Impath Networks Canada Corporation expands to Halifax

    HALIFAX, May 27 /CNW/ - Impath Networks Canada Corporation, the
Ottawa-based developer of video surveillance solutions announced today it has
secured $3 million in funding, led by Nova Scotia Business Inc. (NSBI) Venture
Capital, along with co-investor GrowthWorks Atlantic Venture Fund.
    With this new investment, the company will expand and re-locate its head
office to Halifax while continuing some business operations in Ottawa.
    "Our move to Halifax will enable Impath Networks to build and promote
research and development in Nova Scotia," said Carlo Shimoon, CEO of Impath
Networks. "Nova Scotia's thriving high-tech sector offers more opportunities
to grow our business."
    The company is a provider of video surveillance solutions for markets
including transportation systems, bridges and tunnels, government and military
facilities, airports and seaports, city centres, border crossings, and
correctional facilities.
    NSBI Venture Capital works closely with companies, providing capital,
strategic direction, and advice to support growth in the province. To secure
Impath Networks' expansion efforts, NSBI Venture Capital is investing
$2 million.
    "NSBI Venture Capital is all about helping businesses in Nova Scotia
reach their next level of growth, and we help leverage additional investment,"
said Stephen Lund, president and CEO of Nova Scotia Business Inc. "Impath
Networks' move and expansion to Halifax demonstrates that Nova Scotia is an
ideal location for world class research and development."
    GrowthWorks Atlantic Venture Fund is also investing $1 million to support
Impath Networks.
    "One of the key focuses for us when choosing to make an investment in a
company is the management team," says Tom Hayes, President and CEO of
GrowthWorks Atlantic Venture Fund. "Along with great technology, Impath brings
a solid management team which we believe can really drive the growth of this
company."

    About Nova Scotia Business Inc.:

    Nova Scotia Business Inc. is Nova Scotia's private-sector-led business
development agency. NSBI is the investment attraction arm of the province and
helps businesses in Nova Scotia meet growth potential through advisory
services, trade development, financing and venture capital.
    NSBI Venture Capital is a mid to late-stage investor focusing on Nova
Scotia businesses in five key sectors: information and communications
technology, defence and aerospace, energy, advanced manufacturing, and life
sciences.
    www.novascotiabusiness.com

    About Impath Networks Canada Corporation:

    Impath Networks is a leading supplier of managed video networks for
security and surveillance applications. Its video networks enable private and
public organizations to maintain mission-critical, real-time, DVD-quality
surveillance of events and activities from within the same building to around
the world. The Company offers a complete product line from analog FDM video
systems for transmission over private fiber networks, to state-of-the-art MPEG
-compressed digital video, for transmission over private and public broadband
IP networks. Its products are distributed through a global network of system
integrators and are installed in systems around the world that monitor major
highways, rapid transit systems, city centers, international airports and
other facilities. For a list of applications and for more information, visit
the company's website at www.impathnetworks.com.

    About GrowthWorks:

    GrowthWorks(TM) managed funds provide investment capital for Canadian
companies and tax-advantaged investment opportunities for Canadian investors.
GrowthWorks(*) manages more than $800 million in assets through the Working
Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd.,
GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd.
GrowthWorks identifies, analyzes and structures investments in companies with
high growth potential. Particular emphasis is placed on IT, Life Sciences and
Advanced Manufacturing sectors. Building on more than 15 years of investment
expertise, GrowthWorks is a leader in Canadian venture capital management.
    www.growthworks.ca

For further information: Media Contact: Sarah Levy, Nova Scotia Business
Inc., (902) 222-3658, levyse@gov.ns.ca; Tracey Morrison, GrowthWorks Atlantic,
Venture Fund, 1-800-251-5331, tracey.morrison@growthworks.ca; Carlo Shimoon,
Impath Networks Ltd., (902) 225-4293, cshimoon@jacobgabrieldesign.com