ACQUISITION OF BUILDINGS BY THE REGINA RESEARCH PARK

The Regina Research Park has purchased two buildings, 1 and 2 Research Drive, from the University of Regina, transferring management and operation of the buildings to the Park.

"Acquisition of these two buildings will benefit both the Regina Research Park and the University of Regina," Minister responsible for the Saskatchewan Opportunities Corporation (SOCO) Eric Cline said. "The purchase supports the mandate of the park and will increase its profitability while at the same time enabling the university to refocus capital in academic areas."

"The University of Regina is pleased that the research park management agreed to purchase the two buildings, as the University wants to remain focused on academic issues, rather than commercial properties," President of the University of Regina David Barnard said.

"It's our role to develop and manage technology related facilities," President and CEO of SOCO Doug Tastad added. "The University and SOCO are in complete agreement that our ownership and management of the facilities is a logical step in the evolution of the Park. Adding these two buildings to our inventory will assist us in the continued successful operations and development of the Regina Park."

The University constructed these buildings for technology clients in the 1990's prior to the initiation of the Regina Research Park. 1 Research Drive was constructed in 1991, and has been continuously occupied by ISM Canada since. 2 Research Drive (the former Software Technology Center) was constructed in 1995. The University of Regina has agreed to enter into a lease agreement for the space they currently occupy in the building commencing on the date of acquisition, expected to be October 1st, 2003. Two other clients (McNair Business Development and TRLabs) currently lease the remainder of the space. The two buildings were acquired by the Regina Research Park for a total cost of $11.29 million.

The Regina Research Park, immediately adjacent to the University of Regina, commenced operations in 2000, and has 25 tenant companies employing over 800 people who contribute just under $195 million annually to the economy of Regina and Saskatchewan.

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For More Information, Contact:

Austin Beggs Innovation Place Saskatoon Phone: (306)933-7464

Ken Loeppky Regina Research Park Regina Phone: (306)787-5706