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PENTECH VENTURES INVESTS IN SONAPTIC LTD

7 May 2003

Sonaptic Ltd today announced the closing of a £1million first round private equity funding led by early stage technology VC Pentech Ventures. Sonaptic was founded in October 2002 to deliver next-generation audio solutions for mobile devices such as phones and Personal Digital Assistants (PDAs). The funding will be used to develop 3D-audio and other sound technologies. Ian Ritchie and Peter Denyer, members of Pentech’s Advisory Group and serial technology entrepreneurs, will join Sonaptic’s board of directors.

The team at Sonaptic are world-renowned experts in the field of sound effects technology and providing “best of breed” solutions within strict technical constraints - such as the processing power and memory available on the latest smartphones and other mobile convergent devices. Through the advanced algorithms and software in Sonaptic’s technology, consumers can experience realistic 3D-sound on mobile devices. This immersive audio experience particularly applies to mobile gaming, and multi-media entertainment in general.

Sandy McKinnon of Pentech Ventures commented: “Given their proven delivery of audio innovation over the years it was hard not to be impressed by the Sonaptic team. They are truly world class. Taking their innovations to the mobile market is a natural progression. They have tools and ability to bring sound to life on various mobile devices. Allied to key market drivers such as mobile gaming, their technology allows a far more compelling user experience, overcoming the poor graphical displays typical on such devices. We have recognised a massive market potential for their products and will work with the team to succeed in that marketplace.“

The Company is already in early discussions with several major handset providers interested in enhancing the audio experience for their customers.

David Monteith, managing director of Sonaptic, added: “The company is at an exciting point in its development and the financial and operational support that Pentech can provide will be invaluable as we take the business forward to the next stage. The Pentech team has already been very supportive in helping us get the company established and dealing with some of the interesting challenges we have faced in getting to this point.”

For further information:

Pentech Ventures
Sandy McKinnon
Tel: +44 (0)141 572 7303 or 07976 987662
Email: sandy@pentechvc.com

PR Representative
Maggie Wright Associates
Tel: +44 (0)131 226 3622 or 07801 710360
Email: maggie@mwa-scotland.com

Sonaptic Ltd
David Monteith
Tel: +44 (0)20 8848 6558
Email: dmonteith@sonaptic.com