Bluestreak Technology raises USD $20 million in Series D financing

Firm continues spectacular growth in bringing Flash®-based, rich media solutions to digital TV, mobile phones and consumer electronics

MONTREAL, QC — Bluestreak Technology, Inc., the developer of the MachBlue™ platform for mobile phones and digital television, announced today that it has secured USD $20 million dollars in Series D financing. France’s Iris Capital, a new investor, led the round, which also includes internal investors Solidarity Fund QFL, BDC Venture Capital and First Capital Group along with new investor Tomorrow Group from Korea. Proceeds will be used to expand development of the company’s award-winning MachBlue™ platform and to further consolidate the company’s presence in the European and Asian markets.

Over the past months, Bluestreak has signed numerous deals, including partnerships with Symbian and ACCESS, to establish MachBlue as the go-to platform for the development of rich-media applications on mobile phones and digital TV devices.

Alexander Wiedmer, partner at Iris Capital, stated, “We believe that Bluestreak’s unique technology is poised to capture a sizable market share in Europe as operators look to leverage content through rich media applications. Orange’s success with its Bluestreak powered applications in France has already validated this approach.”

Tomorrow Group Chairman Il Ho Kuk said that “Bluestreak’s technology represents the cutting edge in the rich media field. We look forward to working together on the many business opportunities for the company in Korea.”

“All areas of Bluestreak’s business are witnessing incredible growth, especially in Europe and Asia. We are pleased to accompany them in this next growth phase” said Jacques Bernier, SVP information technologies, telecommunications, and industrial innovations at Solidarity Fund QFL. Steven Abrams, Director, BDC Venture Capital, added: “Bluestreak has been building solid traction in the market and this funding will allow the company to execute on these opportunities.”

Bluestreak CEO Paul Forostowsky commented; “This has been a breakout year for Bluestreak. Since the beginning of 2007 we’ve announced JAVA and BREW versions of MachBlue Mobile and new partners in Dutch operator KPN and Thomson on the DVB-H side. Our digital TV business has also been growing substantially, with great strides in the IPTV sector. This latest round of financing, propelled by geographically diverse investors, will allow Bluestreak to further consolidate our position in the fast-growing rich media market and to continue winning major accounts worldwide including in the Chinese and Korean markets.”

Bluestreak will be exhibiting at the Symbian Smartphone Show in London on October 16 & 17 and at the CTIA WIRELESS I.T. & Entertainment 2007, in San Francisco from October 23 to 25.