Management Team

Todd O. Burger, President, CEO and founder, developed the original business concept in the fall of 1999 and assembled the Chameleon Network management team in early 2000. The management team was strengthened with several changes and additions in late 2003 and early 2004.

Business Model

The business strategy was conceived, the business model was developed and the plans and forecasts were created in the first half of 2000. The business model was revised in 2003 after discussions with a number of potential partners.

Funding

Chameleon Network is a privately held company, funded principally by angel investors, the founders and friends and family. Chameleon Network has raised approximately $2.0 million dollars and continues to seek additional angel and institutional investor funding. New individual investments can be accepted only from “Accredited Investors”, since this offering is subject to SEC Regulation D , section 505.

For more information on the meaning of “accredited investor”, you can go to: http://www.sec.gov/info/smallbus/qasbsec.htm#eod6

Product Development

Several product simulations were completed during the latter half of 2000. A product mockup was completed in September 2000. The first version of the desktop prototype demonstrating the core product functions with functional fingerprint recognition and Chameleon Card was shown in July 2001. Preliminary engineering design was completed in 2002. Key software system specifications were also substantially completed in late 2003. New mechanical design concepts and looks-like prototypes were completed in late 2003. In 2005, the team developed and tested a new virtual bar code technology, which is currently the subject of licensing negotiations. Today, Chameleon Network is also in discussions with key financial institutions, cell phone manufacturers and card associations.

Intellectual Property

The full patent application was completed in the fall of 2000. Additional patent filings have been made in each of the past 4 years in the US, Canada, Europe and Asia. The company received its first U.S. patent in February 2006. Notice of Allowance of all claims of a second patent was received in late 2005. Seven other patents are pending.

Product Availability

We anticipate that Pocket Vault beta units will be used during pilot projects in late 2006, followed by commercial availability of the product in 2007.