Secures $9 Million Series B Funding Led by Longworth Venture Partners, Masthead Venture Partners and Venture Partners

New York, NY, December 12, 2006 - Scanbuy, Inc., a global provider of wireless commerce solutions, today announced the recent hiring of industry veteran Jonathan Bulkeley as Chief Executive Officer. The company also announced that it completed $9 million in Series B financing. Longworth Venture Partners, Masthead Venture Partners and Hudson Venture Partners led the round, with participation from existing angel investors.

Mr. Bulkeley brings twenty-three years of management experience to the company, having served in leadership roles for several dominant industry players in media and e-commerce. Bulkeley was previously the CEO of barnesandnoble.com, growing sales from $71 million to over $200 million, and overseeing its IPO, which at the time was the largest Internet IPO in history. Prior to bn.com, Bulkeley served as Managing Director of AOL's joint venture with Bertelsmann Online in the U.K. and as AOL's Vice President of Business Development in the U.S., where he built AOL's first advertising sales team and ecommerce stores. Bulkeley currently sits on the Board of Directors of the Readers Digest Association (NYSE:RDA) and Spark Networks, PLC (AMEX:LOV). He also served on the Board of Directors of IGN Entertainment which was sold to News Corporation last year.

The funds will escalate growth of Scanbuy's go-to-market efforts, extend its standard 1D and 2D bar code technology leadership in mobile marketing, and expand its operational capabilities to support growing worldwide adoption of the company's solutions designed to provide a range of information and services to consumers via their mobile devices.

"We were pleased by the interest level from the investment community and we are excited to have Longworth Venture Partners, Masthead Venture Partners and Hudson Venture Partners as our partners due to their extensive industry experience with Internet and mobile technologies," said Jonathan Bulkeley, CEO of Scanbuy. "Scanbuy has developed a unique mobile tag-enabled solution for mobile commerce and mobile marketing that creates huge opportunities for mobile carriers, manufacturers and content providers/marketers to enable enhanced consumer navigation of the physical world. I am excited to be leading Scanbuy and to once again be part of revolutionizing consumer media.”

"We are thrilled to have Jonathan Bulkeley leading the Scanbuy team. His experience, vision and credibility are exactly what the company and the industry need to bring this technology to the mass market," said Nilanjana Bhowmik, partner at Longworth Venture Partners. “We see the solutions offered by Scanbuy as a global opportunity because of the growing interest in the use of 1D and 2D bar codes in a wide variety of consumer applications."

"We are seeing huge growth in the mobile marketing arena worldwide and Scanbuy is the clear leader in making it easy for consumers to fully utilize these enhanced services via their wireless phones," said Steve Smith of Masthead Venture Partners. "Masthead welcomed the opportunity to work with the Scanbuy team to help take the Company to its next level of success."

Longworth Venture Partners

Longworth Venture Partners is a Boston-based venture capital firm that invests in early-stage software, internet, and media companies. For over twenty years, the Longworth team has founded, built, and led investments in some of the most innovative and successful technology companies. The firm combines a proven track record of entrepreneurial and operating success with top venture investing performance to support entrepreneurs in building the next generation of technology leaders.

Masthead Venture Partners

Masthead Venture Partners is a venture capital firm focusing on early-stage technology companies, primarily in software, internet infrastructure, communications technology, and IT-intensive life sciences. The Masthead approach leverages the experience and networks of its partners, who have spent an aggregate of more than ten decades operating and financing companies from founding to public offerings. Masthead seeks to invest in and build exceptional, technology-based companies that solve big problems in rapidly growing markets, by matching great technologies with unmet market needs, assembling outstanding management teams, and taking an active role in driving the growth of the enterprise.

Hudson Venture Partners

About Scanbuy

Scanbuy is the leading global provider of mobile barcode solutions that use the camera phone as the link between the physical world and the digital world. The ScanLife solution consists of a multi-barcode reader application and interoperable Code Management Platform. The technology has been successfully deployed and supported by leading mobile providers and handset manufacturers in the United States, Mexico, Chile, Spain, Italy and Denmark. Media companies and marketers use the solution to create and manage measurable 2D barcode campaigns, extending brand engagement onto mobile devices.

Scanbuy has the largest and oldest patent portfolio of any company in the industry, with over 30 patents granted covering the entire solution. The company's investors include Motorola Ventures, Hudson Ventures, Masthead Venture Partners, and Longworth Venture Partners.

For more information on Scanbuy, please visit www.scanbuy.com or www.scanlife.com.