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Spatial Inc. Announces Successful Completion of Venture Funding; Company Secures $6.9 Million in Long-Term Equity Financing for PlanetCAD b2b Internet ASPBOULDER, Colo., Feb. 22, 2000-- Spatial Inc. (AMEX:STY), the world's leading developer of Web-based business-to-business (b2b) interoperability solutions and open, component 3D modeling technology, today announced that it has secured $6.9 million in new long-term equity financing to expand its PlanetCAD suite of Internet application services for the engineering software industry.As reported in its 1999 year-end earnings release, management believes Spatial's leadership in driving engineering services to the Web with its application service provider (ASP) business model will soon become an important part of the Company's overall revenue model. The Company reported it was investing heavily in its promising Internet-based b2b 3D model interoperability business, and was seeking additional equity investment to launch its full PlanetCAD(TM) application service platform in Q2, 2000. PlanetCAD will provide a gateway to a wide set of Web-based engineering application services for the estimated 10 million professional engineers worldwide. The investment group of Internet-focused venture capitalists includes Capstone Ventures and Cypress Growth Fund, both of Menlo Park, CA; Roser Ventures of Boulder, CO; J.F. Shea Co., Inc. of Los Angeles, CA; and Dolphin Asset Management of New York, NY. The investor group also includes a recognized and highly regarded player in the CAD/CAM/CAE software industry. Spatial will issue 1.9 million new shares at $3.60 per share, and 1.2 million warrants at $0.05 per warrant. The warrants are exercisable at $6.50 based on last Friday's closing price, and expire in five years. The shares will be unregistered, and the Company is not required to apply for registration with the SEC for the newly issued shares for a period of 270 days from issue. The investor group has also agreed to a standstill agreement with management under which it will not acquire additional equity in the Company without prior approval from Spatial's Board of Directors. A representative from Capstone Ventures will join the Spatial Board, subject to shareholder approval. "We are very pleased that this sophisticated investment group has given such a strong endorsement to Spatial's strategy of providing engineers with a rich set of Internet-based application services under the PlanetCAD brand name," said Bruce Morgan, Spatial's president and CEO. "We look forward to leveraging their expertise and knowledge of the Internet b2b marketspace to accelerate our rapid move to an ASP business model." "Our investment in Spatial's b2b strategy was made only after a rigorous study of the Company's Internet strategy, the success to date with 3Dmodelserver.com, its first engineering ASP, and the potential for growth in the engineering services sector on the Internet," said Gene Fischer, General Partner of Capstone Ventures. "We have also gained great confidence in management's ability to transform the Company's business model in a way that will rapidly lead Spatial into the b2b ASP market." About Spatial Inc. Spatial is the world's leading provider of Web-based, business-to-business (b2b) interoperability services for the engineering market, and 3D solid modeling software which sets global standards for product engineers, designers, software developers and manufacturing professionals. Spatial's 3Dmodelserver.com provides Web-based translation and healing of 3D CAD models, enabling rapid sharing of 3D engineering data across design and manufacturing firms, and their clientele, regardless of their installed CAD systems. Spatial's ACIS(R) 3D modeling kernel is the de facto 3D solid modeling standard, which dominates the CAD/CAM/CAE market worldwide. ACIS has been adopted by more than 550 licensees and is the foundation of over 209 applications used by over 1.5 million engineers and designers worldwide. Spatial's IntraVISION(TM) interoperability solutions provide intuitive viewing, markup, measurement and conversion of all major 2D and 3D product data across project teams, engineering organizations and with business partners. The combination of products and services developed by Spatial allow licensees and users to capitalize on the improved integrity, advanced interoperability and rapid distribution of their design data, dramatically improving time-to-market and product development cycles across the entire organization. Spatial is headquartered in Boulder, Colorado, USA, and has offices in California, Germany, Japan, and the United Kingdom. For more information, visit Spatial's Web site at http://www.spatial.com or call (303) 544-2900. Statements made in this news release that are not historical facts may be forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement, and any projections related to 3Dmodelserver.com and PlanetCAD.com may be significantly different than those predicted by the Company. There are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. A description of risks and uncertainties attendant to Spatial Technology Inc. and its industry, and other factors which could affect the Company's financial results, are included in the Company's Securities and Exchange Commission filings, including but not limited to, the Company's annual report on Form 10-KSB for the year ended December 31, 1998. Spatial Technology Inc., ACIS 3D Toolkit, SAT and PlanetCAD are trademarks. ACIS is a registered trademark of Spatial Technology Inc. All other products are trademarks of their respective owners. CONTACT: Spatial Inc. Bruce Morgan , President and CEO, 303/544-2900 http://www.spatial.com or Pfeiffer Public Relations, Inc. Geoff High, 303/393-7044 www.spatial.com
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