BOSTON—March 31, 2003—Chantry Networks, a leading provider of innovative wireless LAN infrastructure solutions, has won the Investor Choice Award for “Best Follow-On Investment Opportunity” from VentureFair, Canada's premier showcase of venture-backed early stage companies. VentureFair is held by Toronto Venture Group, Canada's pre-eminent venture capital networking group, and serves an educational forum and networking opportunity between high-growth companies and venture capitalists, angel investors and other related professionals. Chantry was determined the award winner by a majority vote from the investors attending VentureFair.

“VentureFair presents an opportunity for the investment community to preview emerging companies,” said Herb Willer, Chairman of VentureFair and President of Kingsdale Solutions. “The investors attending this year’s event selected Chantry Networks as having the best opportunity for success based on its strong management expertise, strategic view of market opportunities and innovative wireless technology.”

VentureFair companies have an excellent track record of success. The Toronto Venture Group has reported an unprecedented 35 per cent success rate among companies that have presented in the previous year.

“Over the past months, Chantry Networks has worked to develop a strategic and necessary product line to extend wireless access into large-scale networks,” said Peter N. Vicars, president and CEO of Chantry Networks. “Receiving the VentureFair award is just one more validation that our approach is unique to the marketplace and will meet a significant customer need. As we get ready to unveil the Chantry Networks product line at Networld+Interop, we are excited that the venture community believes in our strategic vision and ability to execute on our product and business plans.”

In addition to competing for the award, Chantry Networks had to participate in a selection process to present at this year’s VentureFair. The Toronto Venture Group conducts a rigorous examination of potential presenting companies. The selection committee for VentureFair is composed of industry leaders in identifying emerging growth companies. This year’s selection committee included representatives from more than 30 investment organizations, including Growthworks, VenGrowth Funds, Ventures West, JL Albright Venture Partners and Investissement Desjardins. The 2003 selection committee was chaired by Dennis Ensing, partner, EIR Network.

About Chantry Networks

Chantry Networks is the creator of innovative wireless LAN (WLAN) solutions, to be unveiled at Networld+Interop, Spring 2003. Founded in April of 2002, Chantry Networks has offices in Boston and Toronto, and is backed by top-tier venture capital organizations.