Press Release
For immediate release - June 09, 2003

New investment signals strong confidence in Bluetoooth-technology company

BLUEGIGA TECHNOLOGIES� FUNDING ROUND OVERSUBSCRIBED

Espoo, Finland - 2003-06-09
BlueGiga Technologies Inc., a Finnish-based product company specializing in Bluetooth technology, has completed its latest funding round. The share issue directed to investors has been fully subscribed, and the share issue to company personnel has been oversubscribed. In the now completed investment round, BlueGiga raised 750 000 euros from its current investors, signalling the investors' and personnel's strong confidence in the company. The investment round was lead by Aura Capital, and included Magnolia Ventures, Holtron Ventures and private investors. The proceeds from the funding round will be invested into company's next generation product development and commercialization, and for increasing the company's international marketing exposure. The completed funding round raises total investment in the company to over 4.3 Million euros.

Company's board possesses extensive software, telecomms, and IT-investment experience. In accordance with the shareholders agreement, the chairman of the board is Mr. Ari Siponmaa, (Partner, Aura Capital Oy). Other members of the board include Mr. Hannu Turunen, (Managing Director, Magnolia Ventures Oy), Mr. Sami Ahvenniemi, (Sr. Investment Manager, Holtron Ventures Oy), Mr. Yrjö E.K.Wichmann, (CFO, Fibrogen Europe Ltd.), and Mr. Janne Niemensivu, (Software-entrepreneur and investor).

Chairman of the board Ari Siponmaa commented; "We see wireless machine communication as one growth area in the near future and BlueGiga Technologies has an important role as a forerunner in creating new wireless standards-based network solutions".

BlueGiga Technologies Inc.
Located in Finland, BlueGiga Technologies specializes in integrating and commercializing Bluetooth products in access, module, and cable replacement product categories, all including a complete software-level application platform. BlueGiga products allow development and integration of remote monitoring (M2M), man-machine, telemetry and other wireless industrial products and complete applications. With this new generation of wireless data communications solutions, machines and other equipment can be wirelessly supervised and controlled remotely - any place, any time. Further information on the company and its products can be found at https://www.bluegiga.com. You can also send inquiries via e-mail to: [email protected].

Contact Persons:
BlueGiga - Jarkko Jukarainen, Managing Director
email: [email protected]
Tel: +358-9-4124 0450

Aura Capital - Ari Siponmaa, Partner
email: [email protected]
Tel: +358-9-4242 5512