SANTA ANA, Calif., Nov. 22, 2004 (PRIMEZONE) -- eWan 1, Inc. (Pink Sheets:EWAN) today announced a $250,000 funding commitment from Chicago-based Nutmeg Group, L.L.C., enabling the Company to begin manufacture of its revolutionary Advance Digital Media Center. The Triple Play Digital Media Center Set Top Device, a new generation of media system, combines the functions of set top box, personal computer, home audio, media storage, DVD player, residential gateway, personal video recorder and telephone in a single, easy to use, platform. The Triple play allows for voice, video and data.
With more than 30 million dollars under management, the Nutmeg Group, L.L.C. is a value-added private capital investment firm and a full service investment and financial consulting organization, dedicated to helping growth companies emerge as industry leaders.
"The Nutmeg Group understands that the next wave of electronic delivery of entertainment, business, and consumer centers on the set-top box, and they have decided our technology is the one they want to invest in," William J. Kettle, eWan Chairman and Chief Executive Officer, said.
"Our investment and ongoing commitment is prompted by our extreme optimism about the outlook for The Company's products and its capacity to ramp up its production to meet the growing demand," said The Nutmeg Group's Managing Director, Randall Goulding. "We believe the current valuation does not adequately reflect the enormous opportunities that exist for the company in both the near- and longer term. We are impressed with the Company's talented management resources and technologies, and for such a small company to have captured the attention of such customers -- is virtually unprecedented.
"We plan to play an integral and continuing role in The Company's very promising future. We are pleased to be working in partnership with The Company to better position it to grow." "In fact," Goulding said, "we are impressed that with the recent orders, additional cash infusions may be unnecessary."
eWan recently announced the sale of 2,000 of its proprietary DMC-200 set-top broadband access devices to Guest Online, a provider of value-added services to the hospitality industry. Although this $750,000 transaction is eWAN's first American sale, EWAN's CoCom division, headquartered in London, has already racked up more than $20 million in global sales of the same device.
About eWan 1, Inc.
eWan1 Inc. subsidiary, Cocom International Ltd., achieved a technology breakthrough in the "set top box" market by being the first to develop and bring to market a next generation platform that delivers both "triple play" (the combination of voice, video and data) in a single device, and also supports the new video encoding standard from Microsoft - Windows Media Player 9. EWAN specializes in broadband network solutions including high-speed Internet access, data, gaming, voice and video services, EWAN utilizes the most advanced network design and architecture in the industry, based on building its telecommunications network "on top" of major metropolitan fiber optic interconnection points within class 'A' carrier facilities, and by incorporating the fastest, most reliable, redundant and scalable hardware available. At present, EWAN is the only midsize ISP offering "wire-speed" networking in every device, at every access point.
Forward-Looking Statements
Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.