Mr. Keir Reynolds reports

LX VENTURES ANNOUNCES FORMATION OF ADVISORY BOARD

LX Ventures Inc. has formed an advisory board and its first three members are David Baxby, co-chief executive officer of Virgin Group, Lance Tracey, co-founder and chairman of Peer 1 Networks, and Reza Kazemipour, chief executive officer of Oris4 and veteran Silicon Valley executive with several successful company exits. The advisory board which will operate in a fully advisory capacity, and are independent of the board and management, to provide input and advice on the development of the company's technology businesses.

After 10 years with Goldman Sachs in London and Sydney, Mr. Baxby joined Virgin management in 2004 to establish the Sydney office as the chief executive officer of the Asia Pacific region. Since then he has served as a director of Virgin Mobile, Virgin Active, Virgin Money and Virgin Australia, with responsibility for the group's investments in these businesses. Mr. Baxby moved to Shanghai in 2006 to establish a number of start-up businesses in the Asia Pacific region and in 2008 moved to Geneva to assume responsibilities for the Virgin Group's investments in aviation. In 2008, he joined the board of Virgin Atlantic, Virgin America and Air Asia X, and became chairman of Virgin Unite in Australia, the Virgin Group's charitable foundation. In 2011, he was named the co-chief executive officer of Virgin Group with responsibility for all of Virgin Group's global investments. In July, 2012, he moved to Singapore to focus on opportunities in the Asia Pacific region.

Mr. Tracey co-founded Peer 1 Hosting with Mark Teolis in 1999. Until its acquisition in January, 2013, by Cogeco Cable for $526-million, he sat as the chairman of the board of directors and between 2005 and 2007 took over as the president and chief executive officer. Mr. Tracey has long been a technology enthusiast, and has been involved in a variety of high-tech ventures throughout his career. A serial entrepreneur, Mr. Tracey has co-founded Sutton Group Realty Services, Internet Direct, E-xact Transactions and the Bryght website. Today, he is an active early stage investor who recently joined forces with Boris Mann to launch Full Stack, a new investment vehicle they are calling "napkin capital."

Mr. Kazemipour has more than 20 years of experience in sales, strategy, investments and business leadership roles in the software industry. Mr. Kazemipour is currently chief executive officer of Oris4, an enterprise cloud search service and serves as a board adviser to many Silicon Valley, and Canadian start-ups, as well as a mentor to accelerators/incubators like GrowLab, UpWest Labs and Media Camp (a Turner Broadcasting unit). Prior the advisory roles, Mr. Kazemipour was CRO at Ryma Technology (acquired by OneDesk), chief executive officer/founder of AltosMedia and an entrepreneur-in-residence at Clearstone Venture Partners. He held executive management positions at Siderean (acquired by OpenText), Fast Search & Transfer (acquired by Microsoft), Cerebra (acquired by Webmethods) and Selectica.

"Mr. Baxby, Mr. Tracey and Mr. Kazemipour bring extensive business and finance skills to the newly formed advisory board, as well as specific experience in company exits as can be demonstrated with Lance's recent massive win with Peer 1. Their expertise will strengthen the company's ability to oversee its technology companies as it continues to create shareholder value through launching, acquiring and integrating early stage high-growth technology companies that LXV will look to position for successful exits," said Mike Edwards, president and chief executive officer of LX Ventures.

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