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Bycast Closes $10 Million in Funding

Oversubscription Demonstrates Strong Support for Grid Powered Storage Market

Vancouver, BC – February 27, 2004

Bycast Inc., the leading provider of grid-powered storage solutions, today announced the closing of a $10 million round in Series B funding from new and existing investors. The financing was lead by XJ Partners Inc. and all significant existing shareholders participated including GrowthWorks Capital and BDC Venture Capital. The new funding will enable Bycast to increase its marketshare and mindshare through the expansion of its sales and marketing organization.

“We are extremely pleased with the strong endorsement from new and existing investors. It is a testament our products, our business strategy and to the progress we have made in becoming the standard in grid powered storage solutions,” said Dr. Moe Kermani, President and CEO of Bycast.

“The explosive volume and unique characteristics of fixed content data is driving healthcare, financial services and government organizations to invest in a new breed of cost-effective and scalable storage solutions,” said William M. Tatham, Executive Chairman of the Board at Bycast and CEO of XJ Partners. “Our additional investment in Bycast reflects our belief that Bycast’s leadership team and products are well positioned to become an industry leader.”

About Bycast

Bycast is the leading provider of grid-powered storage management software that simplifies the management of massive fixed-content storage systems. Hewlett-Packard and IBM have OEM relationships with Bycast to deliver storage systems based on Bycast StorageGRID®. Organizations that use StorageGRID based storage systems are better able to optimize their storage infrastructure and ensure the integrity and availability of their valuable data assets. StorageGRID also enables the formation of regional archives that can scale to petabytes of data across hundreds of sites. Bycast Inc. is a privately held company headquartered in Vancouver, BC. To learn more about the company and its solutions, visit www.bycast.com.

Media Contact

Deanne Farrar
Bycast Inc.
Tel.: (416) 485-8782
email: dfarrar@bycast.com

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