TORONTO, February 2, 2006 - VenGrowth Private Equity Partners Inc. and its affiliates ("VenGrowth"), a leading private equity firm with over $1 billion in assets under management, today announced it has further strengthened its Ottawa-based investment operations with two hires. Paul Smelters has joined VenGrowth as Investment Director and Andrew Vignuzzi as Investment Associate. Both bring extensive experience in the Ottawa technology community.
"With over $299 million currently invested in 28 Ottawa area companies, VenGrowth is the pre-eminent venture capital investor in this region," said Pat DiPietro, VenGrowth Managing General Partner. "Adding these two highly experienced technology specialists will ensure VenGrowth continues its active, hands-on position in Ottawa's technology community. Paul and Andrew will play a leading role in helping the current stable of VenGrowth investee companies realize their full business potential and value on behalf of shareholders, as well as recognizing additional venture investment opportunities for VenGrowth."
Paul Smelters has worked in the technology sector for over 25 years, with roles in advanced technology design, research & development and business management. Paul has specific experience in the areas of semiconductors, voice gateways, switching/routing products and wireless networks. Paul, who holds a BASc (Electrical Engineering) from the University of Waterloo and an MBA from Queen's University, was with Nortel Networks before joining VenGrowth.
Andrew Vignuzzi has held responsibility for designing and developing a range of communication products at Nortel Networks since 1998. Before Nortel, Andrew was a Project Officer and Subject Matter Expert at the Directorate of Maritime Aerospace Engineering for the Canadian Air Force. Andrew holds a B.Eng (Electrical) from the Royal Military College, an M.Sc. (Electrical Engineering - Signal Processing) from Queen's University and an MBA (Finance) from the University of Ottawa.
The hires reflect one of VenGrowth's strategies of building its investment team with personnel who have extensive operational expertise. This enables VenGrowth's investment specialists to offer far more value to Canadian entrepreneurs, including a strategic network of industry contacts.
VenGrowth has deployed more money in the Ottawa region than any other venture capitalist in each of the past six years*. VenGrowth's Ottawa area investments span a variety of sectors, including: communications, semiconductors & components, internet infrastructure, applications software and biotechnology.
*Source: Thomson Macdonald
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 more than 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 www.vengrowth.com.
For further information:
Angus Fisher
Media Relations
VenGrowth Asset Management Inc.
(416) 628 9255
afisher@vengrowth.com
