NEW YORK --(Business Wire)-- Sept. 27, 2004 -- SeaPass Solutions, a leading developer of connectivity solutions for the insurance industry, today announced that it has completed a financing round of $3.7 million led by Platinum Neurone Ventures (PNV), and included Hyperion Venture Partners and Plenus Venture Lending as well. As a result of the transaction, PNV Partner Josh Levine has joined SeaPass' Board of Directors.
We believe the solution SeaPass has developed will have a significant impact on the insurance industry since it's the first solution of its kind that enables all parties to connect in real-time, a goal long sought by the industry," said Josh Levine, PNV Partner. "We also believe the SeaPass management team together with its Board of Directors has the experience needed to succeed in this very large market."

PNV's investment in SeaPass demonstrates the need in the industry for the solution the company has developed. SeaPass enables insurance carriers, agents, brokers, and wholesalers to transmit data, interact and successfully transact in real-time. As a result of SeaPass' solution, carriers are able to leverage their existing systems (whether legacy, web or other) in order to automatically interact with an agent's existing system for transactions such as quoting, policy submission, book of business transfers, endorsements, and download of data with no changes or programming required.

"We are fortunate to have such a strong syndicate of investors who support our vision, management team, and business model," said Eric Gewirtzman, President of SeaPass. "The funding, along with our ability to leverage our investors' and our Board's experience in building successful companies, will position us to take a strong leadership role within the industry."

SeaPass plans to use the capital to expand its product offering and further its market penetration.

About SeaPass Solutions

SeaPass Solutions, founded in 2000, is headquartered in New York City. The company develops and markets solutions that enable insurance carriers, agents, brokers and wholesalers to transmit and receive data in real-time and leverage existing systems to automatically interact with one another, leading to reduced costs, increased new business and successful transactions. Since mid-2001, SeaPass has been implementing its solutions at national insurance carriers, regional carriers, banks, large agencies and brokers.

SeaPass investors include, Hyperion Venture Partners, a $500 million private equity group focused on investments in financial-services related companies and technologies, and Platinum Neurone Ventures. PNV is backed by global investors spearheaded by Bank of America, a world leading financial institution, Keppel T&T, a Singapore-based business logistics and telecommunication service provider, Bassini Playfair Wright LLC, a New York based emerging markets investment fund manager, banks and financial institutions from the US and Israel and the SFK Group, an Israel-based technology investment house.

For more information about SeaPass, please visit: www.seapass.com.