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| Wellington Financial provides $10 million financing commitment for OZ Communications |
July 30, 2008 |
TORONTO, April 30 /CNW/ - Wellington Financial LP, aprivately held specialty finance firm, today announced a $10 million venture debt commitment to OZ Communications Inc. ("OZ"), a leading consumer mobile messaging solutions provider headquartered in Montreal, Quebec. Wellington Financial's True Growth Capital(TM) will be used for general working capital purposes and enable the company to focus on further product development.
"We are excited to be partnering with OZ and to help the team capitalize on the current social networking phenomenon," said Craig Netterfield, Vice President of Wellington Financial. "Based on their early success and market reaction, there is no doubt that OZ has proven itself to be a leader in the mobile marketplace."
OZ is the world's leading provider of mobile IM and consumer email services. OZ mobile messaging solutions are available on hundreds of different mobile phone models with many major mobile operators. Oz's solutions allow consumers to stay connected via their mobile telephones with the world's most popular IM and consumer Email services from AOL(R), MSN(R), Yahoo!(R), and other service providers.
"OZ has seen very strong growth over the last fewyears," said Aaron Akerman, Vice President Finance at OZ Communications. "We are very pleased to bring on a partner like Wellington Financial as we invest further in new product development and increased market expansion."
Heenan Blaikie LLP and Osler, Hoskin & Harcourt LLP provided legal advice for this transaction.
Wellington Financial LP is currently managing a $400 million investment program via Wellington Financial Fund III. Since Fund III began operation in September 2006, Wellington Financial LP has led more than $135 million of transactions, making it the most active fund of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm providing operating lines of credit, term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently deploying a $400 million investment program via its third fund. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to Fund III. Limited partners include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About OZ
OZ empowers consumers to stay connected with the most popular messaging and Internet services, including IM, email and online communities, through their mobile phones. Working with the leading mobile operators, handset manufacturers, portals and online communities, OZ delivers innovative and standards-based solutions that provide rich and fully integrated messaging experiences on millions of mobile devices.
Leading companies that are Powered by OZ(TM) include: 3 Scandinavia, Alltel, AOL(R), Bell Mobility, Boost Mobile, AT&T, Dobson, ICQ, Microsoft, Motorola, Nokia, Palm, Pantech & Curitel, Rogers Wireless, Samsung, SonyEricsson, Sprint, TCL & Alcatel Mobile Phones, Telefónica Móviles Espana, Telenor Group, TeliaSonera, Telus Mobility, T-Mobile USA(R), Verizon Wireless, Virgin Mobile USA and Yahoo!(R).
The OZ Mobile IM Solution allows mobile operators to offer their subscribers affordable access to an established communication phenomenon, and if desired, immediately leverage their own mobile communities with presence, and increase ARPU. The OZ Mobile IM Solution extends the real-time, PC-based portal/Internet IM experience to the mobile phone for consumers. The OZ Mobile Email Solution enables consumers to access, and mobile operators to affordably deliver, branded email from AOL(R), MSN(R), Yahoo!(R) or other portal/ISP email services, on low-cost/entry-level mobile devices. Simple to connect, consumers can easily log-in to their existing portal-based email accounts using their existing username and password - allowing them to read and respond to their email messages.
OZ is a privately held company headquartered in Montreal, Canada, with regional offices in the United States, Europe and India. For more information, visit the OZ website at www.oz.com.
For further information: Amy Olah, Marketing Manager, Wellington Financial LP, Tel: (416) 682-6002, aolah@wellingtonfund.com; Michel Besner, Senior Vice President Marketing, OZ Communications, Tel: (514) 390-2906, michel.besner@oz.com
© 2005 CNW Group Ltd, all rights reserved
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