Recognition Group invests in Lemontonic, Inc. (TSX Venture: LEM)
February 23, 2005TORONTO, ONTARIO – February 24, 2005 – LEMONTONIC INC. (“Corporation”) (TSX-VEN: LEM) is pleased to announce the addition of Kaleil Isaza Tuzman to its Board of Directors.
Mr. Isaza Tuzman is the President and Managing Partner of Recognition Group, a New York-based merchant bank focused on special situations and emerging growth companies. Recognition Group recently made an investment in Lemontonic by participating in the private placement which closed in January 2005.
Mr. Isaza Tuzman is a well-known entrepreneur and venture capitalist, having founded or led companies in the software, media and business services fields. Prior to joining Recognition Group, Mr. Isaza Tuzman was the Chairman and CEO of govWorks Inc., a government-focused transaction processing software company. GovWorks was backed by over $60 million in venture capital financing and was sold to First Data Corporation (NYSE:FDC). Prior to his tenure at govWorks, Mr. Isaza Tuzman worked in investment banking and proprietary investing at Goldman, Sachs & Co. from 1994 to 1999.
Mr. Isaza Tuzman regularly appears or comments in international media outlets, including CNN, CNBC, The Wall Street Journal and Inc. Magazine, and recently published The Entrepreneur's Success Kit: A 5 Step Lesson Plan to Create and Grow Your Own Business (St. Martin's Press, 2005).
Mr. Isaza Tuzman, a Harvard graduate, is a member of the Council on Foreign Relations and has acted as a trade representative under the Bush Administration. Mr. Isaza Tuzman is also a board member of leading e-government software provider Versa Systems, as well as mobile insurance assessment software company Automated Benefits (TSX-VEN: AUT).
"The addition of Kaleil to our board of directors will add expertise in mergers, divestitures and acquisitions and will also help us with both capital and operational relationships in the U.S. market," commented Martin Doane, Chairman of the Corporation.
Lemontonic Inc. is a social networking software company that has developed proprietary instant messaging technology. The Corporation has invested over six million over the past two years launching this technology into the online dating category and is poised to distribute its solution internationally and in additional verticals in 2005.
To find out more about Lemontonic Inc. (TSX-VEN: LEM), visit www.lemontonic.com.
For more information, contact Mark Pavan, President and CEO of the Corporation at (416) 874-7199.