This update has been prepared primarily for the benefit of U.S. investors and their advisors, as well as Canadian technology companies seeking venture capital financing from U.S. sources.

Although financing activities and valuations declined from 2000, venture capital and private equity investment in Canada did not experience the dramatic downturn in 2001 that occurred in the United States. This was due in large part to foreign investor groups (primarily U.S. venture funds and corporate investors) who, despite the current market slowdown, demonstrated heightened enthusiasm for financing opportunities in Canada. While forecasts vary as to when the North American economy will improve for technology companies, it is clear that U.S. investors are increasingly looking north for investment opportunities.

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