ClearPath Announces $1.3 Million in Series A Financing

ff Asset Management Leads Round Including Other Distinguished Investors

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Jan 05, 2010, 08:00 ET

BETHESDA, Md., Jan. 5 /PRNewswire/ -- ClearPath Immigration, LLC (on the web at www.iClearPath.com), the leading SaaS immigration filing provider, today announced that it has closed $1.3 million in equity financing to accelerate sales and marketing efforts, as well as to broaden the company's product offerings. The round was led by ff Asset Management, LLC a leading capital provider to innovative and disruptive technology companies and was substantially oversubscribed.

ClearPath has attracted a distinguished group of private and institutional investors, and is anticipating significant growth in 2010. "I am pleased that our initial equity offering attracted so much interest," said Michael J. Petrucelli, CEO of ClearPath. "We are proud of what we have accomplished as a company, and believe strongly that our investors' confidence in us will be rewarded going forward."

ClearPath also announced that John Frankel, President of ff Asset Management, and Peter L. Corsell, founder and CEO of GridPoint, Inc., have joined the company's board of managers.

"I am very pleased to be joining the ClearPath team," said Mr. Frankel. "It is a great example of experienced professionals finding ways to solve real-world problems in their area of expertise and leveraging the power of modern technology to help market participants work more efficiently. In their case, they have world-class immigration know-how and they are helping not only immigration lawyers and form preparers complete applications faster and more accurately, but they are helping automate the whole immigration process in the US, which is a great service to the country at large."

"ClearPath is an innovative company applying leading-edge technology to an issue of significant economic and political importance for American businesses, schools, and non-profit organizations," said Mr. Corsell. "The ClearPath solution empowers customers to streamline immigration filings while improving reliability and reducing cost."

The ClearPath solution offers clear and unique strategic guidance to businesses, individuals and schools as they interact with US government databases used to generate, modify, and process immigration filings, applications, and petitions. ClearPath captures the domain expertise of the top experts in the immigration field and incorporates this unique knowledge into its products, making the process more efficient and equitable.

About ff Asset Management

ff Asset Management is focused on companies that can be the low cost disruptive player in their industry. These companies, coupled with the right management team and adequate financing, have the chance to grow significantly and become tomorrow's leaders. The firm targets market entry opportunities with initial investments below $1 million.

Mr. Frankel started his business career with Arthur Anderson & Co. in the audit and insolvency divisions. He spent the following twenty one years at Goldman, Sachs & Co. in a variety of roles that involved technology development, reengineering, and capital markets. His primary focus is helping early stage companies deploy lightweight disruptive business models to become the low cost player in their respective market. Mr. Frankel was an early stage investor and director of Quigo Technologies, Inc. which was purchased by AOL in December 2007, and has served on a number of boards including Alerts.com, StongTech, The Goldman Sachs Trust Company, Patents.com and Track.com.

On the Web: www.ffassetmanagement.com

About Peter L. Corsell

Peter L. Corsell is the founder and Chief Executive Officer of GridPoint, an established leader in the smart grid and energy efficiency industry. MIT's Technology Review magazine has recognized Mr. Corsell as one of the world's top innovators under age 35 for developing a practical solution to advance the development of the smart grid.

In 2003, Mr. Corsell founded GridPoint to create a technology that would increase energy efficiency and fuel the adoption of renewable energy sources. Today, the company is working with electric utilities and commercial customers nationwide to create a clean and efficient 21st century power system.

Mr. Corsell's commitment to the environment and society is also evident in his background and work outside of GridPoint. He was Chairman of the World Economic Forum's Council on Sustainable Energy (2008-2009) and is a member of the Clinton Global Initiative and the Electrification Coalition. Mr. Corsell also serves on Newsweek's Global Environment and Leadership Advisory Committee and the Board of Directors of Entech Solar, a developer of concentrating solar energy systems. Previously, he served with the U.S. State Department in Cuba and as a political analyst with the Central Intelligence Agency. Mr. Corsell holds a B.S. from the School of Foreign Service at Georgetown University.

On the Web: www.gridpoint.com

About ClearPath

ClearPath provides enterprise-class SaaS that increases the speed and reliability of immigration-related submissions, while reducing cost. The superior ease of use, ease of customization, and built-in subject matter expertise of the ClearPath solution increases productivity for corporations, law firms, and educational institutions and allows them to focus their most important organizational resources on high value activities.

On the Web: www.iClearPath.com

SOURCE ClearPath Immigration, LLC