Rx Networks Inc.

Rx Networks Inc.

December 16, 2008 13:16 ET

BC Discovery Fund, Audiovox Canada and TELUS Ventures Make $1.85 Million Follow-On Investment in Rx Networks Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2008) - Rx Networks Inc., a mobile positioning technology and global services company, is pleased to announce the closing of a $1.85 million financing from its existing investors. British Columbia Discovery Fund (VCC) Inc., Audiovox Canada and TELUS are making the second round investment as part of a larger $3 million series due to close on March 31, 2009.

"Assisted-GPS is the underlying technology accelerating the availability of location-aware mobile products and services," said Guylain Roy-MacHabee, President and CEO of Rx Networks. "This funding enables us to support the integration and licensing of our innovative assisted-GPS performance acceleration solutions with a growing list of industry-leading GPS chipset and device manufacturers."

"Rx Networks has exceeded our expectations with respect to sales and deployment of its proprietary A-GPS solutions," said Charles Cook of BC Discovery Fund, a director of Rx Networks. "With the increasing penetration of Smartphones and other network-enabled GPS devices hastening the deployment of location based services, the existing investors support the acceleration of the Company's technology roadmap with this investment."

About Rx Networks Inc.

Rx Networks is a private, venture funded mobile positioning technology and global services company. With GPStream, a complete framework of GPS assistance solutions, Rx Networks enables Click'n Go™ performance for any GPS device. To obtain further information about Rx, please visit

About British Columbia Discovery Fund (VCC) Inc.

Established in 2002 and managed by Discovery Capital Management Corp., the Fund is focussed on making diversified investments in British Columbia with the objectives of achieving long-term capital appreciation for its shareholders and contributing to the growth in value and employment of the technology industry in British Columbia. In addition to offering a means of participating in the potential of British Columbia's newest technology ventures, the Fund offers significant tax savings to eligible British Columbia individual and corporate investors. The Fund, which offers its shares on a continuous basis, has raised over $57 million to date and has investments in fifteen developing technology companies. B.C. resident investors are entitled to receive a tax credit equal to 30% of the amount invested in the Fund. To obtain further information about the Fund, please contact a registered advisor or visit or


TELUS (TSX:T)(TSX:T.A)(NYSE:TU) is a leading national telecommunications company in Canada, with $9.5 billion of annual revenue and 11.5 million customer connections including 6 million wireless subscribers, 4.3 million wireline network access lines and 1.2 million Internet subscribers. TELUS provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video. In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed $113 million to charitable and not-for-profit organizations and volunteered more than 2.1 million hours of service to local communities since 2000. Nine TELUS Community Boards across Canada lead our local philanthropic initiatives. For more information about TELUS, please visit

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