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Eastern Technology Seed Investment Fund is awarded Canadian Venture Capital Association’s prestigious Deal of the Year AwardToronto, ON, September 26, 2002 - The Canadian Venture Capital Association (CVCA) is pleased to announce Eastern Technology Seed Investment Fund, as the recipient of the CVCA’s 4th Annual ‘Deal of the Year Award’. Established in 1998, the purpose of CVCA’s ‘Deal of the Year Award’ competition is to promote, highlight and celebrate the achievements of venture backed Canadian companies. The selection process focuses on firms with the most significant return during the last twelve months ending June 30, 2002. Eastern Technology Seed Investment Fund won this years’ award for its investment in Plazmic Inc. The investment of $2.6 million generated a return of 62% when Eastern Technology Seed Investment Fund exited in November 2001 for over $6.6 million. Ted Anderson, Senior Vice President, at Ventures West Management, which manages Eastern Technology Seed Investment Fund, accepted the honour at the CVCA’s AGM Dinner in Toronto on Wednesday, September 25, 2002. Plazmic products addressed opportunities in the development and delivery of rich graphical applications—such as games, animations and data visualizations—for wireless devices that use Java technology. The company developed a client-side platform, and an integrated server solution. The platform delivers a powerful value proposition to various parties in the wireless value chain including wireless content providers for whom it provided a method of accelerating development cycles for Java applications, shortened download times and improved application functionality, and mobile operators for whom Plazmic’s ability to deliver tiny file sizes meant that rich graphical applications could be served without burdening the network or imposing unacceptable download times on subscribers. Plazmic was acquired by Research in Motion Inc. in November of 2001. The Eastern Technology Seed Investment Fund, managed by Ventures West Management Inc., the Business Development Bank of Canada and Bank of Montreal Capital Corporation, is a seed capital fund created to provide financing and management expertise to emerging companies. The fund plans to help set up businesses to develop the commercial potential of new technology, with emphasis on promising research projects at universities and other facilities in Ontario and the Atlantic Region.
Canadian Venture Capital Association (CVCA) The CVCA was founded in 1974 and is the trade association that represents Canada’s venture capital and private equity industry. It is a member-based organization consisting of venture capital firms and organizations who manage pools of risk capital designated to be invested in small and medium-sized growth businesses in Canada. The CVCA fosters professional development, networking, communication, research and education within and outside the venture capital industry and represents the industry in tax and regulatory matters.
For more information contact: Christine Ramsay |
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