Nortel Team Forms Seaway Networks

OTTAWA -- Seaway Networks Inc. today announced it has receivedCDN$18 Million in first-round financing from JK&B Capital and Novacap, and seed investor, Venture Coaches. Seaway - a company started by a former Nortel group with patented semiconductor technology that facilitates high performance content processing - will use the funds to complete the development and marketing of Seaway’s Streamwise™ system on a chip technology, due for release by the end of the year.Content processing, a term used to describe value added functions operating throughoutincreasingly intelligent networks, is being recognized as a key to the next generation Internet. Thetechnology, which relies on highly integrated silicon solutions, is being developed to meet thedemands emerging broadband applications.“Seaway is poised to assume a leadership position in the content networking arena and has aproven engineering team in place to deliver the next several generations of products to thisrapidly expanding market,” said Kit Fung, President, Seaway Networks Inc. “The engineeringteam at Seaway has a proven track record of delivering innovative products for the Internetindustry and our latest round of financing is clearly and endorsement of this.”Seaway Networks Inc.