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Xingtone Secures First Round Financing From Siemens Mobile Acceleration
Mobile Upstart Expands Wireless Market With Investor Backing
LOS ANGELES, CA - June 8, 2004
Xingtone, Inc. (www.xingtone.com) announced today that it has secured a first round of institutional financing lead by Siemens Mobile Acceleration. The funding demonstrates confidence in Xingtone's revolutionary content delivery system, which uses the Internet to deliver content to mobile handsets.
Xingtone's application bridges personal computers and mobile phones, empowering hundreds of millions of Internet users to utilize their MP3 and CD libraries to create custom ringtones and upload content, such as images and games, to their own wireless handsets.
"This investment is a significant development both for our company and the burgeoning mobile entertainment industry," said Xingtone CEO Jonathan Schreiber. "We are honored to be receiving funding and support from a leading investor specializing in wireless applications and technologies, such as Siemens Mobile Acceleration."
"The investor's backing accelerates our efforts to transform the thinking of the industry," said Xingtone chairman and president Brad Zutaut. "Xingtone is proof that an open market model affords a greater consumer experience making it easy for them to merge their digital and mobile lives. Content does not have to be bound to a single medium; it can follow you wherever you go."
Sven Weber, Vice President of Siemens Mobile, and Ovid Santoro have joined Xingtone's board of directors. Mr. Santoro has been an investment banker and venture capitalist for almost 20 years.
Xingtone's PC client supports some fifty different handsets and supports nearly a dozen carriers in the United States and Canada.
About Xingtone
Xingtone is the world's first carrier agnostic application, empowering Internet users to convert and deliver content, including ringtones, images and games, to their own wireless handsets. Xingtone's software is compatible with all open networks, including Sprint PCS, Cingular, AT&T Wireless, and T-Mobile. The company is based in Los Angeles with an international presence in Amsterdam. For more information, please visit www.xingtone.com.
About Mobile Acceleration GmbH
Siemens Mobile Acceleration GmbH (SMAC) is a wholly owned subsidiary of the Siemens Information and Communication Mobile Group of Siemens AG. Siemens Mobile Acceleration fosters early stage start-ups that focus on wireless applications and technologies for mobile communication by providing funding and strategic counsel. Headquartered in Munich, Germany, Siemens Mobile Acceleration seeks investment opportunities in Europe, Asia and North America. For more information on SMAC please visit www.siemensmobileacceleration.com.
Media Contact:
Belinda Banks
S&S Public Relations
11 Penn Plaza
5th Floor
New York, NY 10001
212 946 2823
belinda@sspr.org
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