Destinator Technologies Inc. Appoints Non-Executive Directors Following New US$ 7.5 Million Investment

TORONTO, Canada--Destinator Technologies Inc., a leading navigation software company, today announces the appointment of John Varghese and Minyi Tang as non-executive board directors following new multi-million dollar investment in the company.

John Varghese is Chairman of VentureLink LP., the Toronto-based venture capital firm with over $260 million under management. VentureLink provides debt and equity for companies in technology, financial services and alternative energy sectors. The VentureLink Diversified Income Fund recently invested US$ 4.5 million in Destinator.

Mr Varghese is responsible for the management and investment activities of the VentureLink funds, as well as actively leading the marketing initiatives of the firm. He has extensive experience serving on the boards of both public and private companies.

Prior to joining VentureLink, Mr Varghese was the CEO of JV Venture Partners Ltd., a firm that invests in high growth companies and specializes in advisory, strategy and corporate restructuring. He has also held senior positions at eLab Technologies and Royal Bank Ventures Inc and senior operational and financial roles within a number of multi-national corporations.

Minyi Tang is Managing Director, Pac-Link Ventures, the Greater China-focused venture capital firm, who recently completed an US$ 3 million investment in Destinator, which has announced plans to strengthen its research and development facilities in the region. Pac-Link has also invested in other navigation-related companies such as Global Locate, which was recently acquired by Broadcom (BRCM).

Previously, Minyi was General Manager of Silicon Valley Bank’s China operation, where she built and led a team that worked closely with both US and Chinese venture capitalists and technology companies. She has also held a number of senior positions in other venture capital firms and, after beginning her career with Nortel, worked as an equities analyst.

Destinator Technologies’ Chief Executive Officer, Brian Barry said: “We very much welcome John and Minyi’s vast experience, sector knowledge and highly proactive approach to their investee companies. The investments by VentureLink and Pac-Link, as well as John and Minyi’s participation, continue to strengthen Destinator’s leadership position in the navigation and location based services markets. The investment will be used for research, product development and marketing.”

About Destinator Technologies

Destinator Technologies makes navigation easier for mobile people: It develops and distributes navigation solutions for use on mobile devices. Important information in terms of location and destination is available anytime, anywhere on, for example, a PND, PDA or Smartphone to suit the individual requirements of any user. To this end, Destinator Technologies cooperates with leading hardware and mobile communications suppliers. Founded in 2003, Destinator Technologies is one of the leading companies in the mobile navigation market. The company maintains offices in USA, Canada, Germany, Israel, Taiwan and China.