Pinetree Capital Ltd. announced the following changes in the management team. Richard Patricio (CEO), Albert Contardi and Wendy Warhaft, General Counsel, have left the company. Mr. Patricio will provide services to Pinetree during a transition period.

The new CEO is Peter Tolnai, a Toronto-based venture capital investor with prior experience in venture capital with Helix Investments, Clairvest Group, Citibank Canada and Orchard Capital. In addition, Andrew Fleming, Gerry Goldberg, Bruno Maruzzo and Ronald Perry have resigned as directors. The new board of directors, appointed to replace the departed directors, consists of Ian Howat, Craig Miller, Howard Riback and Peter Tolnai.