Press Releases

CONTACT:
Jean Barnes
Covast Corporation
(404)812.7157

ATLANTA, Aug. 15 /PRNewswire/ -- While most companies are struggling to acquire additional financing, there is one that seems to have cracked the code on the venture capital vault. Integration software provider Covast Corporation announced today that it closed out its first round of funding with an additional $1.5 million adding to the $4.5 million raised in February. Strategic investors in Covast include Gilde, Wellington, and LogiSpring.

The additional $1.5 million comes from LogiSpring, an independent, globally active venture capital firm, investing in companies with innovative technologies, products and/or service offerings. The firm\\\'s anchor shareholders are TNT Post Group (TPG) and Booz-Allen & Hamilton. LogiSpring specifically focuses on global express, logistics, supply chain management and mail industry sectors, and companies with technologies, products or services addressing these industries.

\\\"To secure funds during turbulent economic conditions is a credit to Covast\\\'s strong technology and management team,\\\" said Frans van Schaik, LogiSpring managing partner. \\\"We invest in companies that put their customers first, have a clear vision and provide leading-edge technology. That is exactly what we found in Covast.\\\"

\\\"With our operations continuing to expand globally, we\\\'re pleased with the on-going investments that are being made in our company,\\\" said Daan Scheer, Covast founder and CEO. \\\"To date, Covast has met or exceeded all of our operational goals, and as we continue to perform in this manner, I believe that more and more companies like LogiSpring will want to be a part of our success.\\\"

Covast will use the additional money for continued US expansion and further research and development. \\\"Our early market strategy work with GartnerGroup before entering the US market is really paying off,\\\" said Jim Norton, Covast executive vice president and general manager. \\\"We are finding a large number of companies interested in Covast that have been reluctant to adopt robust integration broker technology due to the high cost and complexity of implementation. Covast is demonstrating clear speed and cost advantages to these early prospects.\\\"

About Covast
Covast simplifies the complexity of connecting, translating and sharing electronic documents with your customers and trading partners. Covast’s integration software provides secure and reliable connectivity to the Internet and to VANs. In addition, our solutions’ robust capabilities include the seamless translation of complex file formats and documents. Covast accelerates the migration from EDI and proprietary file formats, to new open standards such as XML. With European headquarters in the Netherlands and U.S. headquarters in Atlanta, Covast has strategic relationships with partners and customers including Microsoft, Compaq, ABN AMRO, ADC, KLM, and ING. For more information, visit www.covast.com.

About LogiSpring
LogiSpring is a globally active venture capital firm, with a specific focus on companies with technologies, products or services addressing the logistics, supply chain management, the global express, and mail industries. LogiSpring\\\'s investment scope generally ranges from the early stages to pre- IPO.

The LogiSpring Funds had an initial closing of Euro 103 million in July 2001, backed by LogiSpring\\\'s anchor investors TNT Post Group (TPG) and Booz- Allen & Hamilton, and by Management.

For more information, contact Frans van Schaik at LogiSpring Management Company S.a.r.l., Tel.: +41 22 830 2484, mobile +41 79 6353 669 or visit our Web site at www.logispring.com.