-- Michael J. McConnell, managing director of Shamrock Capital Advisors.
He has more than 12 years of activist investing experience with Shamrock;
he has served as a director of Ansell Limited, Nuplex Industries and Port
Link International; and he is a graduate of Harvard University and the
University of Virginia, Darden School of Business.
-- Peter C. Clapman, recently retired from the position of senior vice
president and chief counsel for TIAA-CREF (Teachers Insurance and Annuity
Association of America and College Retirement and Equities Fund). For 32
years he served as that institutional investor's chief investment lawyer
and head of its corporate governance program. He is a graduate of Princeton
University and Harvard Law School.
"We are pleased that this agreement will allow management and the board, at
this important point for the business, to focus all their energies on
completing both the re-engineering of our cost structure and the transition
from a dial-centric revenue model," said Ken Denman, chairman and CEO of
iPass. "The board will welcome Mike's and Peter's contributions as it turns
its attention toward the next steps in iPass' migration to a balanced
business model that emphasizes our growing broadband and software revenues
and that we believe positions the business for compelling margins and
profitable growth over the longer term."
"Peter and I look forward to working with our fellow board members to meet
the challenges and opportunities that lie ahead for iPass," Mr. McConnell
said. "We remain committed to maximizing value for all iPass stockholders."
About iPass Inc.
iPass helps enterprises unify the management of remote and mobile
connectivity and devices. With iPass software and services, customers can
create easy-to-use broadband solutions for their mobile workers, home
offices and branch and retail locations, complete with device management,
security validation and unified billing. iPass offerings are powered by its
leading global virtual network, on-demand management platform, and
award-winning client software. The iPass global virtual network unifies
hundreds of wireless, broadband and dial-up providers in over 160
countries. Hundreds of Global 2000 companies rely on iPass services,
including General Motors, Nokia, and Reuters. Founded in 1996, iPass is
headquartered in Redwood Shores, Calif., with offices throughout North
America, Europe and Asia.
Cautionary Statement
iPass' belief that its migration to a balanced business model that
emphasizes its growing broadband and software revenues positions the
business for compelling margins and profitable growth over the longer term
in this press release is a forward-looking statement. Actual results may
differ materially from the expectations contained in this statement due to
a number of risks and uncertainties, including: the rate of decline in use
of narrowband/dial technology as a means of enterprise connectivity may be
faster than iPass predicts; the risk that iPass will not be able to
generate broadband revenues in the manner expected; iPass may not be able
to fully realize the benefits it expects from its acquisition of GoRemote
due to a variety of factors, including volatility in the telecommunications
and technology industries, which may make it difficult for iPass to expand
its services; rapidly emerging changes in the nature of markets served by
iPass, which may not be compatible with iPass' services; increased
competition, which may cause pricing pressure on the fees iPass charges;
iPass could unexpectedly lose current integrated broadband access points if
one or more current broadband access point providers perceive iPass'
services to be competing with the provider's services in a manner that
renders the relationship with iPass detrimental to the provider; iPass may
not be able to establish additional relationships with broadband access
point providers, including providers of 2.5G/3G Mobile Data, at the level
iPass expects if it is unable to negotiate such relationships on terms
acceptable to both iPass and the providers on the timeframe iPass currently
expects for any number of reasons, including perceived competition with the
providers; if bookings or sales are greater than iPass expects, then
resulting sales commissions and/or other sales related expenses could cause
iPass' non-stock compensation expenses in the first quarter to be greater
than currently expected; and iPass may not be able to generate revenue from
new services if market acceptance of those new services is not as iPass
expects. Detailed information about potential factors that could
potentially affect iPass' business, financial condition and results of
operations is included in iPass' Quarterly Report on Form 10-Q under the
caption "Factors Affecting Operating Results," in Item 2 of that report,
filed with the Securities and Exchange Commission (the "SEC") on November
9, 2006 and available at the SEC's Web site at www.sec.gov. iPass
undertakes no responsibility to update the information in this press
release if any forward-looking statement later turns out to be inaccurate.
iPass® is a registered trademark of iPass Inc.
Contact Information: Editorial Contact: Investor Relations Tim Shanahan 650-232-4260 Email Contact