22 July 2008

Veteran executive takes helm of Modesat

Tallinn, 22 July 2008 – Peep Põldsamm, an entrepreneur and executive with longstanding experience, has become the new CEO of Modesat, a technology firm exploring new wireless communications technologies. Modesat’s core investor is Ambient Sound Investments (ASI), an investment firm owned by the Estonian co-founders of Skype.

"Modesat has successfully embarked on the first stage of development, and to enter the international market we needed a top executive boasting both years of business experience and a knowledge of the technology," said ASI head Tauno Tats.

Põldsamm says his task is to add business capability to a strong R&D firm, and shape new technologies into competitive products for international equipment manufacturers.

"This is a time of big changes in the global communications business. A changing of the guard is taking place in terms of technologies," said Peep Põldsamm. "As a result, I see Modesat technologies as having great potential in terrestrial wireless as well as the space industry, which we are making preparations to enter." Põldsamm, who is a graduate of the Tallinn University of Technology, also noted that his radio engineering degree would be put to good use.

The company's current head and co-founder Tarmo Pihl will continue at the company as a member of the management board and head of international sales and strategy.

Peep Põldsamm, 44, is an entrepreneur who has been active in the telecommunications sector on the managerial level for over 20 years. Among other positions, Põldsamm has served as director of development for the Levicom Group, director of strategy and member of the supervisory board of Tele2, managing director of Estonia's State Infocommunication Foundation (RIKS) and founder and chairman of the management board of wireless operator Bravocom.

Modesat Communication OÜ

Modesat has developed new wireless communications technologies that provide a more reliable and cost-effective way of transmitting large volumes of data via terrestrial communications networks and satellite links. The company plans to establish the first solution for mobile HDTV reception that supports the DVB-S2 digital satellite television standard. The company's research centres are based in Estonia, Belarus and Russia, and it has representative offices in Estonia and the US. Modesat also partners in the field of R&D with the University of Bologna and the Tallinn University of Technology. For more information, visit www.modesat.com

ASI

Established by the four Estonian co-founders of Skype, Ambient Sound Investments (ASI) is an investment group that provides equity funding for international technology start-ups. ASI focuses mainly on Eastern Europe and Russia, and its investment portfolio is geared to companies that are developing new technologies or services based on such technologies. For more information, visit www.asi.ee

More information:

Peep Põldsamm
Chairman of the management board, Modesat Communications OÜ
peep.poldsamm@modesat.com
www.modesat.com

Tauno Tats
Managing director, ASI
tauno@asi.ee
Skype: taunotats
www.asi.ee