TrueContext Secures $5.4 Million in Financing
Leading Technology Venture Firms Back Ottawa Software Startup

OTTAWA, Canada - February 27, 2002. TrueContext Corporation, a software firm bringing simplicity and control to the administration and use of applications and data on mobile devices, today announced completion of $5.4 million (CDN) in seed financing from investors Skypoint Capital and Venture Coaches. This first round financing enables TrueContext to grow its engineering and business development teams.

The company's solutions are designed to manage new mobile devices - such as next-generation wireless phones and personal digital assistants - and the software applications that run on them. TrueContext enables wireless operators and device manufacturers to increase their revenues by delivering an ongoing branded, personalized relationship with enterprise and consumer end users.

“There is a multitude of new services and applications being developed for next generation mobile devices,” said Alvaro Pombo, President and Chief Executive Officer, TrueContext. “However, locating, acquiring and using these services is still very complex. We believe that the TrueContext platform provides the simplest way for device owners to adopt next generation services, applications and content via their wireless service providers.”

TrueContext has assembled an impressive team that includes former senior management and engineers from industry leaders, most notably: Palm, Research In Motion, Symbian, Alcatel, Nortel Networks and Bell Canada. Based in Ottawa, TrueContext has access to an experienced and proven high-tech work force critical to its growth and success.

“We are fortunate to have investors like Skypoint and Venture Coaches who bring more than just financing to the table,” added Pombo.

“The market opportunity for wireless operators continues to grow, fuelled by consumer and enterprise adoption of mobile handheld devices,” said Peter Charbonneau, Partner, Skypoint Capital Corporation. “We are seeing a dramatic increase in applications and services supported by these devices for both ‘work’ and ‘play’. In order to support this environment, operators are building out their 2.5G and 3G high-speed wireless data networks, and wireless LANs (802.11x based) are being deployed. TrueContext helps users cope with the increased complexity of managing their flow of applications, data and other digital assets onto their personal devices while providing a management platform for service providers to better manage traffic onto their networks.”

“The wireless industry is at a pivotal point with data services demanding the integration of wireless technologies and desktop applications,” said Claude Haw, Managing Partner, Venture Coaches. “TrueContext provides the management platform that brings order to the chaos of thousands of applications and services from multiple sites and numerous vendors allowing wireless operators, enterprises, and consumers to fully exploit the benefits of wireless connectivity.”

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About TrueContext

TrueContext designs and develops solutions that address the issues facing key stakeholders in the OS-enabled mobile device value chain. Our carrier grade, server-based software delivery platform is built on open standards and enables the collaborative management and delivery of executable content to OS-enabled mobile devices under the control of an integrated policy engine. Wireless operators and other service providers are able to mitigate the cost and risk of deploying new services over next generation wireless networks while increasing revenues and reducing churn through a branded relationship to enterprise employees and consumers. For more information, visit www.truecontext.com

About Skypoint Capital Corporation

Headquartered in Ottawa, Canada, with offices in Montreal and Boston, Skypoint Capital is a venture capital management firm that manages the Skypoint Telecom Fund, which focuses on telecommunications and information technology industries. The fund provides equity capital to new or growing businesses with the potential to become major enterprises. For more information, visit the company's website at www.skypointcorp.com

About Venture Coaches

Venture Coaches is an Ottawa-based seed and early stage venture capital firm committed to building innovative photonic and wireless product companies. The focus is on companies that build and market components, modules, systems, network solutions, software and applications. Venture Coaches has built a strong industry network of business partners and advisors with investment, technology and management expertise to mentor our portfolio companies. Portfolio companies include Meriton Networks, Spotwave Wireless, DragonWave, Avendo Wireless, TrueContext and Camelot Content. For more information, visit www.venturecoaches.com

More Information

Nancy Moloney Kevin McGuire
for TrueContext TrueContext
+1 613 721 9517 +1 613 233 8783
moloney@rogers.com kmcguire@truecontext.com

Carol Morgan Jaswinder Kaur
Skypoint Capital Corporation Venture Coaches
+1 613 271 1500 +1 613 270 0555
cmorgan@skypointcorp.com kaur@venturecoaches.com