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SmartMove NV Gains $7 Million In Capital Investment

19 June 2000

SmartMove NV Gains $7 Million In Capital Investment

    CAMBRIDGE, Mass. - SmartMove NV, a Belgium- and U.S.-based vehicle 
telematics provider, has received an additional capital investment of $7 million 
from existing shareholders and various Belgian venture capital groups, including
Creafund and Equinox.  Half of the new investment will be to fund current 
operations, while the balance will be held in bonds.

    Marc Maes, co-CEO of SmartMove NV, says, "Both existing and new investors
understand the future value of our technology, which attests to our increasing
recognition by both national and international markets."

    The new capital increase follows the recent purchase of the Belgian
software developer Information Technology Center (ITC) by SmartMove in May of
this year.  The acquisition and the new investment are part of SmartMove's
growth strategy for the European and U.S. automotive markets.

    SmartMove has developed an open Java-based telematics platform for
in-vehicle use that will enable service providers to offer subscribers,
drivers and passengers an unlimited amount of information and range of
services.

    Future cars will not only provide basic transportation, but will also
become for motorists a means of communication with the outside world.  Car
manufacturers and service providers likewise will gain access to drivers and
passengers in addition to having the ability to communicate with the vehicle
itself.  SmartMove today has one of the most advanced and unique technologies
to achieve these interactive communications.

    SmartMove NV was founded in 1996 and received funding from several
European venture capitalists.  SmartMove holds several international patents
in the field of vehicle telematics, and employs 90 people, most of them
engineers.  With headquarters in Leuven, Belgium, the company's U.S.
subsidiary, SmartMove USA, is located in Cambridge, Mass.