TORONTO, June 26 /CNW/ - Covington Capital Corp. ("Covington") announced
today that it would be returning over $1.2 million dollars to The University
of Western Ontario and Queen's University as a result of their involvement
with the UWO Internet Ventures Fund and the PARTEQ Internet Ventures Fund
This represents a substantial return for both Western and Queen's, and
two of the most significant returns achieved under the Community Small
Business Investment Fund ("CSBIF") program. Covington is proud to be able to
give back to our community sponsors and to support the on-going growth and
development of these leaders in education.
The proceeds are a result of one of the most successful exits in the
venture capital marketplace over the past 12 months - the USD$205 million
acquisition of PlateSpin Ltd. by Novell, Inc. Founded in 2003, PlateSpin
became a leader in the development of advanced automation software solutions
for data centres throughout the world.
PlateSpin is an excellent example of the importance of venture capital in
funding and developing Canada's innovation, economic growth and development,
as well as this country's talented entrepreneurs. In less than five years,
PlateSpin grew from a small enterprise with just over 10 employees to a
company with global presence. "PlateSpin is a true success story and a
testament to what can be achieved with the right combination of venture
capital support, a talented team, and the identification of the right market
opportunity," states Philip Reddon, Managing Director, Covington Capital Corp.
Covington's involvement in the CSBIF program (the "Program") began over a
decade ago. Via the Program, Covington has funded several start-up and early
stage ventures throughout Ontario. Covington is pleased to have fostered
strong relationships with our university partners, and the community at large,
that have led to the success of the Covington CSBIF program.
The return of capital to Queen's and Western represents the successful
completion of the life-cycle of these CSBIF programs. "From raising capital
throughout Ontario and deploying that capital to fund local entrepreneurs, to
then returning a significant profit back to the founding partners is exactly
what the CSBIF program was created to achieve," notes Mr. Reddon.
"Both of our institutions are fortunate to have had the opportunity to
partner with Covington in turning concepts and research into Canadian venture
success stories," says John Molloy, President and CEO of PARTEQ Innovations,
the technology transfer office of Queen's University.
"We are delighted to accept this significant financial contribution,"
said Ted Hewitt, Vice-President (Research & International Relations) at
Western. "These funds will be used to continue to build bridges between the
private sector and advanced research now underway, and to pave the way for
improved health and prosperity."
About Queen's University
One of Canada's leading universities, Queen's has an international
reputation for scholarship, research, and a diverse and vibrant learning
environment. With its strong tradition of public service, the University has
helped to shape Canadian values and policies, educating many of the country's
most notable political and cultural figures.
About PARTEQ Innovations
PARTEQ Innovations is the not-for-profit technology transfer arm of
Queen's University. PARTEQ works with Queen's researchers and the business and
venture capital communities to bring early stage technologies to market. Since
1987 PARTEQ has been instrumental in the establishment of more than
40 companies developing a variety of products, from potential drugs for
Alzheimer's, cancer and heart disease to automated bacteria detection for
water systems, solar-powered appliances, and advanced materials used in the
plastics, automotive, aerospace and household appliance industries.
About The University of Western Ontario
With annual research expenditures of more than $223 million and an
international reputation for success, The University of Western Ontario ranks
as one of the top ten research-intensive universities in Canada. Offering
Canada's best student experience among its peers, Western and its affiliated
research institutes provide a culture that encourages entrepreneurial research
About Industry Liaison at Western
Now part of London's new city-wide technology transfer venture,
Worldiscoveries, Industry Liaison helps researchers at Western build value for
their inventions, technologies and intellectual property, and also serves as a
conduit for business development with industry partners. With 17 successful
spin-offs since 1996 and more than 200 reports of invention in the past five
years, Industry Liaison adds value to more than 60 research discoveries
Western generates annually.
About Covington Capital Corporation
Founded in 1994, Covington Capital Corp. (www.covingtonfunds.com) is one
of Canada's largest and most experienced venture capital investors. Covington
Capital manages over $450 million in venture capital assets on behalf of
institutional and retail investors. These funds invest in small-and-medium
businesses throughout many industry sectors. Headquartered in Toronto,
Covington Capital is an affiliate of Affiliated Managers Group, Inc. AMG is an
asset management company with equity investments in a diverse group of
boutique investment management firms. AMG's strategy is to generate growth
through the internal growth of its existing Affiliates, as well as through
investments in new Affiliates.
For further information:
For further information: Fiona Robertson, EVP Sales and Marketing,
Covington Group of Funds, (416) 365-9155, email@example.com