RIM stock boldly rises more on announcement of new 3G device BlackBerry Bold

By The Canadian Press

TORONTO - Research In Motion's (TSX: RIM.TO) stock has taken an upward bounce on news of the BlackBerry Bold, a new high-speed smartphone designed for business professionals.

Shares in the Waterloo, Ont.-based company were up $5.88 to $139.23 in mid-morning trading on the Toronto Stock Exchange.

RIM describes the new BlackBerry as a high-performance smartphone designed for professionals who want an "elegant" device with unprecedented speed, power and functionality.

RIM says the new Bold has a faster processor than any other BlackBerry to date that will allow rapid Web browsing.

The new phone also allows users to download and edit Microsoft Word, Excel and PowerPoint files directly on the handset.

In other news on mobile phones, RIM, Royal Bank (TSX: RY.TO) and Thomson Reuters (TSX: TRI.TO), along with several private Canadian investors, have launched a $150-million fund to invest in emerging mobile applications for the BlackBerry and other platforms.