03 September 2008

Former Energy Executive Joins ASI as Head of Private Equity Investments

TALLINN, September 3, 2008 – Ambient Sound Investments (ASI) has hired Margus Uudam, the former CEO of the electricity distribution arm of Estonia’s energy utility, to head its private equity investments. In his new position, Uudam will build a strong international investment team that will manage ASI’s investments in the technology sector and other areas.

ASI is looking invest in technology companies with fast growth potential and global ambition, a unique product and a strong team. In non-tech sectors ASI seeks companies that develop and expand fast and have a potential to create synergies with existing portfolio companies. This, according to ASI CEO Tauno Tats, is a perfect setting for someone with Margus Uudam's experience.

"Margus' previous successes in public finance, and as an executive at one of Estonia's largest service companies are strong prerequisites for building a stellar international investment team," said ASI CEO Tauno Tats.

Prior to running Estonian Energy's Distribution Network for four years, Margus headed the recruitment consultancy Fontes. Earlier, he served as Vice Chancellor for Economic Policy at the Ministry of Finance.

"ASI has set its sights on very interesting opportunities that are extremely rich in potential as well as risk," Uudam said. "But it goes further than that. When I look at the investments that ASI has made, I feel that there is a common thread that ties them all together -- a strong sense of mission."

About ASI

Ambient Sound Investments was founded in 2003 with the objective of managing and investing the assets of Skype's four Estonian founding engineers. ASI made its first investment in April 2006. Since then, ASI has financed a total of 21 technology start-ups worldwide: in Asia, the United States, Western and Eastern Europe, Finland, and Russia. In late 2007 ASI launched ASI Incubator to nurture promising projects with a strong idea and business potential and turn them into solid technology companies. For further information, please visit www.asi.ee

Contacts for Editors:

Tauno Tats
Skype: taunotats

Margus Uudam
ASI, Head of Private Equity Investments
E-mail: margus@asi.ee
Skype: margusuudam