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November 5, 2004
PROXIMITIES COMPLETES $4 MILLION SERIES B FINANCING
International Speedway Corporation
(ISC), Axiom Venture Partners, and
Inflexion Partners Participate in
the Series B Financing of a Melbourne,
Florida Company with Innovative and
Unique RFID Technologies
Melbourne, FL (November 5, 2004)
– Proximities, Inc., a leading
supplier of RFID-enabled cashless
payment, access control and age verification
solutions, announced today that it
has secured $4M in Series B funding.
Participants in the round included
International Speedway Corporation,
Axiom Venture Partners, and Inflexion
Partners. In conjunction with the
transaction, Susan Schandel from ISC
and Marc Fogassa from Axiom will join
the Proximities board.
Proximities’ solutions are
designed to enhance the patron experience
at sporting and entertainment venues
by facilitating faster and more secure
transactions. The Company’s
unique wristband technology provides
secure identification and enables
patrons to automatically charge concession
and merchandise purchases to credit
or debit cards. The solution offers
users added convenience resulting
in increased venue sales.
“We are particularly happy
with the combination of experienced
strategic and financial investors
that have participated in this current
round,” remarked Ron Carney,
CEO of Proximities. “We have
an exciting product that has the capability
to fundamentally improve the patron
experience. The solutions we’ve
developed have helped our customers
eliminate lines and increase sales
in their venues, and we are excited
about the opportunities ahead.”
“We are extremely pleased
to partner with the Proximities team,“
said Susan Schandel, CFO of ISC. “As
a leading promoter of motorsports
entertainment in the US, we are always
looking for ways to enhance the event
day experience and believe Proximities’
solution provides a secure and convenient
payment method for our fans.”
“Proximities is the type of
company that we like to fund and be
involved with,” said Marc Fogassa,
Principal at Axiom Venture Partners.
“Management is delivering a
strong product that provides significant
ROI to customers. The solution is
unique and has many applications,
prospects which together position
the company for exciting growth in
the coming years.”
Proximities, Inc.
Proximities, Inc., is a privately
held company headquartered in Melbourne,
FL. The Company develops, markets
and supports secure RFID cashless
payment, access control and age verification
solutions. Proximities’ proprietary
technologies enable faster, more efficient
and more secure transactions. For
more information on Proximities, Inc.,
visit www.proximities.com.
International Speedway Corporation
International Speedway Corporation
is a leading promoter of motorsports
activities in the United States, currently
promoting more than 100 events annually.
The Company owns and/or operates 11
of the nation's major motorsports
facilities, including Daytona International
Speedway (home of the Daytona 500).
The Company also owns and operates
MRN Radio, the nation's largest independent
sports radio network; DAYTONA USA,
the "Ultimate Motorsports Attraction"
in Daytona Beach, Florida, the official
attraction of NASCAR; and subsidiaries
which provide catering services, food
and beverage concessions, and produce
and market motorsports-related merchandise
under the trade name "Americrown."
For more information, visit www.iscmotorsports.com.
Axiom Venture Partners
Axiom Venture Partners is a venture
capital firm with approximately $220M
under management and currently deploying
Axiom III, a $100M fund. Founded in
1994, Axiom has a limited partner
base encompassing mostly large insurance
companies and banks. Axiom invests
in both Information Technology and
Health Sciences on a nationwide basis.
For more information, visit www.axiomventures.com.
Inflexion Partners
Inflexion Fund, L.P., ”Florida’s
Venture FundSM”, managed by
Inflexion Partners, is a seed and
early-stage venture capital fund.
The managing partners of Inflexion
leverage a mix of operating and investing
experience in over sixty early-stage
companies to build strategic partnerships,
quality management teams, and top-tier
investment syndicates for their portfolio
companies. Inflexion, an affiliate
of the Village Ventures network of
venture capital funds, is the first
and only Florida fund leveraging a
network venture capital model involving
some of the largest institutional
investors in the country. For more
information on Inflexion Partners,
visit the company website at www.inflexionvc.com.
For more information contact:
Thomas Peff
Proximities, Inc.
P: (321) 723-4985
tpeff@proximities.com
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