Minerva Networks Secures New Round of Funding from Select Group of Domestic and International Investors

CIR Ventures leads $5m mezzanine round. Other key investors include US Venture Partners, EuroQube and ETF.

Santa Clara, Calif., May 19, 2003 -

MinervaŽ Networks, a leading provider of IP Television infrastructure, announced today that it has secured a new round of equity financing. The transaction was led by CIR Ventures, whose major investor includes CIR Group -- the holding company of the De Benedetti Group -- one of Italy's most significant industrial groups. US Venture Partners, EuroQube and ETF also participated in the round.

The funding follows a successful year during which Minerva captured several new IP Television customers. The Company, which now has the largest number of IP Television deployments worldwide, will use the funds to strengthen its sales and marketing operations as it moves toward profitability.

"The demand for our products and services is growing both domestically and internationally," said Mauro Bonomi, Minerva's President and CEO. "This round of funding will enable us to build on the momentum we've enjoyed by increasing investments in sales and marketing and accelerating our path to profitability."

"We are excited by the rapidly emerging market opportunity that Minerva is pursuing," said James Horn, Partner at CIR Ventures. "Given Minerva's solid track record, leadership position and end-to-end product offering, we believe Minerva will capture a significant share of the worldwide IP television market."

About CIR Ventures

CIR Ventures (www.cirventures.com) is a technology venture capital fund sponsored by CIR Group (Milan:CIRX), the industrial holding company of the De Benedetti Group and one of Italy's largest conglomerates. CIR Ventures invests in enterprise and communication software and services companies located primarily in California and Italy. CIR Ventures adds value, among other ways, by leveraging the contacts and synergies of the CIR Group.

About Minerva Networks, Inc.

Minerva Networks, Inc. is a leading provider of carrier-class infrastructure for the delivery of television and video services over broadband IP networks. The company's Television services management software and video processing platforms are integrated into complete IP Television headend solutions. Broadband network operators worldwide use Minerva's products and services to deliver next-generation entertainment, communication and e-commerce applications. Minerva Networks is headquartered in Santa Clara, CA and on the Internet at www.minervanetworks.com.


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