Media Contact:
Elizabeth Hodges
(704) 383-5188
Belenos Contact:
Emily Dunham
(617) 345-6265
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July 10, 2000
First Union Securities Acts as Sole Placement Agent for Belenos, Inc.
CHARLOTTE - First Union Securities announced today that it has acted as the sole placement agent for Belenos, the leading provider of network engineering consulting to emerging service providers, on the placement of $20.0 million in Series C convertible preferred stock. Investcorp/(212) Ventures Technology Fund I, LP, a New York City based private equity fund led the round with $15.0 million with First Union Capital Partners also participating in this round of financing with $5.0 million.
We were very impressed by the quality of the strategic advice, the breadth of relationships in the private equity community and the speed of execution provided by First Union Securities, said Brian Costello, president and CEO of Belenos. We were very pleased to further build upon our relationship with First Union.
Belenos continues to be the leading network consulting firm focused on designing and architecting next generation voice and data networks for emerging service providers, including CLECs, broadband providers, ISPs, ASPs and wireless carriers. The Company provides consulting services to service providers nationwide. Belenos was founded July 1998, as Sterling Network Group.
First Union Securities' Technology Investment Banking Group is one of the largest focused exclusively on emerging Internet companies, and the leading underwriter in the Internet Professional Services space. The Technology Investment Banking Group covers the following sectors: Business to Business, Internet Enablers, IT/Internet Professional Services, Internet Software, and Wireless and Wireline Infrastructure.
First Union's IT/Internet Professional Services Research team of Ed Caso and Rich Church recently published Infrastructure Architects: An Emerging Class of Network-Focused Professional Services Firms, an insightful analysis of the trends and leaders of this emerging IT services sector.
About Belenos
Founded in 1998, Belenos designs and builds next generation voice and data networks for emerging service providers. Belenos assists service providers in launching new services, growing their network and acquiring new customers by leveraging expertise via six practice areas: Emerging Data Networks, Telecommunications, Network Security, Wireless, Network Management and Systems & Applications.
The Company's emphasis on assembling a vibrant culture has attracted some of the preeminent talent in the industry, allowing Belenos to establish a national presence organically with headquarters in Boston, MA, and additional locations in Reston, VA; New York, NY; Denver, CO; Lisle, IL; Tampa, FL and Charlotte, NC. More information about Belenos can be found at www.belenosinc.com.
About (212) Ventures
(212) Ventures, Inc. is a New York City-based venture capital firm that manages the $200 million Investcorp/(212) Ventures Technology Fund I, LP. Its partners have extensive experience investing in, managing and financing the growth of technology companies.
The (212) Ventures partners have invested or played a major management or advisory role in such companies as Spinner.com, Wired Planet.com, Real Names Corporation, Reset Inc., Gooey Inc., MethodFive.com, Localview.com, MobileLogic Inc., BigFoot Interactive and Mighty Seven Networks. More information can be found at www.212ventures.com.
About Investcorp
Founded in 1982, Investcorp is a global investment group with offices in New York, London and Bahrain. It focuses on three lines of business: corporate investment, real estate investment and asset management. The firm has completed more than 60 corporate investments with an aggregate value in excess of $16 billion.
In the U.S., Investcorp and its clients currently have investments in 20 companies, including MobileLogic, Independent Wireless One, Colo.com, Stratus Computer, Werner Holdings, NationsRent, Inc. and the William Carter Company. U.S. investments that subsequently have been taken public by Investcorp include Prime Service, Tiffany & Co., Circle K Corporation, Saks Fifth Avenue and CSK Auto. In Europe, Investcorp and its clients currently have investments in five companies: Avecia (formerly Zeneca Specialties), Leica Geosystems, Polestar, Welcome Break and Helly Hansen. More information on Investcorp S.A. can be found at www.investcorp.com.
About First Union Capital Partners
First Union Capital Partners is the equity-investing group of First Union Corporation, the nation's sixth largest bank holding company. Founded in 1988, First Union Capital Partners has invested approximately $2.2 billion in over 145 companies. The group has invested in a broad spectrum of situations that include young emerging growth companies and mature free cash flowing entities, as well as in a multitude of industries including Technology, Telecommunications, Healthcare, Financial Services and Basic Manufacturing. Capital Partners enters 2000 with a new $1.5 billion commitment from its parent. More information on First Union Capital Partners can be found on the World Wide Web at www.firstunion.com.
First Union (NYSE:FTU), with $254 billion in assets and stockholders' equity of $17 billion at March 31, 2000, is a leading provider of financial services to 16 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 12 East Coast states and Washington, D.C., full-service brokerage offices in 41 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.
Important Notice: First Union Securities is the trade name under which Charlotte based First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.
First Union Securities includes: (1) First Union Securities, Inc. (FUSI), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Union Brokerage Services, Inc. (FUBS), a separately registered broker-dealer and member NASD and SIPC providing primarily retail brokerage services; (3) First Clearing Corporation (FCC), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank (FUNB), a national banking association, and its subsidiaries, providing asset management, lending, structured finance risk management, derivatives, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. All of such securities have been sold and this press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities.
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