WaveMarket Inc.

WaveMarket Inc.

September 27, 2005 16:16 ET

SK Telecom, WaveMarket and Psynet Bring First Location-Based ...

SK Telecom, WaveMarket and Psynet Bring First Location-Based Dating Alert to Mobile Subscribers in Korea; Psynet Integrates WaveMarket's WaveAlert, enabling subscribers to receive notification of a po Attention: Business/Financial Editor EMERYVILLE, CALIF.--(CCNMatthews - Sept. 27, 2005) - EMERYVILLE, Calif., Sept. 27, 2005 (PRIMEZONE) -- WaveMarket (www.wavemarket.com), a pioneer in location-based services, today announced that the company has partnered with Psynet, the leading mobile dating application company and SK Telecom, Korea's number one mobile communications company, to launch the world's first operator-based location-based dating alert service. Available today, WaveMarket's WaveAlert technology along with Psynet dating service enables SK Telecom subscribers to receive notification when they are near a potential date-match.

"WaveMarket's location-based dating engine enables us to match people based on location and criteria," stated Kwang-Muk Kim, CEO of Psynet. "This application is on its way to becoming a killer mobile application. We are already seeing astounding response rates from current subscribers."

"SK Telecom and Psynet are launching a truly revolutionary service. Weekend clubbing will never be the same. Subscribers are starting to plan their evenings out based on receiving location-based date notifications on their mobile phones," said Tasso Roumeliotis, CEO of WaveMarket. "While this is the first launch of its kind - one that uses carrier-based location - we foresee that many other operators in the world will be able to use location data to enable a whole new range of dating and social applications."

SK Telecom customers can use Psynet services to find a potential date, using a product called "Cool Guy/ Girl within 100M". This cellular solution is the world's first operator- enabled location based dating alert service. Members of Psynet's dating website fill out a profile of themselves and in return their preferences and attributes are matched to other users. By using location-based technology, users are alerted when a fellow user with a compatible profile is nearby and an anonymous chat can be initiated real time on your mobile phone.

WaveMarket's WaveAlert is the only platform offering active, as opposed to passive, alerting for increased location accuracy. For the first time, users can be notified when they are near something important to them, like a speed trap or a good friend who happens to be in their neighborhood, and carriers have a platform that solves the tremendous technical challenges required for alerting services. With patented algorithms that predict the location of all tracked assets in the network in real time, WaveAlert improves the performance of alerting applications by actively requesting location information from the user's handset. In addition to dramatically reducing location polling rates and solving the problems associated with launching alert-based LBS, WaveAlert also reduces network costs.

About SK Telecom

SK Telecom is Korea's leading mobile communications company with more than 19 million subscribers. SK Telecom successfully commercialized the world's first CDMA cellular phone service and launched the world's first synchronized commercial IMT-2000 third generation service. The company is listed on the Korean Stock Exchange, the New York Stock Exchange, and the London Stock Exchange. To learn more about SK Telecom, please visit www.sktelecom.com.

About PSYNET

PSYNET is the leading mobile contents provider of communities, sports, news, M-Commerce, MMS, games, adult services, etc. Since founded in 2000, the company has provided about sixty contents for the 4 Carriers of SKT, KTF, LGT, and ONSE Telecoms. PSYNET was selected 2001 SKT and KTF Partner of the best in the Community and was singled out MSN Mobile Service MCP(Master CP) in 2002. The company's best popular contents are the chatting communities services called "lovelove Chatting" and "DugunDugun Lovecall" getting possession of 2.7mil. subscribers. They provide call dating service without exposure of phone number, alert service based location and multi messaging service, etc. Now PSYNET is trying to moving from mobile contents provider to network provider. For details, please visit www.psynet.co.kr .

About WaveMarket

WaveMarket Inc. is a world leader in location-based services and has pioneered the first carrier-grade location alert solution. WaveIQ, the company's location-based application product suite, includes solutions that range from Child Finder Services to mobile social networking. Marketing to mobile carriers in the United States, Europe and Asia, WaveMarket's customers include AT&T Wireless, Cingular, SK Telecom, Korea's leading wireless carrier and Bell Mobility. Headquartered in Emeryville, CA, WaveMarket also has international offices in Korea, Brazil and Canada. Founded in 2000, the company is financed by a group that includes Draper Fisher Jurvetson, QUALCOMM Ventures, BlueRun Ventures (formerly Nokia Venture Partners) and Intel Capital. /For further information:


CONTACT:  Bock Communications, Inc.
          Ronjini Mukhopadhyay
          rmukhopadhyay@bockpr.com
          (714) 540-1030, Ext. 44
/ IN: TELECOMM