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[news 2001-2002]
New
venture investment fund for Queen's University
February 14, 2001
KINGSTON, ON -- Entrepreneurs affiliated with Queen's
University received a boost with the launch of a new
$2.5 million venture capital fund, focused on investing
in new Internet and e-commerce companies.
PARTEQ Innovations, Queen's technology transfer arm,
has entered into an arrangement with the New Millennium
Internet Ventures Fund Inc. to form the Parteq Internet
Ventures Fund, a community small business investment
fund (CSBIF) focused on emerging Internet and e-commerce
enterprises.
New Millennium Ventures Partners Inc. and PARTEQ will
manage the new Fund. PARTEQ has the exclusive rights
to all intellectual property owned by the University
and has been instrumental in helping to bring over two
dozen technology licenses or start-up companies to the
commercial arena. New Millennium Internet Ventures Fund
is the only labour-sponsored venture investment fund
focused solely on investing in Canada's emerging e-commerce
and Internet enterprises.
To receive funding, Internet or e-commerce businesses
must have an affiliation with Queen's, such as Queen's
alumni, students, staff or faculty. The Fund will make
initial investments of up to $250,000 and follow-on
investments of up to a total of $750,000 in companies
with less than $1 million in assets.
"This Fund benefits investors and innovators by
bridging the gap between a promising idea and a viable
commercial opportunity," says Gordon McMillan,
CEO of New Millennium Internet Ventures Fund. "Our
partnership with Queen's and PARTEQ provides the Fund
with access to a wealth of intellectual property and
a community of alumni from an internationally renowned
university. We expect to invest in a number of very
promising Internet and e-commerce enterprises with the
capability to generate revenue and show a path to profitability."
John Molloy, President and CEO of PARTEQ Innovations,
says that "there is a critical need for patient
capital, strategic management and business development
expertise to help drive innovation into the commercial
pipeline. We see this Fund as an opportunity for Queen's
most innovative entrepreneurs to drive ideas and technologies
into the market."
About PARTEQ Innovations:
PARTEQ Innovations is a not-for-profit corporation formed
in December 1987 to act as the technology transfer agent
for Queen's University at Kingston. PARTEQ has the exclusive
rights to all intellectual property owned by the University.
PARTEQ's mission is to stimulate and facilitate the
commercialization of intellectual property generated
at Queen's and to enhance and foster linkages between
the Queen's research community and industry. PARTEQ's
mission is driven by social responsibility and potential
economic return. Queen's is a research-intensive university
and PARTEQ provides a means to ensure that discoveries
with potential public benefit are properly commercialized.
About New Millennium Internet Ventures Fund:
Established in January 1999, New Millennium Internet
Ventures Fund Inc. is the only labour-sponsored venture
investment fund that focuses solely on investing in
Canada's emerging Internet and e-commerce enterprises.
The Triax group of companies administers the New Millennium
Internet Ventures Fund. Triax manages and administers
assets of approximately $1 billion on behalf of more
than 100,000 Canadian retail investors. Triax is a wholly-owned
subsidiary of First International Asset Management Inc.
of Toronto, a leading strategic investor in asset management
firms in Canada.
Contact:
John Molloy
President and CEO
PARTEQ Innovations
Phone: (613) 533-2342
Email: molloyj@post.queensu.ca
Elinor Trainor, Patrick O'Neil and Associates
New Millennium Internet Ventures/Triax Capital
Phone: (416) 361-3331
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