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Greystripe Secures $8.9 Million In Series B Funding Led by Steamboat Ventures

Demand in ad-supported mobile games growing exponentially worldwide

(SAN FRANCISCO) -- May 23, 2007- Greystripe, the leading distributor of ad-supported mobile games and applications, and creator of the largest mobile in-game advertising network, today announced that it has closed $8.9 million in Series B funding. The round was led by Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company. Concurrent with the investment, Dan Beldy, managing director of Steamboat Ventures, has joined Greystripe's Board of Directors.

The new funds will enable Greystripe to grow and enhance their business model allowing more advertisers, publishers, and consumers to benefit from their solutions. The company will also use the investment to expand their partnerships and reach in Europe and Asia.

"Greystripe's ground-breaking distribution model is recharging the mobile game industry and fueling an explosion in mobile content," said Beldy. "Greystripe's innovative AdWRAP technology and the value chain built around it have proven to be critical components to both mobile gaming companies and advertisers. Given its strong management team, market expertise and leading technology, the company is ideally positioned to capitalize on the tremendous growth in this area."

Greystripe is the first company to offer ad-supported mobile games worldwide via its online and mobile gaming portal GameJump.com and through its AdWRAP Catalog program. Greystripe's mobile gaming network includes 800 free mobile games from 70 publishers with more than seven million games downloaded since its launch less than one year ago.

Its patent-pending AdWRAP technology provides an automated process to enable advertisements to be wrapped directly with mobile games and applications without any complex coding and development for the content owner. AdWRAP provides both game publishers and carriers an additional source of revenue, while simultaneously building customer retention and loyalty.

"Steamboat's investment marks a significant milestone for Greystripe," said Michael Chang, CEO of Greystripe. "We've proven that in-game mobile advertising works as a viable alternative to making users pay for downloadable content. Steamboat's support is a testament to our ability to lead this market and continue our international growth."

The latest round brings Greystripe's total funding to $10.1 million. It also includes the company's existing investors, Monitor Ventures and Incubic Venture Capital, which led the Series A funding.

About Greystripe

Greystripe is the world's first ad-supported mobile games and applications distributor. Greystripe's AdWRAP technology enables publishers to gain advertising revenue by serving ads through their games; advertisers to reach a new mobile audience; and consumers to download great games for free. The AdWRAP system is protected by a broad array of patents pending and currently serves ads to more than 800 game titles from 70 publishers and supports over 1,000 handset models. Greystripe reaches millions of mobile game players through its online portal GameJump.com, through the mobile Web at wap.gamejump.com and through its AdWRAP Catalog Program. Visit Greystripe at http://www.greystripe.com.

About Steamboat Ventures

With offices in Los Angeles, Shanghai and Hong Kong, Steamboat Ventures is a global venture capital fund that invests in digital media and consumer technology companies in the U.S. and Asia. Steamboat Ventures pursues a distinctive investment strategy, cultivating investment opportunities that are simultaneously financially promising and also possess the potential to have significant strategic interest to The Walt Disney Company. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies, including: Fastclick (acquired by VCLK), Iridigm Display Corporation (acquired by QCOM), Pure Digital Technologies, RazorGator, Quigo Technologies, Move Networks, and Baynote. For more information, please visit www.steamboatvc.com.

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