SIDIT and Private Investment Fund reach Agreement:

TMTV/BCTV Kootenays Feb 13, 2008 -

Kamloops B.C.. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), is pleased to announce an agreement with the Southern Interior Innovation Fund Inc. (SIIF) for up to $2 million to support economic development in the Southern Interior. Stafford McKergow, Chairman of the Southern Interior Innovation Fund commented, “We are excited to be partnering with SIDIT. The $2 million commitment from SIDIT to our new Private Equity Fund will help SIIF with our goal of raising $10 million. With an expanded geographic reach to include the entire Southern Interior, this new fund will build on the success of the original Okanagan Innovation Fund by continuing to invest in, mentor, and help grow the most promising Southern Interior companies.” “Our objective is to help grow and diversify the economy of the Southern Interior of British Columbia through economic development initiatives in 10 key sectors”, explained Jim Thomson, Chair of SIDIT. “Each of these initiatives aims to drive and remove constraints to economic development. By partnering with existing institutions, to provide businesses with access to loan and equity financing, we are doing this in the most efficient, effective and sustainable way possible.” SIDIT is a Public Trust created by the Province of British Columbia with a $50 million allocation to support economic development in the Southern Interior. Governed by a 13 member Board of Directors representing local government and the private sector, SIDIT focuses on opportunities that demonstrate measurable and sustainable economic benefits.In existence for two years SIDIT has concentrated on developing the processes and strategic alliances necessary to truly make a difference in the economic well being of communities in the Southern Interior. In the weeks and months ahead SIDIT is poised to make announcements on a number of exciting initiatives.

For more information visit SIDIT’s website at www.sidit-bc.ca.

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Don Quixote Note: I had posted on Feb 22 that Sidit hadn't used any of their Grant Money as we approached their first anniversary of Feb. 27. Apparently they had slipped out this announcement but didn't post to their website until after the 23rd or later. It appears that this new Southern Interior Innovation Fund Inc is either a part of the Okanagan Innovation Fund Inc. or at least has a similiar directors:

Okanagan Innovation Fund Board of Directors:

Paul Mitchell, /Chair Anne Clarke

Lorraine McGrath, /Vice-Chair Stafford McKergow

Ben Stewart, /Bill Redmond

Mel Kotler , /George Galbraith

Steve Thomson, /David P. Willis

From the SIDIT Press Release:

Stafford McKergow, Chairman of the Southern Interior Innovation Fund commented, “We are excited to be partnering with SIDIT. The $2 million commitment from SIDIT to our new Private Equity Fund will help SIIF with our goal of raising $10 million. With an expanded geographic reach to include the entire Southern Interior, this new fund will build on the success of the original Okanagan Innovation Fund by continuing to invest in, mentor, and help grow the most promising Southern Interior companies.”

“Our objective is to help grow and diversify the economy of the Southern Interior of British Columbia through economic development initiatives in 10 key sectors”, explained Jim Thomson, Chair of SIDIT. “Each of these initiatives aims to drive and remove constraints to economic development. By partnering with existing institutions, to provide businesses with access to loan and equity financing, we are doing this in the most efficient, effective and sustainable way possible.”