MAX Internet Communications Receives $7 Million Investment

Newcomer to the streaming media space, MAX Internet Communications (http://www.maxic.com) announced the finalization of a $7 million private equity investment.

MAX ic makes the 3600 Internet Media Processor card and the MAX i.c.Live Video Communication Station which will begin shipment in limited quantities by next month.

The terms of the private placement were agreed to on January 4-10, 2000, and were completed and finalized this week. The investment consisted of the issuance of 1,102,273 shares of MXIP common stock at an average price of $6.35 per share with the option to acquire an additional 400,000 common shares at $10 per share based on certain conditions.

Don McLellan, President of MAX Internet Communications, commented, "In anticipation of future orders of the MAX i.c.Live products, we will need to order inventory several months in advance to meet the growing demand. The additional capital will enable us to be prepared to fill large orders in a timely fashion as the company grows."

Mr. McLellan continued, "We also intend to devote a portion of the investment dollars we have received to the sales and marketing efforts of the VCS, strengthening the support infrastructure and future product development enhancements."