RIM Bags $23 Million TPC Investment

Research In Motion has received a CAN$34 million ($23 million) investment from Technology Partnerships
Canada (TPC).

The cash injection will be used to accelerate its research and development in such areas as wireless
Internet platform technologies.

TPC’s contribution is part of an overall CAN$113 million research and
development project that will create or maintain more than 800 jobs in
science, engineering, and technology.

“Canada needs innovative, leading edge communications technology companies
like RIM if we are to remain an industry leader,” said federal Industry
Minister, John Manley. “This is one more important step towards making
Canada the most connected nation in the world.”

“Jobs, growth, knowledge and innovation are priorities of the government of
Canada. Investment in RIM addresses all four of these requirements.”

The wireless Internet revolution and next-generation networks will enable
“anytime, anywhere” connectivity, generating rapid growth in e-commerce.
Canadian e-commerce transactions, currently valued at Cdn$11 billion, are
expected to grow to Cdn$94 billion by 2003.

TPC is a technology investment fund
established in 1996 to support and advance government initiatives by
investing strategically in research, development, and innovation in order
encourage private sector investment.

In January, Canadian heavyweight Nortel Networks made a $25 million investment in RIM, a deal which includes joint product development and international projects.

News Around the Web