SOLABS

SOLABS

March 09, 2009 12:17 ET

SOLABS Announces New Investments of $1 Million CDN

New financing for expansion and growth

MONTREAL, QUEBEC, CANADA--(Marketwire - March 9, 2009) - SOLABS a leading solution provider for electronic quality management in the Life Science industry, today announced that it has secured an investments totaling 1M$ to support further expansion and growth in this market. The investment was lead in part by Echo Capital for the amount of 750K$ and by the shareholders for 250K$.

SOLABS will use the new funds for general working capital and the development and marketing of its GXP software. Sales of this product have been growing rapidly since 2005 and the company has now reached a new phase of expansion.

The Life Science industry presents many untapped opportunities for companies such as SOLABS. "This funding will allow us to ramp up our sales and marketing activities in order to strengthen our leadership position in the market and allow us to fulfill the growing needs of our customers," said Richard Fecteau, CEO of SOLABS.

"We were attracted by SOLABS because of the quality of its management team, the expertise of their consultants and its unique software as a service business model" said Jacques Lacroix, Managing Partner at Echo Capital.

"This latest round of financing demonstrates that even in a time of economical turmoil, the investment community recognizes the value of SOLABS' vision. We are determined more than ever to become a leader in our industry," added Richard Fecteau, CEO of SOLABS.

SOLABS has already begun plans to organize and sponsor various events and workshops. "We are very excited about SOLABS' future our main focus continues to be the development of our products and operations.", said Philippe Gaudreau, founder and Chief of Operations at SOLABS.

About Echo Capital

Echo Capital is a venture capital fund manager investing in the development of promising companies in the province of Quebec with a focus on the Outaouais region. Echo Capital is managing Echo Capital FIER Outaouais LP, a FIER-Region fund accredited by Investissement Quebec.

About SOLABS

Founded in 1999, SOLABS is a software editor branded under "SOLABS ", an electronic Quality Management Solution for the FDA regulated industry. SOLABS offers a compliant solution for document management, workflows and training records management. The company aims to exceed its customers' compliance needs by using high integrity and proven technologies together with knowledge-based services that help to implement and maintain industry best practices. SOLABS currently serves a substantial customer base in the North-America. It is recognized by a number of industry experts for the quality of its products and services. For more information about SOLABS, visit its website at www.solabs.com

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