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Vancouver, Canada June
18, 2002- Bycast Inc. www.bycast.com is pleased to
announce that it has completed an additional
offering of Series 1 Preferred Shares for proceeds
of $1,500,000. The investment group includes Working
Opportunity Fund, Velo Ventures, William Tatham and
principals of XJ Partners Inc. and several other existing
shareholders. "We are pleased with the support
shown by our existing shareholders and the interest
of new investors in Bycast as we continue to develop
our next generation distributed image management systems" said
Mohammad Kermani, President and CEO Bycast. The proceeds
from this financing will be used for the commercialization
of Bycast's next generation image storage and management
solutions for health care enterprises.
About XJ Partners
XJ Partners provides strategic management services
for the technology and investment sectors, helping
technology companies develop and execute strategic
plans and the investment community to make more informed
investment decisions. XJ Partners was founded by
William Tatham, the founder and former CEO of Janna
Systems a leading supplier of enterprise class Customer
Relationship Management software that was acquired
in 2000 for shares of Siebel Systems valued at US$1.1
billion.
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 The Velo Fund
The Velo Fund is an early stage technology fund
that focuses on early stage companies with proprietary
technology or extraordinary technology capability.
The founding investor of the Velo Fund is Ken Spencer,
Co-founder of Creo and the fund manager is John Linton
formerly of Glenayre. (www.velofund.com)
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 |
