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Wapit Ltd. failed to secure a second round of financing

Wapit Ltd.s attempt to secure a second round of financing has proven unsuccessful. The company pursued several paths of negotiation in order to continue operations.

From its founding in 1998 Wapit Ltd. quickly became a leading provider of mobile technology, middleware and applications.

The company sought additional financing to fund the internationalisation of its operations. The delay and failure of the negotiations are strongly related to the recent changes in the capital markets. The pessimistic outlook and the uncertainty connected with IT-business in general have significantly lowered the interest in investing in new technology companies. Wapit Ltd.s advisor in the second round of financing was the British investment bank Durlacher Corporation Plc., which became a shareholder of Wapit in spring 2000.

As a result of the failed negotiations Wapit Ltd. is filing for bankruptcy.

Wapit Ltd. produces mobile technology, middleware and applications. Wapit products enable the production of commercial mobile services. Our customers are mobile operators, media companies and corporations, and their Wapit mobile solutions range from a set of mobile applications to a stand-alone mobile portal. Wapit Ltd was founded in 1998 and it has offices in Helsinki, Finland and Singapore.

Wapit Ltd.
Mato Valtonen
Vice President, PR and Communications
[email protected]
fax: 09-694 7007