Clarity Partners – Communications, Media and Business Services Private Equity Investors

Woosh Secures $35 Million in Additional Funding

June 15, 2004

Woosh Wireless Limited today announced that it has successfully raised $35 million in additional equity funding from a fund managed by New Zealand based private equity firm, intellectual capital partners limited (I-CAP).

The funds raised will be used to increase the company's network coverage in Auckland, Wellington, Christchurch and Southland, in line with its goal of ultimately providing national broadband coverage.

The funds will also be used to step up the company's sales and marketing activities and to further expand the support levels provided to Woosh's rapidly-growing customer base.

Woosh Chairman Rod Inglis says "The additional funding will allow us to continue our aggressive roll-out in the main centres and to increase the density of our coverage within the existing service areas."

Tony Hannon, Managing Director of I-CAP, says "we believe that the Woosh product provides a superb value proposition to the residents of New Zealand and that Woosh will become one of the leading brands in the country. We are excited to become a Woosh shareholder and look forward to the continued rollout of new products and services".

Woosh launched its service in Wellington late last month and expects to launch in Christchurch shortly. Since launching in Auckland in September 2003, Woosh has installed 45 cell sites, providing a network footprint that delivers high-speed wireless broadband across approximately 70 per cent of the Auckland region.

R. Rudolph Reinfrank, a Managing General Partner of U.S. investor Clarity Partners and a significant investor in Woosh said "This additional funding is an important endorsement of the Woosh broadband product, and a further validation of the company's business model and experienced executive team."

Woosh's existing shareholders include Todd Capital, Craig Heatley, Stephen Tindall, Executive Chairman Rod Inglis and Clarity Partners, a US private equity firm investing exclusively in communications, media and related technology companies.

I-CAP is a private equity firm currently managing approximately $400 million through a family of five funds, each maintaining a geographic focus on Australasia but offering different investors from different parts of the world a range of investment strategies. Founded in 2000 by Professor David Teece, Tony Hannon and Nick Lodge, I-CAP is based in Auckland with offices in San Francisco and London.

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