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Vancouver, Canada August 24,
2001- Bycast Media Systems Canada Inc. www.bycast.com is
pleased to announce that
it has completed a staged equity financing of $2.9
million led by BDC Venture Capital with Working Opportunity
Fund and Access Fund, both managed by GrowthWorks,
Fractal Capital Corp., Kevin Huscroft founder and
CTO PMC-Sierra, Colin Harris VP PMC-Sierra and William
Tatham founder and former CEO of Janna Systems.
"Completing an equity financing in the current
market conditions is strong support for the strength
of the Bycast team and its technology," said
Dr. Kermani, President and CEO of Bycast. "The
proceeds will be used to further develop its streaming
media platform technology and the market opportunity."
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor
in Canada, active at every stage of the company's
development cycle, from start-up through expansion,
with a focus on technology-based businesses that
have high growth potential and that are positioned
to become dominant players in their markets. BDC
Venture Capital has been involved in venture capital
since 1975 and has to date invested in more than
270 companies. It currently manages over $400 million
in venture capital assets and more than 80% of its
portfolio is invested in the areas of telecommunications,
enterprise software, Internet technologies, electronics,
and biotechnology. www.bdc.ca
About Growthworks
Investments by the Working Opportunity Fund and
the Access Fund are managed by GrowthWorks, a private
debt and equity investor with a combined $500 million
in assets under management. GrowthWorks has investments
in 55 companies in emerging sectors: technology -
40%; life sciences - 25%, advanced manufacturing
- 21%; film & entertainment 5%; tourism-related
- 2%; environmental - 3.5%, other 3.5%. (www.growthworks.ca)
About Fractal Capital Corp.
Fractal Capital Corp. is an angel and seed stage
venture investment company managed by Haig Farris.
Mr. Farris was co-founder and a former partner of
Ventures West Management Group.
About Bycast Media Systems Canada Inc.
Bycast develops software that enables the fault
tolerant storage and bandwidth efficient distribution
of diagnostic imaging exams for the healthcare enterprise,
including geographically distributed organizations
with limited bandwidth connectivity.
Bycast's products are based on Bycast StorageGRID
Architecture™, specifically designed to overcome
the scalability, reliability, manageability and security
(consistent with Canadian and US government privacy
guidelines, including HIPAA) challenges encountered
in the storage and distribution of large volumes
of bandwidth intensive imaging data over IP networks,
including the Internet.
Bycast's products enable the creation of enterprise
wide computing grids that interface with existing
clinical information systems and make the capture,
archive, retrieval and transmission of diagnostic
imaging exams easier, faster, more reliable and more
cost effective than traditional solutions that rely
on monolithic servers and expensive storage subsystems.
For further information please contact:
Bycast Inc. (604) 801-5300
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