March 25, 2008

For Immediate Release

Southern Interior Development Initiative Trust (SIDIT) partners with Okanagan Innovation Fund Inc. (OIF) to invest in Southern Interior based RFind Systems Inc. and Waveteq Communications Inc.

Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), is pleased to announce its investment in two technology companies based in the Southern Interior.  SIDIT is investing by way of convertible debentures in syndicated transactions lead by the OIF.  The OIF has also previously invested in both companies.

“Our mandate is to help grow and diversify the economy of the Southern Interior of British Columbia” said SIDIT CEO, Ron Baker.  “SIDIT is pleased to further our mandate by investing with the OIF in emerging technology companies with international aspirations headquartered in the Southern Interior”. 

Bill Redmond, Chairman of the Okanagan Innovation Fund added “Since inception, OIF has been forming partnerships within the community to further its goals of providing capital to our region’s best young companies and in providing our shareholders with strong returns.  Partnering with SIDIT in these two transactions has resulted in a total of $900,000 invested into two local companies with exciting potential.”

RFind, the 2006 Telus New Ventures Award winner, has previously raised $1.1 million in equity financing including the Western Universities Technology Innovation Fund.  RFind Systems Inc. was formed in 2005 specifically to address the needs of industrial manufacturers in the real time locating system or RTLS RFID market. RFind was also recently named to the 2008 “Ready to Rocket” List as one of the top 25 Information Technology Companies. RFind Systems got its start in the business incubator at the Okanagan Research and Innovation Centre housed at the Canadian National Research Council (NRC) Dominion Radio Astrophysical Observatory in Kaleden, British Columbia in the summer of 2005.

Sharon Barnes, CEO of RFind Systems Inc., states “RFind is pleased to be a part of the growing Okanagan high tech sector and is happy to be a part of investments by both OIF and SIDIT.  We would like to thank both of these organizations for their ongoing support of our business and our community.”

Waveteq CEO Jack Van der Star is "Innovator of the Year" awarded by the Okanagan Science and Technology Council (OSTEC). The Innovator of the Year award recognizes a leading individual who has demonstrated innovation, leadership, sound business practices and community involvement in the research of science or technology and/or the development and application of science or technology.

“We are thrilled SIDIT and OIF have made an investment in Waveteq. With this we have been provided an opportunity to accelerate the company’s growth, establish our ShadowMaster in the global market and expand Waveteq’s Innovative Wireless Technologies with the introduction of new products” says Jack Van der Star.

SIDIT is a Public Trust created by the Province of British Columbia with a $50 million allocation to support economic development in the Southern Interior. Governed by a 13 member Board of Directors representing local government and the private sector, SIDIT focuses on opportunities that demonstrate measurable and sustainable economic benefits.

In existence for two years SIDIT has concentrated on developing the processes and strategic alliances necessary to truly make a difference in the economic well being of communities in the Southern Interior. In the weeks ahead SIDIT is poised to make announcements on a number of exciting initiatives.

The Okanagan Innovation Fund (www.OIFund.ca) is the first Private Equity Fund of its kind in the Southern Interior.  The fund was created, funded, and is managed by leading Okanagan business leaders to provide support for, and to advance, the economic growth of the region.  The fund has made 16 investments since inception and currently has 10 companies in its portfolio.

Contacts:

Jim Thomson, Chair, Southern Interior Development Initiative Trust   (250) 372-1544

Ron Baker, CEO, Southern Interior Development Initiative Trust   (250) 545-6829 www.sidit-bc.ca

John Drope, Managing Director, Okanagan Innovation Fund    (250) 762-6850   www.OIFund.ca

Jack Van der Star, CEO, WaveTeq Communications Inc.   (250) 317-0516 (cell)   www.waveteq.com

Sharon Barnes, CEO, RFind Systems Inc. (250) 862-3412 www.RFind.com