For Immediate Release

PointShot Wireless Seals $750,000 Seed Funding Round

June 12, 2003, Ottawa - PointShot Wireless, an Ottawa based company developing technology to allow wireless fidelity networks (WiFi) to be accessed on trains, vehicles and remote areas, announced today that the firm has closed a $750,000 seed round of funding. The round was completed with the participation of Axis Investment Fund Inc.

PointShot was founded in October of 2002 by Shawn Griffin and Warren Gallagher. According to Mr. Griffin, the company will use the funds to continue product roll out and to increase sales to strategic reference customers. “We appreciate the confidence that this investment represents. Axis Investment Fund has a strong history in the Canadian technology scene and we welcome their participation in the PointShot success story.”

“WiFi is an exciting and rapidly emerging market and PointShot is strategically positioned to take advantage of a key segment of the market. We are pleased to have the company as part of our portfolio”, said Doug Hewson, a Managing Partner with Axis Capital Corporation.

The Axis Investment Fund investment in PointShot completes the company’s seed round of financing that was originally led by Venture Coaches and subject of an earlier announcement by the company.

About PointShot Wireless

Working closely with wireless Internet service providers, PointShot Wireless enables simple, seamless and complete wireless solutions in locations that were previously unreachable by high-speed networks. The company’s family of related products represent a unique architecture that bridges 802.11 networks to next-generation wireless, cellular and satellite networks, delivering a host of business and user applications. The company is headquartered in Ottawa, Canada. For more information visit: www.pointshotwireless.com

About Axis Capital Corporation

Axis Capital Corporation (www.axisfunds.com) is a hands-on venture capital management firm focused on early stage technology companies. In 2002, after successfully managing a private fund, Axis Capital launched Axis Investment Fund, a labour-sponsored investment fund that invests in Ontario-based merging software and wireless companies. Axis Investment Fund offers Ontario residents the opportunity to participate in venture capital and receive a 35 per cent tax credit.

For more information:

Shawn Griffin

shawn@pointshotwireless.com

613-228-0435

or

Shaun Markey

shaunmarkey@rogers.com

613-728-9951

or

Doug Hewson

dhewson@axisfunds.com

613-236-6006