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[news 2005
- 2006]
PARTEQ-Queen's
venture fund approved as registered Ontario Commercialization
Investment Fund
Sept. 19, 2006
For immediate release
KINGSTON, ON -- A unique investment tool created by
the Queen's School of Business in partnership with PARTEQ
Innovations has been approved by the Government of Ontario
as a registered Ontario Commercialization Investment
Fund (OCIF).
The Tri-Colour Venture Fund Limited Partnership, launched
at Queen's earlier this year, was created both as a
hands-on learning tool and as a source of investment
funding for early stage, technology-oriented companies.
Under the OCIF program, investments made in eligible
companies will result in an additional investment in
the fund from the Province of Ontario, in the form of
grants equaling 30 per cent of each eligible investment.
The program was established by the Ontario government
to provide investment capital
to help guide promising technologies through the risky
early stages of commercialization.
“The OCIF Program allows us to increase the pool of
funds we will have available for this type of investment,”
says John Molloy, President and CEO of PARTEQ Innovations.
“For PARTEQ and Queen's, the OCIF designation is a welcome
endorsement of the aims of our Tri-Colour Fund.”
The Tri-Colour Fund is the latest in a series of venture
funds created and/or sponsored by PARTEQ Innovations
to address the need for financial support for early
stage technologies. In addition to managing two of its
own funds, PARTEQ also sponsors three additional funds,
for a total investment pool of more than $26 million.
Earlier this year the Tri-Colour Fund made its first
two investments in early stage companies developed out
of Queen's University research.
About the Ontario Commercialization
Investment Fund Program:
The Ontario Commercialization Investment Fund (OCIF)
was established by the Ontario Government in March,
2005. The program, under the responsibility of the Ontario
Ministry of Research and Innovation, was established
to leverage seed capital for spinoff technology companies
created by faculty, staff or students at Ontario universities
or research institutes.
http://www.mri.gov.on.ca/
About the Tri-Colour Fund Limited Partnership:
The Tri-Colour Fund Limited Partnership was created
by Queen's School of Business and PARTEQ Innovations
as a unique hands-on learning tool in the field of venture
capital management. The Tri-Colour Fund was launched
in January, 2006 with an initial donation of $500,000
from Dr. Tom Kinnear, a Queen's alumnus. The fund has
since grown to a capital pool of $1.25 million.
The TriColour Fund is both an investment vehicle and
a course in the School of Business Venture Management
Program. The program, which trains students in the business
of assessing and investing in promising new businesses,
is the first by a Canadian business school to also invest
in early stage companies. PARTEQ Innovations, which
created and manages its own $7 million Community Small
Business Investment Fund (CSBIF), helps to manage the
Tri-Colour fund and provides expertise and guidance
to students in the venture management program.
Contact:
John Molloy
President & CEO
PARTEQ Innovations
P: 613. 533. 2342
F: 613. 533. 6853
jmolloy@parteqinnovations.com
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