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Press Releases

 

London, UK - 11 September 2003

VegaStream Completes Management
Buy-Out from Pace Micro Technology Plc

VegaStream, the leading supplier of dedicated business VoIP
(Voice over IP) Gateways, today announced the completion of its
management buy-out from Pace Micro Technology Plc and its
re-launch as an independent company. With an established
technology, customer and partner base, the new investment in
VegaStream will enable the company to reinforce its leadership in
the VoIP media gateway market, which is estimated by
In-Stat/MDR to increase by over 24% in 2003. Investors in
VegaStream include MTI Partners - a leading VC investor in the
communications sector - and VegaStream management; Pace
Micro Technology retains a 20% share in the new business.

VegaStream's VoIP Gateways are targeted at Service Providers
and enterprises of all sizes, from SME and small branch offices to
large corporate campus offices. Interoperable with all leading PBX
industry and vendor standards, VegaStream is the leading global
supplier of dedicated business VoIP Gateways, serving both the
North American and European markets. The new VC investment
in VegaStream will enable the company to expand its channel
sales and marketing reach, product development and support for
these markets.

"Whilst the last few years have undoubtedly been hard for the
telecoms industry and VoIP has gone through a repeating cycle
of hype and disillusionment, all the signs are now pointing towards
VoIP finally delivering on its promise. The technology works,
partners are working together to secure interoperability and -
most importantly - real customers are deploying it," said Tim
Burne, CEO, VegaStream. "The two years VegaStream spent as
part of Pace's R&D division incubated us from the downturn and
enabled us to focus on getting the product right. The MBO comes
at just the right time for VegaStream, giving fresh impetus to the
company at a time when business VoIP is becoming mainstream."

"The dedicated VoIP Gateway market is characterised by one
large data-comms company in Cisco and a number of smaller,
largely regional, competitors," said Ernie Richardson, MTI Partners
"VegaStream, because of its open standards-based approach and
full interoperability with virtually every major PBX, is uniquely
placed to offer a dedicated business VoIP gateway that is a
genuine Cisco alternative in North America, Europe and other
major global markets. The major market potential now being
manifested in business VoIP, together with the calibre of
VegaStream's management team, leaves us with no doubt that
this is the time to invest in this new stage in the development of
the company."

VegaStream will officially launch its new corporate identity at VON
Fall in Boston on 22 September where it is exhibiting on stand 601.

About VegaStream

VegaStream is the leading supplier of dedicated business VoIP
gateways. VegaStream's Voice over IP (VoIP) gateways enable
service providers and business customers to rapidly deploy and
profit from lower telephony costs and improved productivity
across their organisation's HQ and remote offices. The award
winning Vega 50 and Vega 100 gateways are based on
international communications standards - including both SIP and
H.323 - to deliver an open and non-proprietary VoIP solution that
can be seamlessly integrated alongside existing communications
investments. Established in 1998, VegaStream has EMEA
headquarters in Bracknell UK, and North American headquarters
in Boca Raton, Florida. VegaStream investors are Pace Micro
Technology Plc, MTI Partners and VegaStream management.

Further information on VegaStream is available on
www.vegastream.com

Contacts
Edward Howson Helen Kettleborough
AxiCom PR for VegaStream Pace Micro Technology
Tel: +44 20 8600 4638 Tel: +44 1274 538005
Email: Edward.howson@axicom.com
Email:Helen.kettleborough@pace.co.uk

Michael Robinson
VegaStream
Tel: +44 1344 784733
Email: Michael.Robinson@vegastream.com

Copyright ©2007 VegaStream Group Limited