Providence Software Startup Closes B Round of Financing

Fast-Growing Company to Use Investment to Strengthen its Position as Leading Provider of Classified Advertising Systems and Community Journalism Solutions to Media Companies Worldwide

Providence, R.I., April 23, 2007 – Creative Circle Advertising Solutions, Inc. (CCAS), developer of innovative internet software for media companies, announced today that it has closed its second round of financing. Participants in the round included Cherrystone Angel Group, Slater Technology Fund, and Walnut Ventures Associates.

CCAS will use the investment to enhance its sales and marketing capabilities for its flagship product, adQ: Intelligent classifieds, and accelerate its expansion into new markets. adQ is a Web-entry system for writing and placing private party classifieds in media outlets including newspapers and broadcast stations. Widely praised for its ease of use, adQ helps people write more effective ads, resulting in longer ads and more revenue for media companies.

CCAS has sold adQ to newspapers throughout the U.S. and internationally and to broadcasters nationwide. Since CCAS launched adQ with its first broadcast client, NBC 10 in Rhode Island, last year, the company has landed contracts with 24 broadcasters, who reach 30% of U.S. households, a footprint that the company plans to double this year. Locally, CCAS serves NBC 10, the Providence Business News, The Valley Breeze, and the Westerly Sun.

CCAS has also installed its community journalism solution, communityQ, at several newspapers, including the Chicago Tribune, where it has received national attention.

“We’ve had an incredible year. Our Series A funding allowed us to break into the broadcast industry, expand our client base and develop new products,” said Bill Ostendorf, co-founder and CEO of CCAS. “With this new round of funding, we will be able to expand even further into the broadcast market, and solidify our position as the premier provider of classified advertising solutions.”

“CCAS is a very promising company that has achieved significant business milestones in a short period of time,” said Thorne Sparkman, managing director of the Slater Technology Fund. “With the team’s domain expertise, innovative technology and rapidly growing customer base, CCAS is well positioned to become the market leader in their space, and we look forward to helping them achieve continued success.”

About Creative Circle Advertising Solutions
Creative Circle Advertising Solutions, Inc., was founded in 2004 to create innovative software that will enable media companies to grow internet revenue and audiences – solutions crucial to their future in a hotly competitive web environment. The team has a rich heritage of serving the industry; its sister company has a 25-year history of providing media companies with management consulting, training, as well as branding and design solutions. The media consulting firm has led more than 200 redesigns of newspapers, classified sections, web sites and magazines. For more information about Creative Circle Advertising Solutions, visit www.adqic.com.

About Cherrystone Angel Group
Founded in 2004, Cherrystone Angel Group (www.cherrystoneangelgroup.com) provides early stage capital and expertise to innovative startup companies. Since inception, Cherrystone Angel Group has invested in nine companies across a broad range of industries. Other Rhode Island investments include AIE, Ion Signature Technology and Narragansett Brewing Company.

Cherrystone is comprised of about 50 members from the Rhode Island community and invests in companies which possess the right business plan and leadership to satisfy a well-defined market opportunity.

About Slater Technology Fund
The Slater Technology Fund focuses on the support of entrepreneurs who have the vision, leadership and commitment to build substantial business enterprises, providing seed stage capital to companies committed to basing and building technology-based businesses in Rhode Island. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in the academic institutions, government research laboratories or commercial enterprises located within the region. For more information, visit www.slaterfund.com.

About Walnut Venture Associates
Walnut Venture Associates is a group of Boston-area entrepreneurs/investors who have joined forces to fund and aid the development of local companies through their collective business experience and contacts. The group is focused on information technology companies with significant technology addressing rapidly growing markets. Its objective is to help talented entrepreneurs build lasting businesses of significant value and to participate as active investors.

Since its inception in 1996, Walnut Venture Associates has invested in companies such as Softrax, Kurzweil Educational Software, Roving Software, SiCortex and Yokel. For more information, please visit www.walnutventures.com

For More Information

Laura Nelson
SVM Public Relations
(401) 490-9700
laura.nelson@svmpr.com