AIR2LAN Announces Nearly $5 Million in Funding

Apr 16, 2001, 01:00 ET from AIR2LAN, Inc.

    JACKSON, Miss., April 16 /PRNewswire/ -- AIR2LAN, Inc., announced today
 that it has secured nearly $5 million in additional financing.
     Half of the funding is in the form of a common equity securities exchange
 agreement from a publicly traded strategic partner.  The value of the shares
 to be received by AIR2LAN has a current market value of approximately
 $2.5 million.
     Delta Capital Management, LLC, based in Memphis, Tenn., a venture capital
 firm that invests primarily in healthcare, telecommunications and information
 technology ventures, has invested approximately $1.5 million in AIR2LAN
 through a convertible promissory note.  Other outside accredited investors
 have invested approximately $900,000 in exchange for AIR2LAN common stock.
     "We are excited for these investors to have taken an interest in AIR2LAN
 at a time when so many technology companies are experiencing funding
 challenges," said Jai P. Bhagat, chairman and CEO of AIR2LAN.
     ABOUT AIR2LAN > AIR2LAN provides a range of broadband services, including
 high-speed wireless access, web design, web hosting, e-commerce, network
 security and VPN solutions to small and medium-sized businesses.  AIR2LAN
 provides wireless connectivity via license-exempt spectrum at speeds ranging
 from 128 kilobits per second (kbps) to 4.5 megabits per second (mbps).
 AIR2LAN provides broadband services in Jackson, Miss.; Houston, Tex.; New
 Orleans, La.; Montgomery, Ala.; and Baton Rouge, La.  The company has
 announced plans to deploy five additional markets in 2001 and grow to
 40 markets by the end of 2003.
 
      CONTACT
      Jef Judin
      AIR2LAN
      601.713.8309
      jefjudin@AIR2LAN.com
 
 

SOURCE AIR2LAN, Inc.
    JACKSON, Miss., April 16 /PRNewswire/ -- AIR2LAN, Inc., announced today
 that it has secured nearly $5 million in additional financing.
     Half of the funding is in the form of a common equity securities exchange
 agreement from a publicly traded strategic partner.  The value of the shares
 to be received by AIR2LAN has a current market value of approximately
 $2.5 million.
     Delta Capital Management, LLC, based in Memphis, Tenn., a venture capital
 firm that invests primarily in healthcare, telecommunications and information
 technology ventures, has invested approximately $1.5 million in AIR2LAN
 through a convertible promissory note.  Other outside accredited investors
 have invested approximately $900,000 in exchange for AIR2LAN common stock.
     "We are excited for these investors to have taken an interest in AIR2LAN
 at a time when so many technology companies are experiencing funding
 challenges," said Jai P. Bhagat, chairman and CEO of AIR2LAN.
     ABOUT AIR2LAN > AIR2LAN provides a range of broadband services, including
 high-speed wireless access, web design, web hosting, e-commerce, network
 security and VPN solutions to small and medium-sized businesses.  AIR2LAN
 provides wireless connectivity via license-exempt spectrum at speeds ranging
 from 128 kilobits per second (kbps) to 4.5 megabits per second (mbps).
 AIR2LAN provides broadband services in Jackson, Miss.; Houston, Tex.; New
 Orleans, La.; Montgomery, Ala.; and Baton Rouge, La.  The company has
 announced plans to deploy five additional markets in 2001 and grow to
 40 markets by the end of 2003.
 
      CONTACT
      Jef Judin
      AIR2LAN
      601.713.8309
      jefjudin@AIR2LAN.com
 
 SOURCE  AIR2LAN, Inc.