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Klir Technologies Closes $8.7 Million Series A Financing Co-Led By Ignition Venture Partners and MK Capital

Posted on: Friday, 3 June 2005, 06:00 CDT

SEATTLE, June 3 /PRNewswire/ -- Klir Technologies(TM), the first provider of on demand real-time network performance and analytics for the middle market, today announced it raised $8.7 million in equity financing in a Series A round led by Ignition Venture Partners and MK Capital. The funds will be used for sales, marketing, business development and continued investment in the Company's service delivery platform.

"A priority for this round of financing was to find investors with strong experience in areas fundamental to Klir's success, including core business operations, strategic relationships and the on demand business model," said James Maiocco, CEO of Klir Technologies. "As members of our board, Ignition and MK Capital bring that expertise to the Company."

The funding comes shortly after the successful launches of Klir Ops Center(TM), Klir Exec Center(TM) and the Company's Solution Provider Network that already includes API Systems, MPI Professionals, Microtech Information Systems, Network OS, Networking PS, and Seitel Leeds. In May, the company also announced a private label distribution agreement with Extreme Networks, which has licensed Klir's platform for resale as part of the Extreme Premier Service Program.

Klir Technologies gives companies real-time visibility into the performance and utilization of their mission-critical IT infrastructure and applications without the costs associated with installation, maintenance and support of on premise solutions. Recently, Klir Technologies was named one of the top 50 emerging growth companies by the All Star Ventures, a five-year old integrated media, marketing and advisory services organization that provides access to the Pacific Northwest's venture community.

Richard Fade, a venture partner of Ignition Venture Partners and Mark Terbeek, a partner with MK Capital, will join the Klir board of directors following the investment. Fade brings strong operational and business development experience to the board. Prior to joining Ignition, he spent 16 years at Microsoft Corporation in several leadership roles. Most recently he served as senior vice president OEM division where he was responsible for Microsoft's licensing business with PC OEM and embedded device manufacturers. Terbeek brings experience with the enterprise management and networking software space and on demand business models to the board. Terbeek co-founded Jamcracker, Inc., an enterprise software provider and early pioneer of the on demand application delivery model before joining MK Capital.

"Klir Technologies has a great product and delivery model that make for a very compelling value proposition," said Fade. "Klir also has the beginnings of a great business already in place -- a strong leadership team, reference customers and strong partners and strategic relationships."

"Like the early CRM market, vendors in this segment are either serving very large companies or very small companies, while the middle market remains poorly served." said Terbeek. "Klir Technologies is uniquely positioned to leverage its on demand delivery model to capture the middle market, just as Salesforce.com and others have done in CRM."

About Klir Technologies, Inc.

Klir Technologies is a leading provider of On Demand IT Analytics(TM) applications providing real-time visibility into the performance, utilization and cost of mission critical IT assets. Klir's sophisticated analytics combine performance data with costs and performance targets, giving IT and business management a unique business understanding of IT and the ability to actively manage and optimize IT investments. The company's On Demand delivery model eliminates the majority of the costs associated with the installation of on premise solutions, materially reducing total cost of ownership. To learn more about Klir visit http://www.klir.com/, email sales@klir.com or call 206-633-1430.

Klir Technologies, Klir Platform, Klir Ops Center, Klir Exec Center, the Klir logo, On Demand IT Analytics, and "Manage your Technology. Clearly." are registered trademarks, pending trademarks or service marks of Klir Technologies, Inc.

Klir Technologies, Inc.

CONTACT: Bryan Smoltz of Klir Technologies, Inc., +1-206-902-2033, or+1-425-985-2616, cell, or bryans@klir.com

Web site: http://www.klir.com/

Source: PRNewswire

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