News Release

Investment Agreement with NTT Investment Partners, Inc.

April 28, 2009

To accelerate the speed at which eflow Inc. (headquarters located in Shibuya-ku, Tokyo; CEO: Koichi Makabe; hereafter, "eflow") can produce and offer our customers embedded software and solutions for networked devices, we have entered into an investment agreement with NTT Investment Partners, Inc. (headquarters located in Chiyoda-ku, Tokyo, CEO: Hiroki Watanabe; hereafter "NTT-IP").

1. Overview of the Allocation of New Shares to a Third Party

Under the allocation of new shares to a third party, NTT-IP will receive the sum total of 50,000,000 yen worth of eflow shares (100,000 common stocks, approximately 3.7% of all issued stocks) through the fund that NTT-IP invests in (the NTT Investment Partners Fund).

2. Background of the Increase of Capital

Currently, eflow possesses core technologies such as Java™, Web browser, and movie-playback technology, that have been deployed to a large number of embedded devices in the market. Following the spreading of networked environments, new applications, services, and platforms that presuppose the usage of networked services have become essential to all devices, be they mobile or stationary in one's home or office. To develop and present open and application-loadable software solutions as quickly as possible to meet these growing needs, eflow requested financing from NTT-IP. Through this agreement, eflow will increase the speed at which we enhance and expand the features of our products, and we will propose and market cross-platform solutions for Next-Generation Networks (NGN).

3. Participation in ESEC

eflow will participate in the 12th Embedded Systems Expo (ESEC) that will be held at the Tokyo International Exhibition Center (Tokyo Big Sight) from Wednesday, May 13 to Friday, May 15, 2009. eflow will be located at booth 45-8 in East Hall 4, where it will showcase its products and technologies for embedded devices.

Press contact

eflow Inc.
Strategic Management Office
+81-3-5333-5430
info@eflow.jp
http://www.eflow.jp/

* NTT Investment Partners Fund
This fund was created in March, 2008 to provide financing for businesses such as venture companies, both inside and outside of Japan, whose technology and know-how give them good prospects for future growth in fields related to information and communications technologies.
* NGN stands for Next-Generation Network. As of March, 2008, NTT Group companies NTT EAST and NTT WEST are providing their customers with NGN services such as“FLET's Hikari Next.”