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RIM founder gives $21M to science and math faculties at University of Waterloo

By The Canadian Press  | February 08, 2012
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WATERLOO, Ont. - The founder of Research In Motion and his wife are giving $21 million to the University of Waterloo's science and mathematics faculties.

It's just the latest gift from Mike and Ophelia Lazaridis, who have donated more than $123 million to the southern Ontario university.

Half of the $20-million pledge to the Faculty of Science is to help fund two senior research chairs in the areas of condensed matter and astrophysics.

The remaining $10 million will go towards an expanding a new science building to house undergraduate laboratories, classrooms and student support areas.

The Faculty of Mathematics will receive $1 million for scholarships covering expenses for four years of study.

Lazaridis, who recently stepped down as co-CEO of Research in Motion (TSX:RIM), says scientific research is key to innovation, which is needed more than ever.

"History has shown us that a relatively small investment in fundamental research in physics and in science today can lead to huge innovation tomorrow," he said.

RIM announced last month that Lazaridis and co-CEO Jim Balsillie were stepping down from the top jobs at the company but would remain on the board of directors. The two were replaced by Thorsten Heins, the company's chief operating officer.

RIM has been under close scrutiny for the past year as its shares have eroded more than 75 per cent, with its most recent plunge coming after Balsillie and Lazaridis stepped down.

The shakeup followed a bad year that included 2,000 layoffs as well operational problems and public relations gaffes.

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