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Fakespace Systems Announces New Funding, Appointment Of New Board Member Kitchener, ON - May 1, 2000 - Fakespace Systems Inc. today announced that it has completed a private funding placement of U.S. $5.7 million with two investors, Electrohome Limited (TSE: ELL.X, ELL.Y) and the Bank of Montreal Capital Corporation (BMOCC). Additionally, Philip Reddon, Managing Director of BMOCC has been named to the Board of Directors of the company. "Fakespace Systems has shown impressive growth in the past year," said Philip Reddon. "Our investment recognizes both the clear and exciting market potential for visual computing, and the opportunity for BMOCC to help build a high-value, market leading company". The private placement was structured in the form of convertible debentures. The proceeds will be used to retire debt incurred at the time of Fakespace Systems’ acquisition of Pyramid Systems, Inc. in August 1999, and for general working capital purposes. The Pyramid Systems acquisition, combined with strong growth in revenue from product sales and professional services, has contributed to Fakespace Systems’ 300 percent rate of growth over the past two years. "We are very excited about securing both financial support and the commitment of BMOCC to play a Board level role in our company," said Dan Wright, president and chief executive officer of Fakespace Systems. "The visualization market is growing rapidly and we are growing at an even faster pace, giving us an industry leadership position that is attractive to investors. The additional investments in product and market development enabled by this round of funding will further strengthen our ability to grow and lead the marketplace." Bank of Montreal Capital Corporation works closely with its parent, the Bank of Montreal, in developing seamless financing options for new Canadian growth companies. The Bank has committed $400 million to four separate programs: Bank of Montreal Small Business Capital Program, Bank of Montreal Technology Investment Program, Bank of Montreal Early Stage Capital Program and Bank of Montreal Strategic Investment Program. ### About Mechdyne Corporation Mechdyne Corporation is the world’s largest company dedicated to consulting and development of immersive, networked and collaborative visualization systems. The company addresses complex projects where an in-depth understanding of user requirements leads to the development of products and customized solutions involving elements of visual, software and support systems. Mechdyne’s product divisions provide advanced display technology, audio/visual systems design, and implementation services, as well as immersive and interactive software development and support. Headquartered in Marshalltown, Iowa, Mechdyne’s customers include leading government laboratories, military research programs, energy companies and a variety of ‘edutainment,’ manufacturing, and other users of visualization technology. More information is available at www.mechdyne.com. Mechdyne Press Contact Jeff Brum Matt Schmidt |
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