Under terms of the agreement, MeshNetworks Inc. will license its technology to ITOCHU which will then sublicense the technology to MeshNetworks Japan, a Japanese OEM. ITI will handle the distribution of products sold by ITOCHU subsidiaries and affiliates managing export compliance and related fulfillment activities.
“Japan offers us one of the world's largest telematics and Intelligent Transportation Systems market opportunities”
"The MeshNetworks deal typifies how ITI can help US technology producers sell product in Asia by providing market research, business development, venture capital, export and fulfillment services, as well as ongoing support. ITI coordinated technical due diligence and product evaluation, heavily promoting the product line and making the initial introduction to ITOCHU, one of the most powerful technology reseller channels in Japan. As a result, ITOCHU made a strategic investment in MeshNetworks' 2003 Series C round of funding," said Yo Hoshino, VP Business Development, ITI, who fostered the relationship between MeshNetworks and ITOCHU.
ITI was able to identify a sustainable market for MeshNetworks' products three years ago when it realized they were an ideal fit for Japan's Intelligent Transportation System (ITS) initiative that sought to merge high-speed communications with mass transportation and traffic management. ITOCHU has been performing on-the-ground technical product testing in the Tokyo metropolitan area of Aoyoma due to the recent and growing demand from the Japanese government for a market-ready solution capable of sustaining communications during potential natural disasters. The technical findings of these trials were reported by the Internet ITS committee at the Allied Testing Convention held in March 2004 at Nagoya, Japan.
According to the Ministry of Land, Infrastructure and Transport (Road Bureau), "ITS will contribute greatly to finding solutions to the problems facing today's road transport, such as traffic accidents and traffic congestion. At the same time, ITS is expected to play a primary role in expanding and creating new markets for auto and data communication-related industries. Additionally, ITS is expected to play an important role in materializing an advanced information communication society designed to meet the requirements of the 2lst century." The Ministry has allocated 440 billion Yen for Intelligent Transportation Systems, according to a 2003 budget report.
"Japan offers us one of the world's largest telematics and Intelligent Transportation Systems market opportunities," said MeshNetworks' CEO Richard Licursi. "Asia in general has clearly demonstrated an appetite for the advanced wireless mesh networking technology we offer. MeshNetworks is pleased to strengthen our relationship with ITOCHU, who has demonstrated that they can successfully position our products across a wide range of applications and customers."
MeshNetworks Enabled Architecture (MEA(TM)) technology is the world's first scalable peer-to-peer networking solution for mobile broadband networks. The MEA family of products enables vehicles, devices and individuals to instantly connect with each other and to the public telephone network, Internet and private networks. MEA solutions also offer built-in precision position location - without the use of costly GPS receivers. MEA technology is unique in the market with its ability to support voice, video, data and position location from a single low-cost, integrated wireless IP network.
"We endorse MeshNetworks' technology vision where next generation telecommunications infrastructure will have multiple connections and leverage the same mesh architecture used in the Internet," said Mr. Takao Kodama, Head of Project Management from ITOCHU Corporation. "We are impressed that MeshNetworks' mobile networking products work well even in demanding service areas such as the subway and high-speed mobile transport. We believe that this technology is ready for customer acceptance in Asia."
About ITOCHU Technology, Inc.
ITOCHU Technology, Inc. (ITI) provides market intelligence, business development, venture capital, fulfillment and relationship management for US technology producers expanding into world markets. More information about ITI can be found at http://www.itochu.net/.
ITI is backed by ITOCHU Corporation (www.itochu.co.jp), one of Japan's leading trading companies with annual sales exceeding 12.1 trillion yen (approx. US$114 billion). Currently ranked 11th on Fortune Magazine's Global 500 list, ITOCHU Corporation has over 640 subsidiaries and associated companies worldwide, engaged in a wide variety of businesses, including information technology, finance, textiles, construction, chemicals, real estate, aerospace, machinery, energy and food products.
About MeshNetworks Inc.
MeshNetworks delivers innovative mobile broadband network solutions based on patented ad hoc peer-to-peer technology. The Company's MeshNetworks Enabled Architecture (MEA(TM)) technology provides wireless broadband connectivity to fixed, portable and mobile devices. Voice, video, data, telemetry and position-location are supported to specifically meet the needs of mission critical communications networks. MEA technology has been successfully deployed and is in use worldwide, most recently in Medford, Oregon and Garland, Texas, the home of a 57-square-mile mobile mesh system. A live network in Maitland, Florida, has been in continuous operation for over three years. MeshNetworks offers these solutions through OEMs, Systems Integrators, and Value Added Resellers.
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