GLS is a satellite-based tracking and monitoring service for North America, which has initially been launched in the commercial freight and industrial sectors of the transportation industry. This cutting edge wireless technology surpasses Global Positioning System (news - web sites) (GPS) technology, bringing dramatic improvements in cost, coverage, power consumption and ease of use.

GLS was designed from the ground up to serve the transportation industry and will be used on truck trailers, rail cars and cargo containers to pinpoint the location of untethered assets, allowing them to be located accurately and efficiently, providing quicker response times to shippers. The result will be gains in fleet efficiency, supply chain visibility, and cargo and asset security.

"SkyBitz is delighted to have investors who thoroughly understand the transportation industry and are focused on the advances that this new technology offers," said Matt Schor, SkyBitz President and Founder. "Beyond the roll-out of our new service, this funding will furnish the company with more than adequate capital to bridge to positive cash flow."

He added, "This investment is a loud and clear signal to partners that we are well-funded and here to stay. This is the first closing of our second institutional funding round and, due to strong investor demand, we anticipate bringing in additional funds during the next 90 days. This strong vote of confidence from our new investors in a difficult economy reinforces the fact that our technology is revolutionary and will rapidly become vital to industry profitability."

"The transportation industry offers attractive investment opportunities given the historic underinvestment, deregulation and operating inefficiencies that have been unavoidable until now. SkyBitz's new technology will close the gap between what has been possible previously and the levels of service and efficiency that the industry would like to deliver," said Michael Walsh, a principal with AIG Highstar Capital.

Carl Ryden, a principal with Industrial Technology Ventures, added, "Over the past few years, we have looked at dozens of business plans from companies trying to help transportation carriers improve their operations. In the final analysis, most of their products amounted to simply attaching a wireless radio to a GPS unit and adding some flashy software front-ends.

"All of them fell far short in delivering the performance and features that the end-customers require. The SkyBitz solution is the only truly innovative and elegant solution that we have found during our extensive research.

"Their solution directly addresses the most fundamental needs of customers who need to track and monitor their assets: inexpensive hardware and service pricing, ease of installation, long battery life and a reliable, comprehensive service that offers ubiquitous coverage. We are very excited to add SkyBitz to the ITV portfolio."

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