Selected Portfolio Companies

Odyssey and Progress Energy (NYSE: PGN) formed PT Holdings ("PTH") in 2006. PTH owns and operates a growing wireless tower business based primarily in the Southeast U.S. The company has over 450 towers. Through its partnership with Progress Energy, PTH is able to place wireless attachments in unique locations such as electrical transmission towers and energy sub-stations. Customers include cellular operators such as Cingular, Sprint, Verizon Wireless, T-Mobile, and others. Joe Stockwell and Sean Doherty are board members of PTH. Rich Saffir is the corporate secretary. Odyssey has daily oversight responsibility for the growing operations of PTH.

Working closely with the company's founders, Odyssey helped create the initial business plan for Tower Cloud and provided $2.5 million in seed financing. Tower Cloud is a unique provider of broadband backhaul services to wireless operators. The company is managed by Ron Mudry, the former CEO of Progress Telecom. Joe Stockwell represents Odyssey on the Tower Cloud board of directors. Rich Saffir is the corporate secretary. The company received $10 million in additional financing in 2007 from Sutter Hill Ventures and El Dorado Ventures.

Odyssey funded the incubation and rollout of Channels.com investing a total of about $2 million. The Channels.com web site acts like a "broadband DVR" — combining the world's most comprehensive index of video RSS feeds and a web interface for video viewing and subscribing. Sean Doherty is the Chairman of Channels.com.

Odyssey acquired Underground Film ("UGF") in 2007. UGF was founded in 1997 and has become the leading Web site for independent filmmakers. UGF has developed a large (and growing) library of short-format "semi-pro" video content that is syndicated. Joe Stockwell is the Chairman of UGF.

In mid-2007, Odyssey provided seed capital and began incubating this revolutionary data mining company.

Odyssey's Past Investments

EPIK Communications

EPIK Communications was acquired by Odyssey from Florida East Coast Industries (NYSE: FLA) in December 2002. EPIK was a leading wholesale broadband carrier delivering integrated connectivity services to key markets in the Southeast U.S. and Latin America. Because the company had generated significant losses during most of its history, Odyssey was able to acquire 100% of EPIK in a tax-efficient transaction that was completely seller-financed. Throughout 2003, Odyssey restructured and managed EPIK to deepen its commitment to carrier customers and to advance its presence at all the major cable landing stations in South Florida in order to better serve both U.S. and Latin American customers.

In November 2003, we merged EPIK Communications with Progress Telecom to form a single company focused on delivering wholesale broadband and wireless solutions. The new company was called Progress Telecom, LLC and was jointly owned by Odyssey and Progress Energy (NYSE: PGN). This transaction closed in December 2003. With the combination of these successful and complementary providers, Progress Telecom became profitable and grew to be the largest wholesale broadband provider in the Southeast. On behalf of the joint owners, Odyssey oversaw the operations of the new Progress Telecom and is led integration and M&A activities. In March 2006, Progress Telecom's wholesale fiber business was sold to Level3 (Nasdaq: LVLT).