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Ultimate Arena Secures $5 Million Funding AND CHANGES NAME TO XFIRE

New Enterprise Associates Series C Financing

Menlo Park, CA – April 19, 2004 – Xfire, the company formerly known as Ultimate Arena, Inc., has closed a $5 million Series C financing led by New Enterprise Associates (NEA).  Ultimate Arena’s existing investor, Draper Fisher Jurvetson, also participated in this round.  It was also announced that Ultimate Arena has decided to change its name to Xfire.

“Growth of the Xfire service has been so rapid that we decided to change the name of the company to Xfire,” said Mike Cassidy, CEO of Xfire.  “Of course we still host online tournaments at www.ultimatearena.com.”

The funds will be used primarily to support the Xfire (www.xfire.com) service of the same name which automatically keeps track of when and where gamers are playing PC games online and lets their friends join them easily.  Over 350,000 people in 100 countries have downloaded Xfire since its beta launch in January.

“Xfire solves a critical problem for users of multiplayer online games,” said Stewart Alsop, NEA general partner and newly appointed Xfire board member, “which is to find a way to play with friends instead of complete strangers. We've always found that the most successful companies make life easier by solving real problems.”

“I’m thrilled to have the backing of NEA and Draper Fisher Jurvetson, two of the top VC firms in the world,” said Mike Cassidy.  “We have seen our business grow dramatically since the launch of our Xfire service, and we look forward to benefiting from the experience that both NEA and DFJ can provide as we continue this growth.” 

About NEA

New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work, and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners, and practice their profession with high standards and respect. Practicing classic venture capital for 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $6 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 140 have gone public and more than 150 have been acquired. NEA has offices in Menlo Park, California, Reston, Virginia, and Baltimore, Maryland. For additional information, visit www.nea.com.

About Draper Fisher Jurvetson

Draper Fisher Jurvetson is the premier early stage venture capital firm. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world.

About Xfire

Xfire is the leading online game platform in the world.  The Xfire service (www.xfire.com) is the first (and only) social networking tool for gamers.  Xfire helps gamers play with their friends much more easily.  Xfire is also an IM designed just for gamers.  Over 350,000 gamers in over 100 countries have downloaded Xfire.  Xfire is also the leading platform where multiplayer gamers can play in online prize tournaments.  The company was founded by Dennis “Thresh” Fong (World Champion of Quake), Mike Cassidy (former CEO of Direct Hit), Max Woon, and David Lawee and is located in Menlo Park, CA.