networking. Investing in these industries leverages the expertise and business relationships of Woodside Fund professionals, who typically serve as directors of the companies in which they invest. All Woodside Funds have performed in the upper quartile of the industry for venture capital partnerships formed in their respective vintage years.

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