Investors

Financial Facts

• 100% privately funded
• All rounds of financing have been oversubscribed
• Company maintains a 0-debt balance sheet
• Company has no collateralization of assets
• Principal investor, Robert Levine was honored as Inc. Magazine's "Entrepreneur of the Year" in 1991 and has been one of Forbes Magazine's 400 Wealthiest Americans for the past 15 years

Board of Directors

Ron Kandell, Director
Ron Kandell recently retired from Siemens Communications with more than 36 years of telecommunications experience. While at Siemens, he served as vice president of Product Planning, and later as vice president of Sales to the Independent Operating Companies (IOCs) division. Kandell played a key role in developing business and sales strategies, and implementing an organization for successfully positioning Siemens as a leader in the burgeoning IOC market. Prior to Siemens, Kandell served Stromberg-Carlson in a variety of positions, including director of Systems Engineering, director of Product Planning, and vice president of Marketing. Kandell was general chairman for the GLOBCOM '92 event, and has been active in OPASTCO and USTA.

Gary Davis, Director
As a retired 27 year veteran, Master Chief Petty Officer of the United States Navy, Gary Davis moved on to Cabletron Systems where he grew the Customer Service and Support department from 40 to 980 personnel over a period of nine years. This organization was widely recognized as the leader in direct service and support of customers worldwide. In addition, Gary was in charge of international operations consisting of 14 countries. When Gary retired in 1996, he had P&L responsibility for approximately $250 million in Revenue.

Robert Monaco, Chief Operating Officer and Director
Mr. Monaco has over 20 years industry experience. He was a co-founder of Personal Electronics in 1991, and served as Vice President with responsibilities for overall finance and operations, including sales and materials management. Prior to co-founding Personal Electronics, Mr. Monaco spent seven years with Cabletron Systems in various roles including Director of Operations, where he was responsible for the startup of the customer service and technical support functions, as well as opening of numerous domestic and international sales offices. Mr. Monaco also played a key role in Cabletron Systems' IPO.

Michael Eblin, Director
Michael Eblin brings to Pannaway more than 20 years of operations experience in the high-tech industry at companies such as Hughes Aircraft Co., United Technologies and Sony. Eblin has a lengthy track record of business success through customer relationships and business development, as well as strong operations, manufacturing, and supply chain execution in major industry segments, including Defense, Medical, Automotive, Consumer, and Industrial. Most recently, he served as a senior operations advisor for Cerberus Capital Management with a primary focus on the integration, and turn-around of international manufacturing, engineering and service based Industries.

Angela M Blaisdell, Director
Angela M Blaisdell is currently President of Anseri Corporation, a position she has held since the company's founding in 2005. Anseri is a private company which is the leading provider and developer of Real Time Location products for use in the Health Care industry. Since 2001 she has been the Chief Investment Officer of Collingworth Corporation a private investment company with over $500 million in investment assets. From 2001-2005 she was the successful director of the campaign for Governor of New Hampshire for Craig Benson. After his inauguration she assumed the duties of Chief of Staff and Head of Homeland security for the governors office. Prior to 2001 Ms. Blaisdell held a number of financial and administrative roles largely in high technology ventures.

Raymond Marshall, Director
Mr. Marshall has over 20 years industry experience. He was a co-founder of Personal Electronics in 1991, and served as President with responsibilities for overall manufacturing operations, including production, quality control, as well as human resources management. Prior to co-founding Personal Electronics, Mr. Marshall spent six years with Cabletron Systems in various roles including Director of Manufacturing and Director of Human Resources. In this time, Mr. Marshall was responsible for opening four manufacturing facilities worldwide. Mr. Marshall also played a key role in Cabletron Systems' IPO.

Sumner B. Tilton, Jr., Director
Sumner B. Tilton, Jr. is a director of the law firm of Fletcher, Tilton & Whipple, P.C. in Worcester, Massachusetts. He has a practice emphasizing the areas of estate planning and estate and trust administration. Mr. Tilton was born and attended public schools in Worcester. He is a graduate of Williams College and Boston University School of Law. After graduating from law school, he came back to practice law with his father in Worcester. He holds an honorary doctor of laws degree from Assumption College and an honorary doctor of pharmacy degree from the Massachusetts College of Pharmacy and Health Sciences. Mr. Tilton is a Life Trustee and former Chairman of the Board of Trustees of Clark University. He is also an honorary trustee of the Worcester Art Museum and the Ecotarium. He currently serves as Chairman of the Board of Trustees of UMass Memorial Healthcare, Inc. and is Chairman of the Board of Trustees of the Health Care Security Fund (Mass. Tobacco Fund). He is a Trustee of the Massachusetts Hospital Association in Burlington, Mass. He holds the position of Managing Trustee of the Ruth H. and Warren A. Ellsworth Foundation and the Mildred H. McEvoy Foundation. He currently serves as trustee of the Francis A. and Jacquelyn H. Harrington Foundation. He has served as President of the Greater Worcester Community Foundation and Mechanics Hall. He is a former director of the YMCA of Greater Worcester, the Worcester Area Chamber of Commerce and the Middlesex School in Concord, Massachusetts.

Carl Sherr, Director
Mr. Sherr is a Managing Partner of the firm Carl P. Sherr & Co, LLC He is the Compliance Officer and head trader for regional broker/dealer headquartered in Worcester, Massachusetts, which is a member of the National Association of Securities Dealers (NASD). Mr. Sherr is also an Arbitrator for the NASD, a Registered Securities Principle, as well as a Registered Representative.

Mr. Sherr has also held positions with NASD of Chairman of the Small Firm Advisory Board, Chairman: Market Surveillance Committee, Governor, Chairman of the Board, as well as various other NASD Committees and task forces regarding: trading, long range planning, market surveillance, executive and national nominating.