Access Propeller acquires majority ownership of mobile application developer Small Planet

Access Propeller Holdings, Inc has acquired a majority ownership of Small Planet Ltd, a leading developer of mobile content delivery and chat products. The deal follows the approval of Small Planets restructuring plan by The District Court of Helsinki on January 23, 2004. The strategic investment and partnership will support both Small Planets current business activities and facilitate the growth of the company.

(PRWEB) January 29, 2004 --During the past year we have cut our costs significantly and redirected our business successfully", said Rami Korhonen, Chief Operating Officer of Small Planet. The whole restructuring application and negotiation process took much longer than expected. Now we can again fully concentrate on developing superior products and serve our customers even better than before."

The strategic investment by Access Propeller provides Small Planet with new resources to develop its business. In addition to financing Small Planet will be able to leverage Access Propellers experience of the North American market and its extensive business contact network.

After the investment is completed Access Propeller will have a majority ownership in Small Planet. Other major shareholders include the executive management and Stratos Ventures, a European seed and early stage venture capital firm.

The deal with Access Propeller opens interesting new business opportunities. The North American mobile market is growing fast and we are excited about the opportunity of delivering our commercially proven products there", Korhonen said. The deal also reinforces our position in the European market and enables us to improve the important support we provide to our sales channels in the Middle-East, Asia and South America."

"We are very excited about our partnership with Small Planet and have great confidence in the management of Small Planet to lead the company to a profitable future", said Bill Deutch, Managing Director of Access Propeller. "We are now beginning to see meaningful growth in the mobile download market and as a result, Small Planet is now receiving royalty revenues from these downloads. We are also interested in Small Planet as a vehicle to deploy proven Finnish mobile applications on the Small Planet platform utilizing Access Propeller's sales channels in the United States."
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For additional information, please contact

Rami Korhonen
Chief Operating Officer, Small Planet Ltd
Tel: +358 20 743 2018
E-mail rami.korhonen@smallplanet.fi

Bill Deutch
Managing Director, Access Propeller Holdings, Inc
Tel: +1 212 242 7100
E-mail: bill@accesspropeller.com