News Release

Vancouver -- The B.C. Securities Commission has appointed six prominent technology leaders as advisers to its New Economy and Adoption of Technologies (NEAT) group.

Harry Jaako, David Raffa, Bruce Schmidt, Derek Spratt, Mike Volker and Darryl Yea will lend their expertise to the commission's push to get rid of regulations that hinder the capital-raising efforts of high-tech and other new economy companies in B.C.

The six advisers represent a broad cross-section of the technology industry. They have been drawn from both large and small issuers, the tech and biotech communities, and include a venture capitalist and a corporate finance lawyer. Vancouver-based TSX Venture Exchange executive, Geir Liland, a veteran in junior market corporate finance complements the slate of external advisers to NEAT.

“The commission is extremely pleased to have industry representatives with the experience and depth of knowledge brought by each of these individuals to our NEAT advisory team,” says Steve Wilson, BCSC executive director.

Earlier this year, the NEAT group consulted with more than 100 technology and biotechnology sector players through focus groups, one-on-one interviews and industry forums. The commission also received feedback from the public and industry through an online survey. Respondents were asked to share their financing experiences and give their opinions on how regulations could be improved for companies looking to raise money in B.C. The NEAT group is expected to release the findings in a report to the commission in June.

The NEAT advisory team's first task will be to review and comment on the report ahead of its June release. The advisers will also meet regularly to discuss regulatory reforms and educational initiatives to benefit new economy issuers and investors.

"The report is the first step in regulatory reforms intended to help companies operating in the technology and biotechnology sectors as well as companies adopting new technologies," says NEAT Chair Derek Patterson.

NEAT plans to send recommendations that fall outside the BCSC's regulatory mandate to the B.C. Premier's Technology Council.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.

Backgrounder - Advisers

Harry Jaako is a co-founder, chair and co-CEO of Discovery Capital Inc., a leading Vancouver venture capital firm. Discovery Capital successes include the acceleration of such companies as Sierra Wireless Inc., Bennett Environmental Inc. and A.L.I. Technologies Inc. Mr. Jaako has been a director of numerous Discovery Capital portfolio companies and currently sits on the board of the TSX Toronto Stock Exchange. He is a regular contributor on technology issues in Business in Vancouver.

David Raffa is a partner with Catalyst Corporate Finance Lawyers, one of Western Canada’s leading legal advisers to technology companies. Mr. Raffa specializes in advising clients in the information technology field. He has published and lectured frequently on corporate finance issues faced by young technology companies.

Bruce Schmidt is a founding director of Genome B.C. and past chair of the B.C. Biotechnology Alliance. He is currently engaged with Genome B.C. to implement a broad scale plan to coordinate and fund genomic research activities in the province. Mr. Schmidt’s experience with public companies and intimate knowledge of challenges facing the province’s biotechnology industry position him well to provide insight into the steps needed from government and regulators to facilitate the growth of B.C.'s biotechnology industry.

Derek Spratt is founder, chair and chief strategist of Intrinsyc Software Inc., ranked among T-Net B.C.'s top 100 tech companies for 2001. Mr. Spratt brings more than 15 years of senior management experience to the NEAT advisory team and a track record of aggressively pursuing business growth opportunities. He is co-founder and former executive vice president of PCS Wireless Inc. and has held executive positions at Nexus Engineering and Motorola’s wireless data division.

Mike Volker serves as chair of the Vancouver Angels Network and the B.C. Advanced Systems Institute, and is a past chair and current director of the Vancouver Enterprise Forum. He is also director of the University-Industry Liaison Office at Simon Fraser University and a founding director of the TSX Venture Exchange's Listed Company Association. Mr. Volker has extensive knowledge of the challenges faced by B.C. start-up companies and is accomplished at bringing together government, industry and academia for the benefit of the technology sector. He is a regular contributor to many technology publications.

Darryl Yea is chair and chief executive officer of Datawest Solutions Inc., a Vancouver-based TSE company. Datawest provides banking and electronic payment outsourcing solutions to the financial industry. Previously, Mr. Yea was president and CEO of a national financial services organization where he was also responsible for the company's investment banking group. He was a member of the VSE’s (now TSX Venture Exchange) board of governors during which he chaired or served on several committees including corporate finance, pre-listing advisory, and market ethics and conduct.