Tao Group Raises Another $9 Million in Latest Round with Investors

7/2/2003 - Tao Group has announced the closure of an investment round of $9 million. The most recent round of investors into Tao includes Motorola, Cross Atlantic Capital Partners and Tao Chief Executive, Francis Charig. Tao has now raised almost $40m since the end of 1996 and its roster of shareholders includes Sony, NEC, Kyocera, Mitsubishi and Sharp.

In the last two years Tao's software platform, intent®, has been incorporated into a range of digital networked client devices including handsets, PDAs, DVCs, DTVs and home servers. Licensees of intent include Motorola, Sony, Philips, JVC, Kyocera and Sharp. intentís core APIs have been ratified as the underlying platform for the Open Contents Platform Association [OCPA] which is seeking to have a common, rich media platform across all digital devices. Members of the OCPA include Kyocera, Sharp, JVC, Fujitsu PST, JustSystem, Sony, Hitachi, Qualcomm Japan, Sega, Texas Instruments Japan and Toyota.

Hazel Cameron, a non-executive Director of Tao and a Director of Cross Atlantic said, "Rarely do we have the opportunity to back an all around, first class team driving a company that is genuinely already on its way to being a global leader in a large, fast growing market. Tao will shortly launch its radically extended product line creating the most advanced multimedia middleware platform for phones and other consumer electronic devices. The commitment from Cross to participate is an indication of our visibility of the impact Tao is having among the network operators, OEMs and ODMs."

Ray Burgess, Corporate Vice President at Motorola SPS stated, "Manufacturers are developing strategies around intent to enable them to bring differentiated products to market more quickly and at lower cost, while network operators are recognizing that intent creates the ability to deliver revenue generating content and build their brand equity."

Simultaneous to the investment, Ian Pearson joins the Tao Group Board as a Non-Executive Director. Ian is also the Senior Non-Executive Director of IMG (Imagination Technologies plc) where he is Chairman of the Remuneration Committee and serves on its Audit Committee. IMG has a full listing on the London Stock Exchange (LSE: ImgnTech).

Ian Pearson said of his involvement at Tao, "Iíve been very keen to contribute to Tao for a number of years since I first recognized the unique value of its software. Taoís underlying principle is about delivering the quality of content on networked devices that consumers want and will pay for. This is fundamental for network operators and intent enables this far more effectively than any alternative."

Francis Charig said he was delighted with the completion of the financing and with Ian Pearsonís acceptance of the invitation to join Taoís Board, "A strong and experienced Group Board has just become even stronger. The addition of Ian, someone I've known and admired for a decade, is great news. He brings more than thirty years experience in the technology industry at companies such as SGS Thomson, and Ian's upbeat and hands-on approach to his work can only benefit Tao's further development."

About Tao Group
Tao has developed intent®, a binary portable, language independent, high performance, multimedia platform that is now used by many of the worldís leading OEMs in their client products for home and mobile networks. The technology allows these companies to have a single strategy across all of their platforms, irrespective of operating system, hardware and function. intent is now being used in products including smart mobile appliances and digital television. The Company was founded in 1992, has offices in the United States, Europe and Japan and counts Motorola, Mitsubishi, Sony, NEC, Kyocera, and Sharp among its investors. Tao has a growing and high value, global patent portfolio and is the recipient of multiple industry awards, both for its technologies and for the rate of corporate growth.

intent® is a registered trademark of Tao Group Ltd.

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