ACEC Ace Comm Corp (MM)

ACE*COMM Corporation (NASDAQ:ACEC), today announced that the financing it reported on June 4, 2007 was closed with Hale Fund Management, LLC. The financing includes a senior, secured, convertible, prime plus three percent note and warrants, providing aggregate gross proceeds to the Company of $4.2 million. Repayment of the note is to be completed in three years. Jim Greenwell, ACE*COMM�s Chief Executive Officer, commented, �Martin Hale has a long track record of successful investing in rapidly growing private and public technology companies. At his prior firm, Pequot Ventures, which he joined shortly after inception more than�ten years ago and where he served as a Managing Director and member of the Investment Committee, Mr. Hale sponsored such successful investments as Flarion Technologies, sold to Qualcomm, Inc (Nasdaq: QCOM) for more than $800 million, and Cobalt Networks, brought public, sold to Sun Microsystems Inc. (Nasdaq: SUNW) for approximately $2 billion. He has made significant investments in a dozen wireless technology companies. His investment in ACE*COMM is a vote of confidence in our products, people and direction. In addition to his capital investment, we anticipate Mr. Hale will contribute to ACE*COMM�s success through his extensive contacts and reputation.� Martin Hale, Managing Partner of Hale Fund Management, commented, �ACE*COMM is a classic example of an established company that has created a growth engine to serve future markets while maintaining a large installed base of customers and a worldwide geographic footprint. With ACE*COMM�s new focus, leadership and industry presence, it became an obvious choice for an investment of our fund�s resources.� ACE*COMM plans to use this new funding to roll out current products such as Parent Patrol� and Enterprise Patrol� for mobile operators already in the delivery cycle and to reduce time to market for new value-added services applications. ACE*COMM�s Parent Patrol is a network resident application that helps parents balance access with safety. Parent Patrol is a policy enforcement tool that lets parents personalize each child�s phone use, independent of the handset choice, for voice, messaging and data services. Parents use a graphical web interface to specify what times of day their children can use their mobile phones, what services are permitted, and what content may be viewed on the mobile phone. Enterprise Patrol allows corporate communications managers to specify and control company-owned mobile phone usage. Delegated access management allows authorized individuals to designate acceptable-use policies and cost controls for individuals or groups. Control can be based on time of day, the type of service used, specific telephone numbers, and classification of appropriate content. About Hale Fund Management Hale Fund Management, LLC is an investment advisor founded by Martin M. Hale, Jr. to manage the Hale Fund family of funds. With offices in New York and Massachusetts, Hale Fund Management brings a venture capital skill set and focus to investing in small- and micro-cap public companies. About ACE*COMM ACE*COMM is a global provider of value-added services, mobile content delivery applications and advanced operations support systems (OSS) solutions for telecommunications service providers and enterprises. ACE*COMM�s solutions are applicable to a range of legacy through next-generation networks that include wired, wireless, voice, data, multimedia, and Internet communications networks. These solutions provide revenue-generating mobile applications and the analytical tools required to extract knowledge from operating networks�knowledge customers use for cost reduction, improved operational efficiency, acceleration of time-to-market for new services, and more effective customer care. For over 20 years, ACE*COMM technology has been effectively deployed for more than 300 customers, spanning over 4,000 installations in 70 countries worldwide. ACE*COMM-installed products are currently enabling the success of customers and partners such as Alcatel-Lucent, AT&T, Cisco, General Dynamics, IBM, Level 3 Communications, Marconi, Motorola, Northrop Grumman, Siemens and Verisign. Headquartered in the Washington, DC area, ACE*COMM has corporate offices in Australia, Canada and the UK. ACE*COMM is an ISO 9001 compliant company. For more information, visit www.acecomm.com. ACE*COMM, the ACE*COMM logo, Parent Patrol and N*VISION are registered trademarks of ACE*COMM Corporation. Except for historical information, the matters discussed in this news release include forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including, but not limited to: the failure of anticipated demand to materialize, delays or cancellations of orders due to various factors, including business and economic conditions in the U.S. and foreign countries; industry-wide slowdowns, any limitations on customers� financial resources, the continued convergence of voice and data networks, the continuing success of the Company�s strategic alliances for product development and marketing, customer purchasing and budgetary patterns or lack thereof; pricing pressures and the impact of competitive products; the timely development and acceptance of new products; the Company�s ability to adequately support its operations, and other risks detailed from time to time in the Company�s Report on Form 10-Q and other reports filed with the Securities Exchange Commission.