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Toronto— September 21, 2004 — A new multimillion-dollar specialty finance company run by national investment veterans is looking to funnel millions to Canadian technology and life sciences companies.

The launch of MMV Financial Inc., the specialized technology finance company, was announced today from their Toronto head office.

The Company’s opening capitalization will drive a $300 million investment program providing debt financing to technology and life sciences companies in the emerging and mid-market sectors.

Financing for this innovative company was provided by some of the world’s leading private equity firms and financial institutions including, Caisse de dépôt et placement du Québec of Montreal, Conning Capital Partners of Hartford, Connecticut and Wells Fargo Foothill part of Wells Fargo & Company (NYSE: WFC).

“We are excited about the creation of this specialized technology finance vehicle, which is a first of its kind in Canada, backed by a very prestigious group of investors,” said Minhas Mohamed, President and CEO, MMV Financial. “The Canadian technology sector continues to flourish and we see this as a great opportunity to deploy capital which will provide potentially very high returns to our investors.”

MMV Financial is being managed by one of the most proven technology finance teams in Canada that has a stellar six-year track record (formerly MM Venture Partners). The launch of this new company levers existing expertise and will drive significant expansion in the coming years. It will focus on technology and life sciences companies throughout Canada.

”Conning Capital has a great history of backing growth companies including innovative financial services companies throughout North America and Europe,” said Steve Piaker, Partner, Conning Capital Partners. “MMV Financial, with its seasoned management and proven business model provides an ideal platform from which to capitalize on the quality technology and life sciences companies being built in Canada over the coming years.”

Collectively, the early to mid stage technology and life sciences sectors represent an increasingly significant component of the North American economy. For year ending December 31, 2003, venture funds invested more than US$18B in U.S. based companies while more than US$1.3B was invested in Canadian firms. Given solid investment in both markets for six months ending June 30, 2004, it is projected each market will meet or exceed last years levels for year ending December 31, 2004. MMV Financial's prime target will be providing financing to the 1,400+ privately held venture backed companies and 500+ public traded companies based in Canada focused on these two sectors.*

"We are very pleased to be financial backers of MMV Financial" said Talel Sahraoui, Caisse de depot et placement du Québec. "It is led by a senior management team with an excellent six year track record and has the ingredients in place to become a significant financial services company in the coming years"

“MMV Financial is supporting the growth of technology, one of the fastest growing sectors of the economy," said David Gittleman, SVP, Wells Fargo Foothill. "The senior management team is focused on its vision of continued growth and providing high returns to its investors. Given MMV Financial’s national footprint and its management’s reputation for success, it is well-positioned to lead the industry as this sector continues to prosper."

About MMV Financial Inc.

MMV Financial Inc. is a Toronto based specialized finance company providing debt financing directly to early to mid-stage technology and life sciences companies with a focus on the Canadian and North American sectors. For further information on MMV Financial Inc., please visit


For More Information:

Kristine Searle

MMV Financial Inc.

(416) 977-9718

MMV :: 370 King Street West, Suite 442 Toronto ON M5V 1J9 Canada