November 11, 2009

TorQuest Partner Announcement

Toronto, Ontario – During the past 18 months we have worked hard to guide our portfolio companies through the recession and help them build value in a difficult business environment.

At the same time, we have continued to build TorQuest's own capabilities for identifying and creating value.

In this vein, Eric and I are very pleased to announce that Michael Hollend, a Partner with EdgeStone Capital, one of the principal entities of the leading Canadian investment bank GMP Capital Inc., has joined TorQuest and that he, Alan Lever and Matthew Chapman have joined Marc Lipton and Daniel Sonshine as Partners of the firm. Together with our three exceedingly capable Associates, they form what we believe is one of the finest private equity teams in Canada.

We believe the private equity world is moving towards a model where value is created through innovative business strategies supported by well-conceived financial structures, and not the other way around. Business growth and operational excellence needs to come first. At TorQuest, this has always been our approach and it is why we believe Michael's skills are such a good fit for us.

In previous roles, Michael has demonstrated an ability to identify and help execute creative strategies for building value. While at EdgeStone, he had responsibility for investing in and working with some of Canada's most innovative and successful technology companies, including Protus IP Solutions, SlipStream Data and Workbrain Corp. Michael also served as the Director of the Venture Group at Goodmans LLP, where he led a team dedicated to investing in and supporting early stage technology companies. Michael holds both M.B.A. and L.L.B. degrees from the University of Toronto and a B.A. (Economics) from the University of Western Ontario.

Alan, of course, joined TorQuest in 2002 and has played a leading role in a number of our investments. Most notably, he has been instrumental in accelerating FirstOnsite's growth over the past three years to become Canada's leading provider of disaster restoration services.

For his part, Matt has been an integral part of our ongoing pursuit of proprietary investment opportunities since joining TorQuest in 2007. He came to the firm with significant operating and transaction experience earned as Senior Vice President of Operations for Workbrain Corp., where he played a leading role in structuring the company's 2007 sale to Infor Global Solutions for $227 million.

Michael's first day with the firm is December 7th. Please join us in welcoming him to TorQuest and in congratulating Alan and Matt on their accomplishment.

As always, we welcome your feedback and thank you for your support.

Sincerely,
Brent Belzberg
Senior Managing Partner
TorQuest Partners Inc.