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Company
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History
- In 1992, Pinetree was founded by Sheldon Inwentash to be a venture investor in early stage, emerging technology companies. It was initially capitalized with approximately $4 million in order to acquire a 30% stake in a Montreal-based biotechnology company called BioSignal Inc. which was subsequently acquired by Perkin Elmer.
- In 1994, Mr. Inwentash founded Genevest Inc. to be a venture investor in early stage, emerging biotechnology companies. Its initial capitalization was also about $4 million, and that money was used to start Visible Genetics Inc. (“VGI”). VGI was the world’s first company specializing in pharmacogenomics, went public on NASDAQ in 1996, had a peak market value of over US$1 billion and was eventually sold to Bayer. Genevest’s profits on this investment totaled over $35 million.
- From the mid-1990s to 2004, Pinetree specialized in early stage technology investing while Genevest focused on early stage biotechnology investing. Both companies thrived in these arenas, which require a long term view and excellent vision.
- In 2001, both companies emerged intact and strong after the bursting of the tech bubble
- In 2003, we began to change our investment focus to the resources sector, primarily precious metals and commodities
- In 2004, we began to target our investments towards energy related companies, including uranium, oil & gas and some energy related technologies
- In 2004 we merged Pinetree and Genevest to create a pool of investment capital of over $80 million at the time.
- In 2004 we invested in PowerOne Capital Markets Limited, an Ontario Limited Market Dealer that provides advisory and capital raising services to small cap companies.
- In 2005, the Fair Value of Pinetree's investments surpassed $100 million for the first time.
- In early 2006, raised $66.5 million of new equity, Pinetree's first significant financing since its founding in 1992.
- In 2006, Pinetree ranked 5th out of 300 small-cap companies by Canadian Business Magazine for total 1 year return.
