VenGrowth investee Espial completes successful IPO on Toronto Stock Exchange

    TORONTO, June 8 /CNW/ - VenGrowth Private Equity Partners Inc. and its
affiliates ("VenGrowth"), congratulates investee company Espial Group Inc.
("Espial") following the successful completion of an initial public offering
("IPO") on the Toronto Stock Exchange. Espial raised gross proceeds of
approximately $25 million through the IPO.
    VenGrowth is a major venture investor in Espial, investing in the
Ottawa-based application software company through The VenGrowth II Investment
Fund Inc. and two VenGrowth limited partnerships since August 2001.
    Espial develops and markets modular Internet Protocol Television ("IPTV")
client and server middleware and applications that enable communications
service providers to rapidly deploy IPTV services to their subscribers.
Presently at an early stage of development, the IPTV industry is expected to
grow at a compound annual rate of approximately 92% between 2006 and 2011.
    "Since VenGrowth's initial investment in 2001, Espial has become a
leading vendor in IPTV, with significant revenue growth from that sector over
the past three years," said Peter Seeligsohn, VenGrowth General Partner. "With
over 50 customers and partners established worldwide, a public listing was the
natural next step for this company and it's excellent to see a renewed
investment appetite for world-class Canadian technology companies such as
    "VenGrowth has been a key strategic partner for Espial as we have
successfully established a leadership position in the rapidly expanding IPTV
market in recent years," said Jaison Dolvane, Espial Co-Founder and CEO.

    About VenGrowth

    With over $1 billion in assets under management, VenGrowth is Canada's
largest private equity and venture capital firm managing both retail and
institutional assets. Since 1982, VenGrowth's accomplished private equity
managers have invested over $1.1 billion in over 180 companies, building a
strong track record of successful portfolio transactions. These investments
have been made on behalf of over 180,000 individual investors and leading
pension funds, banks, insurance companies and family foundations. Portfolio
companies benefit from VenGrowth's substantial experience, resources, and
hands-on investment style. VenGrowth's offices are located in Toronto
(Corporate Headquarters) and Ottawa. For more information, please visit

    About Espial

    Espial provides open, modular, customizable, and carrier-grade IPTV
middleware and applications that are deployed with communications and
entertainment service providers around the world. Espial's Evo(R) IPTV Service
Platform, which can be purchased as separate components or as part of a
pre-integrated client-server solution, includes Evo(R) Client, Evo(R) Server,
Evo Future-Proof Framework(TM) (FPF), Evo SkinTones(TM) and applications such
as Electronic Program Guide, Video on Demand, Interactive Content Portal,
Games, and Evo Browser.

For further information:

For further information: Media Inquiries: Angus Fisher, Manager, Media &
Communications, VenGrowth Asset Management Inc., (416) 628-9255,

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