BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

October 09, 2007 10:00 ET

BC Discovery Fund Surpasses $50 Million in Total Equity Capital Raised and Approaches Sell Out of 2007 Equity Allocation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2007) - British Columbia Discovery Fund (VCC) Inc. is very pleased to report that it has raised total equity capital of in excess of $50 million since inception of the Fund. In addition, the Fund has sold over $8 million of its $10 million 2007 equity allocation and expects to fully sell out this equity allocation shortly. The Fund will apply to the Administrator of the Investment Capital Branch of the Ministry of Economic Development for an increase to its 2007 allocation; however, there is no assurance such increase will be received.

Comments John McEwen, CEO and Investment Manager of Discovery Capital Management Corp., manager of BC Discovery Fund, "We expect that, over the next number of months, several more of the privately-held companies in the Fund's portfolio may undertake follow-on financings as they develop their businesses, or perhaps even exit transactions, building on the trend the Fund has experienced throughout 2007. We believe that market conditions remain favourable for those of our high-achieving companies to complete financings or exit transactions at attractive valuations."

Adds Charles Cook, CFO and Investment Manager of Discovery Capital Management Corp., "We are delighted with the Fund's sales success thus far this year, and are gratified that the Fund's recent performance has been so well received. We strongly encourage financial advisors planning to invest in the Fund on behalf of their clients to contact Todd Riley, Sales and Marketing Director, to discuss allocations."

About British Columbia Discovery Fund (VCC) Inc.

British Columbia Discovery Fund (VCC) Inc. was established to make venture capital investments in a portfolio of small businesses in British Columbia that qualify under the Small Business Venture Capital Act, focusing on all of B.C.'s top internationally recognized technology clusters: information technology, communications, life sciences, and energy and environmental technologies.

Established in 2002 and managed by Discovery Capital Management Corp., the Fund is focussed on making diversified investments in British Columbia with the objectives of achieving long-term capital appreciation for its shareholders and contributing to the growth in value and employment of the technology industry in British Columbia. In addition to offering a means of participating in the potential of British Columbia's newest technology ventures, the Fund offers significant tax savings to eligible British Columbia individual and corporate investors. The Fund offers its shares on a continuous basis and has raised over $50 million to date. To obtain further information about the Fund, please contact a registered advisor, or visit www.sedar.com or www.bcdiscoveryfund.com.

About Discovery Capital Management Corp.

With over 20 years of venture capital experience in British Columbia, Discovery Capital is a venture fund manager specializing in: information technology, communications, life sciences, and other advanced technologies. Discovery Capital has proven expertise in strategic planning, management development, innovative financing strategies, corporate governance and positioning for liquidity. Discovery Capital Management Corp. is the manager of British Columbia Discovery Fund (VCC) Inc., a British Columbia venture capital fund that has raised over $50 million to date and has investment interests in eleven developing technology companies.

For more information about Discovery Capital, please visit www.discoverycapital.com.

John McEwen, CEO, B.C. Discovery Fund (VCC) Inc. and Discovery Capital Management Corp.

Harry Jaako, President, B.C. Discovery Fund (VCC) Inc. and Discovery Capital Management Corp.

Contact Information

  • British Columbia Discovery Fund (VCC) Inc.
    Charles Cook
    CFO
    (604) 683-3000 ext. 102 or 1-877-553-3863
    or
    British Columbia Discovery Fund (VCC) Inc.
    Todd Riley
    Sales & Marketing Director
    (604) 683-3000 ext. 115 or 1-877-553-3863
    (604) 662-3457 (FAX)
    Email: info@discoverycapital.com
    Website: www.bcdiscoveryfund.com