Destinator Technologies Inc., a leading navigation software
company, today announces the appointment of John Varghese and Minyi
Tang as non-executive board directors following new multi-million
dollar investment in the company.
John Varghese is Chairman of VentureLink LP., the Toronto-based
venture capital firm with over $260 million under
management. VentureLink provides debt and equity for companies in
technology, financial services and alternative energy sectors. The
VentureLink Diversified Income Fund recently invested US$ 4.5 million
in Destinator.
Mr Varghese is responsible for the management and investment
activities of the VentureLink funds, as well as actively leading the
marketing initiatives of the firm. He has extensive experience serving
on the boards of both public and private companies.
Prior to joining VentureLink, Mr Varghese was the CEO of JV
Venture Partners Ltd., a firm that invests in high growth companies
and specializes in advisory, strategy and corporate restructuring.
He has also held senior positions at eLab Technologies and Royal Bank
Ventures Inc and senior operational and financial roles within a
number of multi-national corporations.
Minyi Tang is Managing Director, Pac-Link Ventures, the Greater
China-focused venture capital firm, who recently completed an US$ 3
million investment in Destinator, which has announced plans to
strengthen its research and development facilities in the region.
Pac-Link has also invested in other navigation-related companies such
as Global Locate, which was recently acquired by Broadcom (BRCM).
Previously, Minyi was General Manager of Silicon Valley Bank's
China operation, where she built and led a team that worked closely
with both US and Chinese venture capitalists and technology companies.
She has also held a number of senior positions in other venture
capital firms and, after beginning her career with Nortel, worked as
an equities analyst.
Destinator Technologies' Chief Executive Officer, Brian Barry
said: "We very much welcome John and Minyi's vast experience, sector
knowledge and highly proactive approach to their investee companies.
The investments by VentureLink and Pac-Link, as well as John and
Minyi's participation, continue to strengthen Destinator's leadership
position in the navigation and location based services markets. The
investment will be used for research, product development and
marketing."
About Destinator Technologies
Destinator Technologies makes navigation easier for mobile people:
It develops and distributes navigation solutions for use on mobile
devices. Important information in terms of location and destination is
available anytime, anywhere on, for example, a PND, PDA or Smartphone
to suit the individual requirements of any user. To this end,
Destinator Technologies cooperates with leading hardware and mobile
communications suppliers. Founded in 2003, Destinator Technologies is
one of the leading companies in the mobile navigation market. The
company maintains offices in USA, Canada, Germany, Israel, Taiwan and
China.
