Wireless ASP Wysdom Inc. Secures $50 Million

Canadian wireless Internet Application Service Provider Wysdom Inc. secured U.S. $50 million in its second round of financing from a variety of private investors both in Canada and the United States.

The company said the proceeds will be used to open sales, marketing and support offices throughout the world as well as for the acquisition of companies that complement Wysdom's strategy.

Wysdom's applications enable the delivery of content, advertising and e-commerce transactions over mobile devices. The applications work with both new Wireless Application Protocol (WAP) enabled smart phones as well as the existing 250 million digital PCS phones already on the market.

"This is a major milestone in Wysdom's strategy to deploy its applications and services in North America, Europe and Asia," said Kashif Hassan, president and chief executive officer of Wysdom.

"For much of the world's population, the only opportunity to enjoy Internet access in the future will be through the use of mobile devices. Wysdom intends to lead the way in providing the technology to enable these people to benefit for the first time from the promise of the Internet."