Air-Semiconductor Secures Additional Funding for GPS Development

    SWINDON, July 31 /PRNewswire/ -- Air-Semiconductor has received
additional funding from Pond Venture Partners to complete development of
its GPS chip and to strengthen its IPR portfolio, centered around its
patented Always-on(TM) technology. The company will make changes to its
marketing efforts and adapt the organization.

    Air-Semiconductor, the fabless GPS semiconductor company today
announced that it has received additional funding from Pond Venture
Partners. The company will focus its 2009-2010 efforts on completing the
product development of its flagship GPS product, AirWave1(TM).This product
is based on the revolutionary Always-on(TM) GPS processing architecture and
a newly-designed high performance GPS FrontEnd receiver module. The company
will further strengthen its IPR portfolio through completion of
breakthrough patent filings and architecture designs.

    In view of the economic climate the company has decided to make changes
to its go-tomarket strategy and to adapt the organization accordingly. Air
Semiconductor will now focus on leveraging its technology assets and design
expertise by shaping up strategic partnerships with companies who have
existing commercial channels in the application domains of Always-On(TM)
GPS technology. Initial discussions with leading parties have started early
July and the company is assisted by GMS-Capital to further develop these
partnerships.

    The Swindon, UK-based operation of the company will be headed by the
newly appointed Managing Director, Andy Heaton, Air's former VP of
Operations. Mr Heaton commented: "This is an important milestone for our
young company as it allows us to continue our technology mission. It is
encouraging to receive confidence from our investors and ongoing support
from our Board and Advisors to maximize the value of our unique technology.
Despite the hurdles we have faced due to the worldwide recession, the team
is as committed as ever to bring this technology to the market".

    About Air Semiconductor

    Air Semiconductor has developed breakthrough technology which will
allow battery-operated devices to be continuously aware of their location.
Air's technology delivers the lowest power GPS solution for battery
operated devices including digital cameras and laptops, enabling proactive,
next generation location services and providing extensive benefits for
end-users. Founded in 2006, Air Semiconductor is a fabless semiconductor
company located in Swindon, UK.



    Contacts:

    Andy Heaton, andy.heaton@air-semi.com, phone: +44(0)7701099481

    Gideon Soesman, gideon@gms-capital.com, phone: +972(0)544712130