Corporate

Vero Beach Press Journal
By Nadia Vanderhoof (Contact)
August 7, 2007

VERO BEACH — Broadband National Inc. has a new business partner to help fund the Indian River County-based company's network of shopping Web sites focused on digital and cable services.

Safeguard Scientifics Inc., a holding company that focuses on technology and life science companies, heads a team of investors that has agreed to finance $9.7 million in Broadband National.

Existing investors and Constellation Ventures II, a Bear Stearns Asset Management venture capital fund that focuses on communications and technology companies also participated.

"Safeguard's ability to provide strategic guidance along with operational and management resources will enable us to achieve our goals and ultimately build value for our advertisers and customers," said Broadband CEO Vinny Olmstead.

Company executives said the financing from Wayne, Pa.-based Safeguard Scientifics (NYSE: SFE), will help Broadband expand into new markets, continue development of its technology, pursue selective acquisitions and provide partial liquidity.

"This reinforces Safeguard's objective, to find the entrepreneurs, give them the growth capital, operational support services and strategic guidance required to build a great company," said Peter Boni, Safeguard CEO. "This reinforces Safeguard's objective, to find the entrepreneurs, give them the growth capital, operational support services and strategic guidance required to build a great company."

Broadband National was founded in 2003 to serve as an online marketplace to compare broadband solutions from different suppliers. Broadband National's advertising partners include market leaders such as Comcast, AT&T, Charter, Real Networks, Vonage, Qwest, Time Warner, and Verizon.