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Fund Invests in Virtual Katy Development Limited

iGlobe Treasury Fund Invests in Virtual Katy Development Limited, A Media Technology Company

Auckland, New Zealand — (22 March 2006) —iGlobe Treasury, a New Zealand Venture Investment Fund Manager, has provided Series A financing to Virtual Katy Development Limited, the sound-editing software company set up two years ago by The Lord of the Rings, sound effects editor, John McKay. Dynamic media technology space is a key area of investment focus for iGlobe Treasury, which separately has also invested in an animation studio project that is co-producing the first of its creative media content due for worldwide release in early 2007.

Virtual Katy plans to use the capital raised from iGlobe Treasury to build on its early success in selling its VK software in the US and Europe. The VK Software is already being adopted by a number of reputable film and TV studios in the post-production of sound-editing work on films, which include Thunderbirds and Bridget Jones, the forthcoming V for Vendetta, the highly rated US TV series Lost, and several popular TV shows in the United Kingdom and across Europe.

"iGlobe Treasury’s investment allows us to fund a sustainable strategy for growth to make Virtual Katy a global player in the dynamic media industry,” says Virtual Katy’s founder, John McKay. The Company plans to release its latest VK software version 2.0 at the upcoming world’s premier National Audio Broadcasters (NAB) Show in April at Las Vegas, Nevada, USA.

New Zealand Venture Investment Fund CEO, Mrs Franceska Banga, said that there have been 33 investments made to-date through the VIF Programme, which includes 6 investments made by iGlobe Treasury. “iGlobe Treasury’s focus on the creative media content and technology sector is very exciting and will help to extend New Zealand’s growing stature as a media production hub” she said.

iGlobe Treasury has been working closely with Virtual Katy over the last several months, and guided its strategies for product development, market planning and business expansion. “John has an outstanding track record in the media industry,” said Philip Lum, General Partner of iGlobe Treasury. “Virtual Katy is uniquely positioned to provide new technology and solutions that address some of the critical needs of a burgeoning industry. We’re here to help entrepreneurs like John to realize their vision,” Philip added.

About iGlobe Treasury (www.iglobetreasury.com)

Based in Auckland and founded in 2002, iGlobe Treasury is one of the five fund managers selected and funded partially by the New Zealand Government’s Venture Investment Fund (VIF) Programme. iGlobe Treasury is also backed and funded by the Singapore Government and other institutional investors.

Managed by iGlobe Treasury Management (iGTM), the fund invests in early stage companies in the info-comm, creative media, life sciences and environmental technology sectors.

About Virtual Katy Development Limited

Virtual Katy Development Limited is a New Zealand based software developer of innovative solutions for the post-production world. Its flagship product, VK, is a battle-hardened program designed for audio professionals. For more information on Virtual Katy Development Limited visit www.virtualkaty.com or contact:
Virtual Katy Development Limited John McKay

ENDS

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