Young entrepreneurs awarded for innovative software used by Fortune 500 companies

Elastic Path Software founders awarded 2005 British Columbia Best Business by the Canadian Youth Business Foundation

Vancouver, BC, Canada, April 12, 2005 -- The Canadian Youth Business Foundation (CYBF), Canada’s leading organization dedicated to the success of young entrepreneurs, is pleased to announce the 2005 British Columbia Best Business award recipient – Harry Chemko, Mark Williams , and Jason Billingsley of Elastic Path Software in Vancouver.

Launched in November 2000 with assistance from CYBF, Elastic Path Software has grown from three employees to a staff of 27 and is the leading provider of "developer friendly" Java ecommerce software for building sophisticated online stores. Companies such as Air Canada, Xerox, Sunoco, Procter & Gamble, 24 Hour Fitness, and Random House use Elastic Path for the core ecommerce features they demand today and the flexibility they need for tomorrow.

Elastic Path has an effective advisory board with two members that act as mentors. Rich Simons, co-founder of Palmer Jarvis Advertising and CEO of various technology companies, and Gord Janzen, co-founder of Apparent Networks and a 16 year IBM veteran, where he led a large Consulting practice for Global Services.

“The CYBF provided the only startup capital we've used in building our business”, comments Co-founder and CEO Harry Chemko. “It may be a small amount of money, but it enabled us to get off the ground and pursue our strategy of funding product development purely on revenue. This is unique in our industry.”

Ten provincial award recipients will vie for the national Best Business award, which carries a cash prize of $20,000. The announcement will be made live at the annual CYBF Young Entrepreneur Awards Gala on May 24, 2005 at the Westin Harbour Castle hotel in Toronto .

“For the first time we are awarding ten provincial recipients - showing the true diversity of youth entrepreneurship across Canada, comments CYBF CEO Vivian Woytiuk. As a national organization with our services available coast-to-coast, it is important to showcase a variety of successful clients while raising awareness for the importance of the organization.”

About Canadian Youth Business Foundation (CYBF)
A nationally registered charity, CYBF has a network of 50 sites across Canada reaching 860 local communities. Through CYBF’s three core programs of seed financing, mentoring and online learning resources over 1300 young entrepreneurs have successfully launched their business – creating 6600 jobs, generating $135 million in gross sales and producing over $30 million in tax revenue.

The Canadian Youth Business Foundation is a nationally registered charity founded in 1996 by Royal Bank and CIBC to fill a gap of services to young entrepreneurs. CYBF’s unique core programs are mentorship and seed financing aimed at entrepreneurial youth who have a great business idea but cannot access funding or mentorship through traditional means.

About Elastic Path Software
Elastic Path Software pioneered flexible ecommerce software that enables online retailers to attract and convert customers profitably. Elastic Path's fully-integrated, ecommerce framework is designed specifically for mid-sized retailers operating within a multi-channel environment. Using innovative search engine optimization (SEO) technology and simplified open source components, Elastic Path's technology empowers its customers to maximize resources and quickly adapt tactics at a comfortable price. Companies such as Makeup.com, Cotswold Collections, Aeroplan, Random House, Electricshopping.com, and Xerox use Elastic Path for maximum control over their rapidly evolving online stores.

Elastic Path Software is headquartered in Vancouver, British Columbia, Canada. For more information please call 1-800-942-5282 or visit www.elasticpath.com.

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