June 14, 2007 15:23 ET

BC Discovery Fund Celebrates Second Successful Early Realization With Sale of Portfolio Company TIR Systems Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 14, 2007) - British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that it has achieved a second successful early realization of a portfolio company, with the recent transaction whereby TIR Systems Ltd. was acquired by Philips Electronics Ltd. in a $75 million all-cash transaction. BC Discovery Fund was a $2.0 million investor in a $30 million convertible debenture financing completed by TIR in early 2006. With the approximate $2.5 million which BC Discovery Fund will realize as a result of this transaction, this represents an internal rate of return of 21% on this investment. In 2006, BC Discovery Fund made its first successful early portfolio exit, realizing a gain of in excess of $0.5 million from the sale of its early investment in Aspreva Pharmaceuticals Corporation.

"The $75 million acquisition of TIR by a global leader such as Philips is one of the most significant BC technology industry transactions recently, and we think this is welcome news in that the Philips transaction represented the best option for commercializing TIR's groundbreaking technology on a truly global scale," commented Harry Jaako, President of BC Discovery Fund and of Discovery Capital Management Corp., manager of the Fund. "This also demonstrates our ability to generate early realizations in a portfolio of emerging technology companies which require time, patience and hard work to bring to maturity. We at Discovery Capital pride ourselves in working closely with our portfolio companies to maximize returns, regardless of their stage of development. We enjoyed an excellent relationship with the team at TIR and wish them continued success as Philips Electronics."

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 $42.6 million to date. To obtain further information about the Fund, please contact a registered advisor, or visit or

About Discovery Capital Management Corp.

With over 20 years of venture capital experience in British Columbia, Discovery Capital is a venture fund manager through its wholly owned subsidiary, Discovery Capital Management Corp., and venture capital investor specializing in: information technology, communications, health and 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 $42.6 million to date and has investment interests in twelve developing technology companies.

For more information about Discovery Capital, please visit

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
    (604) 683-3000 ext. 102 or 1-877-553-3863
    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)