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March 4, 2009

VC Firm, Cedar Fund Leads $3 Million For Onset Technology

Onset Technology, which is based in Waltham, Massachusetts; announced that it secured $3 million in funding led by Cedar Fund.� The proceeds of the funding will go to expand and develop Onset�s new smartphone technology.� Onset technology develops software for wireless communications, data loss prevention, emergency communication, and mobile device management.� Onset�s main platform is METAmessage, which is already used by over 1400 different companies.�

This new smartphone compliance technology is preeminent and Onset wants to develop solutions to this new preeminent technology as well as data leak prevention.� Further more, Onset plans to develop and advance its existing METAmessage Advanced Message Compliance Tool (ACT) for Blackberry smartphone and Apple�s iPhone.� ACT is the first and the only program developed to allow the scanning, blocking, and archiving of all companies� communications and still be within the SEC, NASD, Sarbanes-Oxley, HIPAA, FINRA, and other rules and regulations.�

According to Ronen Yehoshua, of the Cedar Fund, wireless is an increasingly important challenge for many organizations and companies today, as smartphones are beginning to replace the laptop computer as the wireless internet communications tool of choice by most people.� The Cedar Fund believes that Onset Technology has a vanguard smartphone compliance and data leak prevention technology, which will help companies save money and other problems by keeping them covered on compliance.

Rafi Kaminer, CEO of Onset Technology, claims that the company�s investors share the company�s vision of a powerful and secure mobile compliance solution for the healthcare, financial, and government sectors.� Further more, Mr. Kaminer states that this funding along with cooperation with the company�s security partners, enables Onset to continue to keep up this vision and keep up with the rising market demand.�

According to Ferris Research�s president, David Ferris, Onset�s technology offers a solution for companies to help control the increasingly troublesome compliance regulations.� The fact that Onset has received funding in these uncertain times in such a volatile market is a clear indication that the company has the right product for this market and gives the company the advanced resources to continue its research and development of new wireless compliance solutions -- providing Onset with incredible growth potential. ��

Cedar Fund was founded in 1997 and mainly invests in early stage companies which have relations with Israel.� The Cedar Fund manages more than $325 million and has an exceptional investment track record.� The Cedar Fund looks for the kinds of entrepreneurs who pursue rapid-growth markets with distinguashed technologies.�� The Cedar Fund mainly focuses its investments on the telecommunications, networking, internet infrastructure, and business software industries.