Covington Capital Corporation has assumed portfolio advisory responsibilities for Triax-Covington’s New Millennium Venture Fund Inc.

The fund invests in private Canadian technology companies capitalizing on the growth potential of digital, wireless, consumer electronic and Internet-related technologies. The two and a half year-old, $85 million fund is now the fourth LSIF managed by Covington Capital’s highly regarded 11-person investment team, led by veteran venture capitalists Grant Brown and Chip Vallis.

Both Brown and Vallis have more than twenty years experience in the private equity investment industry, says Triax-Covington, and have a positive track record of identifying and growing some of Canada’s top technology companies.

Covington Fund I and Covington Fund II, both managed by Covington Capital, include portfolio companies like Coast Software, Ironside Technologies, JetNet Internetworking Services, Kaval Wireless Technologies, Skulogix and Systems Xcellence.

“New Millennium will continue to invest in solid companies with key fundamental values,” says Brown. “Valuations are low and we are looking at a number of excellent Canadian tech enterprises poised to dominate their respective markets. The Fund will provide growth capital to enterprises that have developed a customer base for their technology applications and are on a clear track to revenue growth and profitability. We’ll be working closely with these companies to increase their value by expanding revenues, marketshare and profits. We also structure at least two exit strategies for every investment in order to ensure we deliver on our commitment to generate superior gains for our shareholders over the long-term.”

http://www.newswire.ca/releases/November2002/11/c0498.html