FOUNDATION EQUITY CORPORATION

DRIVEABLE ASSESSMENT CENTRES INC.

DRIVEABLE ASSESSMENT CENTRES INC.

January 06, 2005 18:31 ET

DriveABLE Announces Completion of $1,000,000 Equity Financing: Local Investor Group, Foundation Equity Corp., Funds Commercialization Plan


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FOUNDATION EQUITY CORPORATION

AND DRIVEABLE ASSESSMENT CENTRES INC.

JANUARY 6, 2005 - 18:31 ET

DriveABLE Announces Completion of $1,000,000 Equity
Financing: Local Investor Group, Foundation Equity
Corp., Funds Commercialization Plan

EDMONTON, ALBERTA--(CCNMatthews - Jan. 6, 2005) - DriveABLE Assessment
Centres Inc. ("DriveABLE"), announced today that it successfully closed
a $1,000,000 equity financing with Foundation Equity Corporation.
DriveABLE is an Edmonton based and internationally recognized technology
company that provides a scientifically based driving evaluation that is
validated to identify medically unsafe drivers.

It is estimated that there are currently over 5.7 million licensed
drivers in Canada and the U.S. who are cognitively impaired. Traffic
casualties of young drivers are being reduced through massive public
information campaigns and graduated licensing programs. In stark
contrast, the crashes of cognitively impaired drivers are increasing at
an unprecedented rate. DriveABLE has the ability to assess these
individuals' capability to drive. DriveABLE's technology allows the
company to accurately identify drivers who are cognitively impaired and
unsafe to drive.

"These funds will allow DriveABLE to enhance its support for its
existing licensed assessment centres across Canada and the US as well as
to further roll-out assessment centres across North America," said
DriveABLE President and Founder, Dr. Allen Dobbs. Dobbs is a Professor
Emeritus at the University of Alberta. He developed the DriveABLE
technology with early financial support from Alberta Heritage Foundation
for Medical Research.

In conjunction with the financing, Henry Yip has joined the company as
their CEO. Mr. Yip has previously held senior executive positions with
EDTEL, Telus, and most recently was an Executive Vice President for
Allstream (formerly AT&T Canada).

"We are excited to partner with the team at DriveABLE and to provide the
resources necessary to grow the business and to take advantage of the
unique technology" said Foundation Equity President and CEO, Kerry
Brown. Foundation Equity is an investor group based in St. Albert,
Alberta. It specializes in funding the commercialization phase of
emerging technology companies.

DriveABLE was first introduced to Foundation Equity through the Edmonton
Deal Generator program, a forum that brings together potential growth
companies with potential investors. Warren Bergen, director of Deal
Generator, said: "it is exciting to see Deal Generator having a positive
impact and to participate in bringing technology, capital, and
management together all at once."

For further information about DriveABLE Assessment Centres Inc. or
information about licensing for the product provided by DriveABLE
Assessment Centres Inc., please visit their website at www.driveable.com
or call Barb Carstensen at 780-433-1494.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    DriveABLE Assessment Centres Inc.
    Barb Carstensen
    (780) 433-1494
    Website: www.driveable.com