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REALVUE SIMULATION TECHNOLOGIES INC. CLOSES $5 MILLION SERIES B ROUND FINANCING.
RealVue Business Model Proves Viable in Spite of Down Economy


Contact: Melissa Savage
Media Relations Representative
M/C/C
972-480-8383 x. 224
Melissa_Savage@mccom.com


AUSTIN, Texas — July 16, 2002 — Despite the economic conditions that have proven drastically unfavorable to the technology industry and the absence of widespread venture capital funding, RealVue Simulation Technologies Inc. has closed a $5 million series B round of financing. Support for the RealVue business model is demonstrated by the funding from investors lead by Gartner affiliate SI Ventures, along with Walden VC. The series A round investors also participated in the series B round financing.

RealVue provides custom software to the commercial industrial and manufacturing sector, simulating complex equipment and greatly reducing both the life cycle cost of equipment ownership and the training costs. RealVue supports multiple delivery options for providing training, including over-the-Web, instructor led, “virtual classroom” and stand-alone CD.

“The fact that RealVue has been able to close this funding in the midst of the economic downturn is a real testament to the viability of our business model,” said RealVue President and CEO Phil Ellett. “Right now, there just aren’t many new companies that are able to close funding and demonstrate that they’re in it for the long-haul, and of those that are, RealVue is the only one that plays in the custom simulation software space.”

The funding is expected to carry RealVue through to profitability. Rather than focusing its efforts on seeking additional funding, the company will concentrate on further product development, sales and marketing. RealVue holds an exclusive licensing agreement with equity investor Lockheed Martin, which has completed more than seven years of R&D in the creation of the software that serves as the blueprint for the customized simulation software.
About RealVue Simulation Technologies Inc.

RealVue Simulation Technologies Inc. provides custom simulation software to the commercial industrial and manufacturing sector. RealVue’s innovation lies in its ability to quickly and cost-effectively develop custom simulation applications. The lead simulation product, VistaReal™, provides a synthetic training environment for those who operate and maintain complex equipment and machinery. With more than 30 customer installations, VistaReal has demonstrated a phenomenal ROI by reducing the cost of equipment training by up to 90 percent. The VistaReal Java development environment is the result of more than $16 million of R&D conducted by Lockheed Martin over a seven-year period. RealVue is based in Austin, Texas.

   

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