News : June 12, 2000

BALDHEAD SYSTEMS, ROYAL BANK FORM NEW WIRELESS SOLUTIONS VENTURE

TORONTO (June 12, 2000) -- Baldhead Systems Inc. and Royal Bank of Canada (RBC) today announced the formation of Sona Innovations Inc., a wireless application development company. Sona Innovations will develop and deploy secure software solutions that provide the banking and investment community with real-time brokerage and banking services for a variety of wireless, Internet-enabled devices.

The Sona solution is both simple and cost effective for financial institutions to implement. Initially, Sona's software will allow RBC to provide their clients with wireless banking and brokerage via a variety of handheld devices, such as the Palm®.

Baldhead Systems, the majority shareholder in Sona, will operate autonomously, while contributing dedicated staff and prototype technology. Jay Jordon, 29, President of Baldhead will be Chief Executive Officer of Sona Innovations Inc.

"This is a tremendous opportunity," says Mr. Jordon. "Royal Bank's commitment to this enterprise shows foresight in providing their customers premier service, as well as support for Canadian innovation in leading edge technology."

Initially, Sona will offer a wireless, Internet banking and brokerage solution, which Royal Bank will co-brand and provide to its customers. The solution is a wireless extension of the Royal's Internet presence. The banking application will allow Royal clients the ability to check balances and history, pay bills, transfer funds, in addition to a range of other functions, through their handheld computing device or cellular phone. Internet-based, the application will allow remote banking at any time, day or night.

Sona will also introduce a similar investment trading, tracking and management solution for Royal's Action Direct® customers. Employing 128-bit encryption technology, the Sona Solution is extremely secure and does not compromise private client information.

In addition to RBC, Sona will be developing and deploying other wireless, handheld device applications for third party customers throughout North America.

About Sona Innovations

Sona Innovations Inc. develops and deploys secure software solutions that provide financial institutions with real-time brokerage and banking services for a variety of wireless, Internet-enabled devices. The Company's innovative solutions provide consumers complete control and flexibility over their financial portfolio. Sona Innovations is jointly owned by Baldhead Systems Inc., a leading Web development firm, and the Royal Bank of Canada. Sona's wireless application software targets global financial service providers, Royal Bank being the first to launch Sona's solution in North America.

About Baldhead Systems

Baldhead Systems Inc. is a privately held, Toronto-based technology firm providing full service solutions to an international client base since 1994. Utilizing a highly skilled team of in-house developers, Baldhead specializes in Web and e-commerce development, front and back-end database development and software applications across a multitude of platforms in all major programming languages. Baldhead also offers graphic design and multimedia solutions for clients, maintaining the highest level of overall customer Service. For additional information, please visit www.baldhead.com.

About Royal Bank

Royal Bank of Canada (RY) is a diversified global financial services group and a leading provider of personal and commercial banking, investment and trust services, insurance, corporate and investment banking, on-line banking and transaction-based services including custody. The group's main business units include Royal Bank, RBC Dominion Securities, Royal Investment Services, RBC Insurance and Global Integrated Solutions. The group has 49,000 employees who serve 10 million personal, business and public sector customers in 30 countries. For more information, visit Royal Bank's Web site at www.royalbank.com.

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