New Venture Capital Fund Announces Its First Closing

November 2, 2006 - Calgary, AB - Avrio Ventures ("Avrio") is pleased to announce the initial closing of Avrio Ventures Limited Partnership, an industrial life sciences venture capital fund. The fund intends to capitalize on the convergence of life sciences and industrial technology and will focus on Canadian commercialization to growth stage companies in three emerging sectors: industrial bioproducts, food technology and nutraceutical ingredients. Farm Credit Canada is the lead investor in the fund. Commitments at the first closing total $53 million with a second closing planned for later in 2007.

Avrio Ventures combines the experience and expertise of Canada's two leading industrial life science focused venture capital groups - FCC Ventures and Kirchner Investment Management Corporation ("KIMC"). "In bringing together the strong investment track record of FCC Ventures and the operational and transactional expertise of KIMC, we can draw on a wide range of skills to help our portfolio build the next generation of world class industrial life sciences companies right here in Canada," explain fund partners, Jim Taylor and Aki Georgacacos.

Together, the partners of Avrio manage $150 million of assets in the industrial life science sector. "KIMC has been part of this sector for some time now," said W.B. "Bud" Kirchner, CEO of KIMC. "Avrio is a great opportunity for us to bring KIMC's value proposition together with that of FCC Ventures to support entrepreneurial companies that make a difference in our everyday lives with products such as the fuel we need and the food we consume."

Avrio Ventures is headquartered in Calgary, Alberta, with offices in Toronto, Ontario and Montreal, Quebec.