Montréal, April 5, 2007 – The Solidarity Fund QFL (the “Fund”) has concluded partnership agreements with three world-renowned IT and Telecommunications companies which will result in positive spinoffs for Québec. Thus, the Fund will invest $11.8 million in Cellfish Media LLC, $8.7 million in Nexsan Corporation and $4.7 million in Envivio, Inc.
“At the Fund, the growth of our partner companies is a focal point of our economic mission. On the one hand, our IT and Telecommunications strategy is aimed at helping start-ups through investments in specialized funds to back them until the crucial marketing stage. On the other, we invest directly in companies such as Cellfish Media, Nexsan Corporation and Envivio that have successfully penetrated high-potential niches. Thanks to their long-term vision and recruitment of qualified people in Montréal, we believe this investment will generate positive spinoffs for Québec,” stated Jacques Bernier, the Fund’s Senior Vice-President, Information Technologies, Telecommunications and Industrial Innovations.
Cellfish Media creates, publishes and distributes content for mobile phones, i.e., music ringtones, games and mobile community applications such as chatting. Its solutions are in high demand in France, North America and Germany. In light of Montréal’s qualified technology workforce, the company will be recruiting employees with a view to boosting its R&D efforts. The Fund’s investment will also allow it to step up its growth and marketing efforts.
Nexsan Corporation designs and manufactures hardware for the growing data storage market. Its addressing, encryption and information lifecycle management software programs are renowned for their flexibility. Nexsan Corporation’s solutions allow large companies to comply with such strict regulations as those stipulated by the
Sarbanes-Oxley Act, which defines financial information disclosure principles, the
Securities and Exchange Commission,
1 which regulates data storage for the brokerage industry, and the
Health Insurance Portability & Accountability Act,
which governs the secure exchange of confidential patient information. The Fund’s investment will allow Nexsan to step up the development and marketing of its solutions and create high-quality jobs in its Montréal office. Envivio has built an international reputation developing and marketing digital video encoding and decoding solutions that meet the new ISO/IEC MPEG-4 (Moving Picture Experts Group) standard. Envivio’s solutions provide optimal image quality for the growing high-definition (HDTV), Mobile TV and IPTV (Internet) television markets. With the Fund’s investment,
Envivio will be able to continue its growth and create high-skilled jobs in Montréal. The company also plans to assemble some of its products in Québec.
1 Securities and Exchange Commission, Rule 240.17a 3&4.About the Solidarity Fund QFL With assets of over $6.8 billion, the Solidarity Fund QFL is a development capital fund that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and contribute to Québec’s economic development. The organization is a partner, either directly or through its network members, in 1,681 companies. The Fund currently has close to 570,000 shareholders and has helped, on its own or with other financial partners, create, maintain and support over 116,000 jobs. For more information, visit
www.fondsftq.com.
Information: The telephone number provided below is for the exclusive use of journalists and other media representatives.
Source: Josée Lagacé
Senior Advisor, Press Relations and Communications
Solidarity Fund QFL
Telephone: 514 850-4835
E-mail:
jlagace@fondsftq.com