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WEDGE NETWORKS RECEIVES INVESTMENT FROM AVAC LTD. FOR FURTHERING STRATEGIC EXPANSION - Apr 05, 2010

Calgary, Alberta ((March 22, 2010)) Wedge Networks Inc. (Wedge), a leader in high- performance network-based web security solutions, headquartered in Calgary, and AVAC Ltd., a private, not-for-profit Alberta company that invests in promising early-stage businesses, announced today that they have finalized an $800,000 investment from AVAC Ltd. into Wedge Networks.

“After conducting our own extensive and independent due-diligence, AVAC chose to invest in Wedge Networks because of their groundbreaking technology, success in deploying their BeSecure products with lead customers, and the great potential for replicating this success on a larger scale”, said Ross Bricker, AVAC President and CEO. Created in 1997 with the support of the Alberta and Canadian Governments, and with $126 million under management, AVAC has been able to invest in and provide commercial guidance to over 110 Alberta-based companies, who have reported in excess of $380 million in aggregate project-related sales to date.

Wedge plans to use this funding to continually improve its Content Inspection technology, enhance its Partner and Analyst Programs, and gear the company for strategic expansion across North America. Having recently opened offices in Eastern Canada and the United States, Wedge aims to help other organizations benefit from its ability to deliver Network Content Inspection services. Wedge’s patented SubSonic Deep Content Inspection Engine is the only platform that allows large- scale enterprises and service providers to accurately protect against new and emerging web- based threats at multi Gigabit speeds.

“Continuously evolving security requirements, which are fueled by change and innovation in networked applications, malicious attacks and compliance demands, can no longer be addressed by point solutions,” says Dr. Hongwen Zhang, President and CEO of Wedge Networks. “With a deep understanding of enterprises and service providers’ security and compliance needs, Wedge Networks has been uniquely able to deliver extremely accurate and high- speed solutions used to stop malware, code injection attacks, and data theft for high- bandwidth networks. This additional financing by AVAC further validates Wedge as a growth company with paradigm-shifting technology, and enables us to strategically expand the reach of our technology throughout the market, so that our vision and commitment of a clean Internet, and faster, safer networks can be achieved.”

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About Wedge Networks

Wedge Networks provides high-performance network-based web security solutions to enterprises and service providers worldwide. Our patented SubSonic Deep Content Inspection Engine allows organizations to protect against new and emerging web-based threats that traditional scanning methods have difficulty intercepting and controlling. Specialized in malicious-code detection and filtering at the application layer, our solutions help millions of users and provide protection for utilities, service providers, heath care, oil and gas, government, web sites and many other enterprise customers. Wedge Networks is headquartered in Calgary, Canada and has international offices in San Jose, USA and Beijing, China. For more information, please visit www.wedgenetworks.com 

About AVAC Ltd.

AVAC continues to break ground in Alberta with a significant contribution to Alberta’s emerging value-add industry, and the fledgling venture capital sector. In partnership with a wide array of partners, investees, and sponsors, AVAC continues to play a critical role as the experienced investor in early-stage companies. AVAC Ltd. has investment mandates in ICT (Information Communications Technology), Life Sciences, Industrial Technology, Agribusiness value-added (Agrivalue™) and Agriculture Research sectors. Created in 1997 to stimulate, enhance and assist with the commercialization of innovative value-added products and services in Alberta, AVAC has been a significant contributor. Initially seeded with $35 million from the Alberta Government and $10 million from Agriculture and Agri-food Canada, AVAC has since grown its investment funds significantly to $126 million to date. For more information, please visit www.avacltd.com.

Contacts:
Hongwen Zhang, Ph.D
President and CEO
Wedge Networks Inc.
www.wedgenetworks.com 
238, 3553 – 31 St. NW
Calgary, AB, Canada T2L 2K7
P +1.888.276.5356
info@wedgenetworks.com 

Ross Bricker
President and CEO
AVAC Ltd.
www.avacltd.com 
220, 6815 8th St. NE
Calgary, AB, Canada T2E 7H7
P +1.403.274.27743
rbricker@avactld.com