BPL Global Receives $23 Million in Funding

Investors include Morgan Stanley, IFA Group, Novitas Capital, El Dorado as
well as a new partner

PITTSBURGH, Aug. 5 /PRNewswire/ -- BPL Global(R), Ltd. (BPLG), a smart
grid technology company dedicated to leading the transformation of energy and
information delivery, has received $23 million in funding, consisting of
growth capital, bank financing and acquisition financing. Existing investors,
IFA Group, Novitas Capital, El Dorado, and Morgan Stanley provided funding, as
well as Cross Atlantic Capital Partners, a new investor to BPLG. The bank
financing was provided by Bridge Bank N.A. BPLG intends to raise additional
equity through private placements from select strategic investors in the third
and fourth quarters of 2008. The financing raised will be used to accelerate
product development, support corporate development and increase sales and
business development teams globally.
"We expect, and are on track, to exit this year as a profitable company
with positive cash flow and a strong international business base," said Keith
Schaefer, CEO of BPLG. "We are fortunate to have the confidence and financial
backing of our investors. We see growth in demand for smart grid solutions
escalating worldwide, driven by the necessity for energy efficiency and
operational reliability."
BPLG continues to secure projects and establish partnerships in both North
America and internationally. Recently, BPLG collaborated with Jersey Central
Power and Light (JCP&L), a subsidiary of FirstEnergy Corporation, to deploy an
Integrated Distributed Energy Resource (DER) management system to demonstrate
energy efficiency and reliability as well as customer satisfaction in JCP&L's
service area. The company established partnerships in the Ukraine to deploy
smart grid and BPL communications solutions. BPLG also formed a partnership
with BPL Africa to expand smart grid and communications projects in Ghana
while pursuing projects in other African countries. BPLG won a key smart grid
project in South Africa as the country prepares to host Soccer's World Cup in
2010. In addition, the company recently started an electrical distribution
network fault location project in Thailand and is developing a similar fault
location project in Venezuela.
"BPLG has a solid track record of integrating its technology with
significant players in the utility space across the globe," said Abdulwahab
Al-Nakib, Chairman and Managing Director of Al-Deera Holding Company, on
behalf of the IFA Group. "We continue to invest in BPLG based on their strong
business performance and incisive vision of solutions that will transform
energy delivery."
"This investment is in support of our belief that the international
development of intelligent electrical grids is an emerging market poised for
rapid expansion," said Richard Fox, managing director of Cross Atlantic
Capital Partners.
"We are pleased to be working with BPLG," said Paul Gibson, Senior Vice
President, Eastern Region Market Manager of Bridge Bank N.A. "Their history of
growth and success in deploying smart grid solutions globally points to the
strength of their management team and the market opportunities they are
focused on."
Creating more reliable and efficient electric grids to address the issues
of greenhouse gas emissions, a growing supply/demand imbalance, aging
infrastructure and the requirements for alternative generation such as
renewable wind and solar energy drive the need worldwide for more intelligent
electric grids.
About BPL Global
BPL Global, Ltd. (BPLG) is a smart grid technology company dedicated to
leading the transformation of energy and information delivery. The company
provides software solutions and services to electric utilities enabling an
intelligent grid to more efficiently manage demand, integrate distributed
energy resources, improve service reliability, and optimize cost and capital
productivity. BPL Global partners with local utilities, Internet service
providers, equipment suppliers and financiers to create end-to-end solutions
integrating the best in software, communications, hardware and managed
services to aggressively deploy smart grid solutions around the world. Part of
the clean technology sector of the electric utility industry, our applications
provide the critical foundation for a coordinated, intelligent grid to deliver
energy more efficiently for a greener environment. www.bplglobal.net.
About Bridge Bank, N.A.
Bridge Bank, N.A. is Silicon Valley's full-service professional business
bank. The Bank is dedicated to meeting the financial needs of small,
middle-market, and emerging technology businesses. Bridge Bank provides its
clients with a comprehensive package of business banking solutions delivered
through experienced, professional bankers. Visit Bridge Bank on the web at
www.bridgebank.com.
Various statements in this press release, including those that express a
belief, expectation, or intention, as well as those that are not statements of
historical fact, are forward-looking statements. The forward-looking
statements may include projections and estimates concerning the timing and
success of specific projects and our future results, revenues, income and
capital spending. The use of the words "believe," "intend," "expect," "may,"
"will," "should," "anticipate," "could," "estimate," "plan," "predict,"
"project," or their negatives, or other similar expressions, indicates that
the statements may include forward-looking statements. Any description of
strategy that involves risks or uncertainties indicates the use of
forward-looking statements. The forward-looking statements in this press
release speak only as of the date of this release; BPLG disclaims any
obligation to update these statements unless required by law, and the reader
is cautioned not to rely on them unduly. BPLG has based these forward-looking
statements on current expectations and assumptions about future events. While
the Company's management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business, economic,
competitive, regulatory and other risks, contingencies and uncertainties, most
of which are difficult to predict and which may be beyond BPLG's control.
The securities referenced above have not been and will not be registered
under the Securities Act of 1933 (the "Act") and may not be offered or sold in
the United States absent registration or an applicable exemption from the
registration requirements of the Act.
CONTACT: Thorne King, of BPL Global, Ltd., 724-933-7704,
tking@bplglobal.net

SOURCE BPL Global, Ltd.

Thorne King, of BPL Global, Ltd., +1-724-933-7704, tking@bplglobal.net