Continued Commercial Demand for Myrio Products Results in Additional $6 Million in Financing

Myrio partners with Next Level Communications and Kasenna to deploy VOD to Utah telco

Kirkland, Wash. - Myrio Corporation, the leading provider of software and integration services that enable broadband service providers to offer Digital TV, VOD and advanced entertainment services, announced today that it has recently closed a $6 million financing round in addition to the $8 million that was raised in early 2002. Leading the investment is NeoCarta Ventures, Ridgewood Capital and Alexander Hutton Venture Partners.

The proceeds from the funds will be used to continue to pursue customer deployments within RBOCs (Regional Bell Operating Companies), international telephone operators and IOCs (Independent Operating Companies).

Myrio’s customer base is increasing as well, with the recent deployment of Video on Demand (VOD) at All West, an independent operating company in Kamas, Utah. Integrated with Next Level’s full service digital TV offering and Kasenna’s video server solution, Myrio continues to respond to commercial demand for its solutions.

In addition to All West, Myrio plans to announce additional US commercial deployments this year. Myrio is actively engaged in new international lab trials and is pursuing deployment opportunities overseas as well.

“The demand for Myrio’s products continues to grow at an accelerated pace both in the U.S. and abroad. This year we plan to announce other significant deployments with additional statewide carriers and network operators, and we are actively pursuing international opportunities,” said Chris Coles, president and CEO of Myrio Corporation.

“NeoCarta is firmly committed to supporting Myrio’s business strategy and is very pleased with their progress, as evidenced by recent and upcoming customer deployments,” stated Peg Jackson, managing director of NeoCarta Ventures.

“The increasing number of Myrio commercial deployments is further proof of the viability of their technology solutions. This latest financing will allow Myrio to enhance its market-leading products and services,” according to Bob Gold, chief executive officer of Ridgewood Capital.

"Alexander Hutton Venture Partners invests in technology and management teams. Myrio's ongoing commercial success is a function of their industry leading technology and the flawless execution and dedication of their people. AHVP is excited to have the opportunity to support a company like Myrio," added Jerry Keppler, managing director of Alexander Hutton Venture Partners.

About NeoCarta Ventures

NeoCarta Ventures is a venture capital firm dedicated to investing in Internet technology and communications companies. NeoCarta brings value to its portfolio companies by leveraging its extensive network, which includes Internet pioneers and entrepreneurs as well as leading Fortune 500 companies. NeoCarta has offices in Boston, New York and San Francisco. More information about NeoCarta’s network can be found at www.neocarta.com.

About Ridgewood Capital

Ridgewood Capital is a technology venture capital firm. Ridgewood’s investment team, comprising executives with experience at leading technology companies and investment banks, brings operational, technical and financial expertise to its portfolio companies. Ridgewood Capital’s highly focused investment strategy is to build a diverse portfolio of technology companies in sectors where the partners have direct, relevant experience and that promise substantial growth over the next several years including Communications, Semiconductors, Software and Optical Networking. Ridgewood Capital is part of the Ridgewood Companies, founded in 1982 and with a 20-year track record across multiple industries. Ridgewood Capital has offices located in Ridgewood, New Jersey and Palo Alto, Calif. For more information, visit www.ridgewoodcapital.com.

About Alexander Hutton Venture Partners

Alexander Hutton Venture Partners is a Seattle-based $95 million venture capital firm, focused on actively nurturing early-stage technology companies in the Pacific Northwest. The firm offers its portfolio companies hands-on financial, technology and management experience by a team of seasoned business professionals with successful operating experience at some of the region's strongest technology companies, such as Microsoft, RealNetworks and F5 Networks. For more information please visit www.ahvp.com.

About Myrio

Myrio is the leading provider of software and integration services that enable new video revenue opportunities for broadband service providers by leveraging their existing infrastructures. With Myrio's solutions, operators can offer next generation, TV-based services and media to their customers. In turn, operators can protect their valuable residential assets from competitors, such as cable and satellite companies. A pioneer in the industry, Myrio has commercially deployed its solutions to operators throughout the United States, and is conducting customer trials internationally as well.
Myrio is a privately held corporation funded by Ridgewood Capital, NeoCarta Ventures, and Alexander Hutton Venture Partners. For more information, please visit Myrio's web site at www.myrio.com.