BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.
Rx Networks Inc.

Rx Networks Inc.
TELUS
TSX : T
NYSE : TU
TSX : T.A

TELUS

May 03, 2007 18:01 ET

BC Discovery Fund and TELUS Make $3.3 Million Investment in Rx Networks Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 3, 2007) - British Columbia Discovery Fund (VCC) Inc. (the "Fund" or "BCDF") and TELUS (TSX:T)(TSX:T.A)(NYSE:TU) are pleased to announce they have closed a $3.3 million investment in Rx Networks Inc. (Rx). In connection with their investment, BCDF has appointed its investment manager Charles Cook to Rx's board of directors, while TELUS has appointed its vice-president of Network Services Chris Langdon. This A-Series investment round coincides with the conversion of a 2006, US$1 million convertible debt seed investment from Audiovox Canada, an early strategic investor in Rx.

"GPS is quickly becoming a key mobile phone feature as wireless carriers create new location-based services (LBS) for emergency and commercial applications," said Guylain Roy-MacHabee, president and CEO of Rx. "Over the past three years, Rx has come to play a leading role in the supply of standard GPS assistance data for mobile devices, a necessary element for fast and accurate location acquisition. This timely A-Series funding will enable Rx to expand its development of new technology as well as sales and marketing efforts just as GPS is gaining ground as an important feature on cell phones."

"BC Discovery Fund is very excited to be leading an investment into Rx, which we expect will become a leader in the LBS market," said Charles Cook, CFO of the Fund. "We are particularly impressed that at such an early stage in its development, Rx has been able to penetrate the global telecommunications market with its unique GPStream Global Reference Network (GRN) solution for use in any Assisted-GPS mobile network. We are also pleased to be partnering in this A-Series round of investment with TELUS, an industry leader in the introduction of mobile applications and one of Rx's customers."

TELUS has launched several services using mobile GPS technology, including Kid Find and Navigator.

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, health and 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 $42 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 Rx Networks Inc.

Rx Networks is a private, venture funded mobile positioning technology and services company headquartered in Vancouver, Canada. Its GPStreamtm real-time reference and assistance data solutions enable network operators and Location-Based Services providers to quickly and accurately locate any next-generation GPS-capable handset, whether for emergency or commercial applications. To obtain further information about Rx, please visit www.rxnetworks.ca.

About TELUS

TELUS (TSX:T)(TSX:T.A)(NYSE:TU) is a leading national telecommunications company in Canada, with $8.8 billion of annual revenue and 10.8 million customer connections including 5.1 million wireless subscribers, 4.5 million wireline network access lines and 1.1 million Internet subscribers. TELUS provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video. Committed to being Canada's premier corporate citizen, we give where we live. Since 2000, TELUS and our team members have contributed more than $91 million to charitable and non-profit organizations and volunteered more than 1.7 million hours of service to local communities. Eight TELUS Community Boards across Canada lead our local philanthropic initiatives. For more information about TELUS, please visit www.telus.com.

Contact Information

  • British Columbia Discovery Fund (VCC) Inc.
    Charles Cook
    (604) 683-3000 Ext. 102
    Website: www.bcdiscoveryfund.com
    or
    Rx Networks Inc.
    Guylain Roy-MacHabee
    604-685-8988 Ext. 222
    Website: www.rxnetworks.ca
    or
    TELUS Media Relations
    Shawn Hall
    (604) 697-8176
    Website: www.telus.com