Lightningcast Closes $5 Million Financing Round

Alexandria, VA (July 7, 2004) - Lightningcast, Inc., the leading software platform for broadband advertising, today announced the completion of a $5 million round of venture financing. New investors included Global Internet Ventures and New Markets Growth Fund. Existing investors Nokia Venture Partners and Redleaf Group also participated in the round.

"This is an important step for us, and we are extremely pleased to have Global Internet Ventures and New Markets Growth Fund join our existing investors in support of Lightningcast's continued success" said Tom MacIsaac, CEO of Lightningcast. "This investment will re-enforce our position in the market - we were first to develop and deliver a complete solution for streaming advertising insertion and we are continuing to develop broadband media technologies to maintain our market lead."

Lightningcast's technology, used by major media companies, enables owners and distributors of broadband audio and video to maximize their revenue potential by providing seamless content and ad insertion; campaign management and reporting; targeting and auditing; streaming operations and support; and other enabling technologies.

Bill Melton, General Partner, Global Internet Ventures said "with broadband media experiencing explosive growth, we are excited to be involved with a market leader in streaming advertising technology. We believe Lightningcast has an enormous opportunity to capitalize on this growth and continue to deliver cutting edge solutions to major media companies. "

In connection with the financing, Bill Melton has joined Lightningcast's board as an observer. Mr. Melton was a founder, CEO and Chairman of Cybercash, Inc. (NASDAQ: CYCH) and a founding investor in Transaction Network Systems (NASDAQ: TNSI), acquired by PSInet. Mr. Melton was also the founder of VeriFone, Inc., the transaction automation company that was sold to Hewlett Packard in 1998, and an early investor in America Online (AOL), serving on its Board of Directors until 1999.

Lightningcast also announced that Mark Grovic, Managing Director, New Markets Growth Fund has joined Lightningcast's board of directors. Mark is a VC in Residence and Professor of Venture Capital and Entrepreneurship at the University of Maryland's Smith School of Business. Prior to NMGF, Mark was Portfolio Manager of Small Enterprise Assistance Funds (SEAF), which manages $150 million in small business equity investment funds. Mark has also held senior positions at Templeton and the Calvert Group.

The new funding will enable Lightningcast to respond to increased demand for its products and technologies through accelerating product development and expanding its sales organization.

About Lightningcast
Lightningcast is a leading broadband software company that provides seamless content and ad insertion; stream customization and localization; campaign management and reporting; targeting and auditing; audience measurement and analytics; streaming operations and support; media management; and other enabling technologies. Companies and partners utilizing Lightningcast's platform include AOL, Disney/ABC, NPR, MTV and others.

About Global Internet Ventures
GIV Venture Partners is a private equity firm that partners with entrepreneurs of high growth businesses with proven business models. GIV was founded in 1999 by leading global entrepreneurs and investors. The current fund invests in the Mid-Atlantic region with a focus on rapidly growing, privately held businesses in the technology, healthcare and services sectors.

About New Markets Growth Fund
New Markets Growth Fund is a $20 million venture capital fund that makes equity investments and provides operational assistance to both early-stage ventures and small to mid-sized high growth companies located in Maryland, Washington DC and Northern Virginia. The NMG Fund's management team has experience in cross-border transactions and a range of industries expertise, including IT and telecom services, software, outsourced business services, manufacturing, and direct marketing.

About Redleaf Group
Redleaf is a technology operating company that provides services and capital for pre-seed and seed-stage technology companies. Redleaf provides its partner companies with market access, strategic counsel and operational support from a team of seasoned professional managers whose specialties include finance, engineering, product development, systems integration, marketing and human capital management.

About Nokia Venture Partners
Nokia Venture Partners is a leading global venture capital firm based in Menlo Park, California. Backed by a number of value add limited partners, the fund leads investments in early stage mobile technology companies around the world. Launched in 1998, Nokia Venture Partners has a strong track record of leveraging its combined resources, experience and contacts to help build successful mobile businesses. The firm also has offices in Washington DC, London, Helsinki, Hertzelia, Seoul, Hong Kong and Tokyo. For more information, visit http://www.nokiaventurepartners.com.