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RIM launching $150 million VC fund for mobile apps
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Monday, May 12, 2008 |
TORONTO, May 12 /PRNewswire-FirstCall/ - Research In Motion (RIM) (TSX:
RIM; NASDAQ: RIMM), RBC (RY: TSX; RY: NYSE) and Thomson Reuters (NYSE: TRI;
TSX: TRI; LSE: TRIL; NASDAQ: TRIN), today announced plans to launch the
BlackBerry(R) Partners Fund, a US$150 million venture capital fund, to
invest in mobile applications and services for the BlackBerry(R) platform
and other mobile platforms. The Fund is to be co-managed by JLA Ventures
and RBC Venture Partners.
Agnostic to both stage and balance sheet, the BlackBerry Partners Fund
will not restrict the development of mobile applications and services to
any single mobile platform or any specific industry segment. The Fund will
be designed to advance the industry by fostering development and driving
the entrepreneurial spirit to create the most innovative mobile offerings
for customers.
"The mobile world has evolved well beyond phone calls and simple
messaging to require more empowering and liberating solutions that connect
people to everything that matters most to them, wherever and whenever they
want," said Jim Balsillie, Co-CEO, Research In Motion. "RIM, RBC and
Thomson Reuters share the common belief that mobile applications and
services will propel the industry forward and the BlackBerry Partners Fund
is being formed to help fuel innovation and activity in the mobile
ecosystem."
"Thomson Reuters is committed to supporting the development of next
generation mobile applications that will provide our professional and
business customers with anywhere, anytime capabilities," said Devin Wenig,
Chief Executive Officer, Markets Division of Thomson Reuters. "The ability
to make business critical decisions with intelligent information available
on mobile devices will give our customers a clear competitive advantage."
"The BlackBerry Partners Fund will focus on evaluating companies in all
regions of the world and investing in the long term success of those that
demonstrate market leadership and unique differentiation," said John
Albright, Managing Partner of JLA Ventures, who will also assume the role
of Co-Managing Partner of the BlackBerry Partners Fund. "Whether it's
access to corporate data or the latest craze in mobile entertainment, we
want to fund companies that are forerunners in driving adoption and further
enriching the mobile experience."
"The BlackBerry Partners Fund will be a catalyst for the development of
next generation mobile applications and services," said Kevin Talbot, RBC
Vice President and Managing Director of RBC Venture Partners, who will also
assume the role of Co-Managing Partner of the BlackBerry Partners Fund.
"The BlackBerry Partners Fund will focus exclusively on mobile applications
and services and our close alliance with RIM will bring unparalleled access
and value to our portfolio companies."
About BlackBerry Partners Fund
The BlackBerry Partners Fund is a $150 million venture capital fund
being formed to focus on applications and services for the BlackBerry
platform and other mobile platforms including mobile commerce (payments,
advertising, retailing and banking), vertical and horizontal enterprise
applications, communications, social networking, location-based
applications and services (navigation and mapping), media and
entertainment, and lifestyle and personal productivity applications. The
Fund will consider all stages of development and is to be co-managed by JLA
Ventures and RBC Venture Partners. To sign up to receive further
information visit: http://www.blackberrypartnersfund.com.
About Research In Motion
Research In Motion is a leading designer, manufacturer and marketer of
innovative wireless solutions for the worldwide mobile communications
market. Through the development of integrated hardware, software and
services that support multiple wireless network standards, RIM provides
platforms and solutions for seamless access to time-sensitive information
including email, phone, SMS messaging, Internet and intranet-based
applications. RIM technology also enables a broad array of third party
developers and manufacturers to enhance their products and services with
wireless connectivity to data. RIM's portfolio of award-winning products,
services and embedded technologies are used by thousands of organizations
around the world and include the BlackBerry(R) wireless platform, the RIM
Wireless Handheld(TM) product line, software development tools,
radio-modems and software/hardware licensing agreements. Founded in 1984
and based in Waterloo, Ontario, RIM operates offices in North America,
Europe and Asia Pacific. RIM is listed on the Nasdaq Stock Market (Nasdaq:
RIMM) and the Toronto Stock Exchange (TSX: RIM). For more information,
visit http://www.rim.com or http://www.blackberry.com.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent
information for businesses and professionals. We combine industry expertise
with innovative technology to deliver critical information to leading
decision makers in the financial, legal, tax and accounting, scientific,
healthcare and media markets, powered by the world's most trusted news
organization. With headquarters in New York and major operations in London
and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93
countries. Thomson Reuters shares are listed on the New York Stock Exchange
(NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE:
TRIL); and Nasdaq (NASDAQ: TRIN). For more information, go to
http://www.thomsonreuters.com.\
About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name of RBC. We are Canada's largest bank as
measured by assets and market capitalization and one of North America's
leading diversified financial services companies. We provide personal and
commercial banking, wealth management services, insurance, corporate and
investment banking, and transaction processing services on a global basis.
We employ approximately 70,000 full- and part-time employees who serve more
than 15 million personal, business, public sector and institutional clients
through offices in Canada, the U.S. and 36 other countries. For more
information, please visit rbc.com.
This news release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
Canadian securities laws relating to plans and expectations for the
BlackBerry Partners Fund. The terms and phrases, "plans to launch", "is to
be co-managed", "will", "to be focused", and similar terms and phrases are
intended to identify these forward-looking statements. Forward-looking
statements are based on estimates and assumptions made by the parties to
this news release in light of their experience and perception of historical
trends, current conditions and expected future developments, as well as
other factors they believe are appropriate in the circumstances. Many
factors could cause the actual results, performance or achievements of the
Fund, to differ materially from those expressed or implied by the
forward-looking statements, including, without limitation, the following:
the launch of the Fund will be subject to, among other things, the approval
of the final structure and terms of the Fund by RIM, RBC, Thomson Reuters
and the managers of the Fund, the preparation of definitive documentation
relating to the Fund, compliance with applicable regulatory requirements
and other customary closing conditions; risks relating to the Fund's
ability to identify suitable investment opportunities; risks relating to
investment in early-stage and speculative technologies and companies, the
success of which may be uncertain; and other risks relating to the mobile
communications industry, many of which are discussed in greater detail in
the "Risk Factors" section of RIM's Annual Information Form, which is
included in its Annual Report on Form 40-F (copies of which filings may be
obtained at http://www.sedar.com or http://www.sec.gov). These factors should be
considered carefully, and readers should not place undue reliance on the
forward-looking statements contained in this news release. The parties to
this news release have no intention and undertake no obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
The BlackBerry and RIM families of related marks, images and symbols
are the exclusive properties and trademarks of Research In Motion Limited.
RIM, Research In Motion and BlackBerry are registered with the U.S. Patent
and Trademark Office and may be pending or registered in other countries.
RIM assumes no obligations or liability and makes no representation,
warranty, endorsement or guarantee in relation to any aspect of any third
party products or services. Trademarks used in this press release include
Royal Bank of Canada, RBC, and RBC Venture Partners which are trademarks of
Royal Bank of Canada and/or its subsidiaries under license. |
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