BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

June 17, 2008 13:49 ET

BC Discovery Fund and Discovery Capital Celebrate Successes at BC Technology Impact Awards - BCTIA Honors Rx Networks Inc., Day4 Energy Inc. and Dr. John MacDonald

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2008) - British Columbia Discovery Fund (VCC) Inc. and Discovery Capital Management Corp. are delighted to announce that several of their portfolio companies and distinguished individuals were honored by the British Columbia Technology Industry Association (BCTIA) at its annual awards gala held on June 12, 2008.

BC Discovery Fund portfolio companies were honored as follows:

Rx Networks Inc. won the award for "Most Promising Start-Up". Rx Networks is a Vancouver-based company which helps mobile operators and device manufacturers deliver the best possible Location-Based Services by accelerating and enhancing a device's ability to discover and calculate its location using Assisted GPS (AGPS) technology.

Day4 Energy Inc. won the award for "Emerging Company of the Year". Day4 is a Burnaby-based solar energy company that has developed a new approach to deliver cost competitive renewable energy from the sun.

Vivonet Inc. was nominated in the category of "Emerging Company of the Year". Vivonet is a Vancouver-based industry leader and provider of Halo secure web-based Point of Sale solutions for the hospitality and retail industries.

The BCTIA awards also recognized outstanding leadership, naming technology visionary and pioneer, Dr. John MacDonald, director of BC Discovery Fund and Chairman and CEO of Day4, as "Person of the Year" for his contributions to the sector in 2008. A co-founder in 1969 of MacDonald, Dettwiler & Associates, Canada's principal space company and a global leader in information solutions, Dr. MacDonald also co-founded Day4 in 2001 to design, manufacture and sell photovoltaic modules using proprietary technology. By late 2007 Day4 completed one of the largest IPOs in Canada that year, raising more than $100 million and establishing Vancouver's reputation in the Clean Technology sector.

David Sutcliffe, former CEO of Sierra Wireless, a Discovery Capital portfolio company in the late-1990's, won the coveted Bill Thompson award for exemplifying leadership in business and the community. With a technology career that spans 25 years, Mr. Sutcliffe has played an instrumental role in developing the wireless data industry. And former Discovery Capital portfolio company Vision Critical, a company Discovery Capital helped to found in the early 2000's, was an award winner in the "Team of the Year" category.

Commenting on award-winner Rx Networks, Charles Cook, CFO and Investment Manager of BC Discovery Fund and director of Rx Networks states, "In a short period of time, Guylain Roy-MacHabee and his skilled team at Rx Networks have quietly established relationships with global, best-in-class technology and reseller partners to provide the most flexible Assistance Data solutions for virtually any AGPS system. Rx Networks truly is a very promising start-up and we are delighted that they have received this industry-wide recognition."

Summarizing Discovery's success at the annual BCTIA gala, Harry Jaako, President and Investment Manager of BC Discovery Fund commented, "This is the third consecutive year that BC Discovery Fund portfolio companies have been included in the list of nominees and award winners, an unprecedented achievement in the local venture capital community. Rx Networks, Day4 Energy and Vivonet join previous winners In Motion Technology (2007 "Best Application of Technology"), Mobidia Technology (2007 "Most Promising Start-Up"), Paradigm Environmental Technologies (2006 winner of "Excellence in Product Innovation") and TIR Systems (2006 winner of "Most Promising Pre-Commercial Technology" and a 2007 acquisition by Philips Electronics).

We also join with many others in B.C. and Canada to acknowledge the scientific and technological contributions of Dr. John MacDonald. As 2008 BCTIA "Person of the Year", he is now the third of our similarly recognized technology industry leaders, joining Discovery's CEO alumni Greg Peet and Morgan Sturdy as honorees in that category. We know that our current crop of technology innovators and leaders in BC Discovery Fund portfolio companies are not only some of the best in B.C., but are proving themselves in the global marketplace as well."

About the BC Technology Industry Association (BCTIA)

The BC Technology Industry Association (BCTIA) is British Columbia's leading member-based industry association that represents start-ups to established technology companies across the province. As the voice of the technology industry, the BCTIA is committed to the ongoing growth, sustainability and prosperity of the technology industry and the transformation of British Columbia to a knowledge-based economy.

The BCTIA delivers a broad range of programs and services that provide members with opportunities to connect, learn, and promote their businesses in B.C. For more information, visit www.bctia.org.

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, which offers its shares on a continuous basis, has raised $54 million to date and has investments in thirteen developing technology companies. To obtain further information about the Fund, please contact a registered advisor or visit www.sedar.com or www.bcdiscoveryfund.com.

John McEwen, CEO, B.C. Discovery Fund (VCC) Inc.

Harry Jaako, President, B.C. Discovery Fund (VCC) Inc.

This press release is not an offer to sell or a solicitation of an offer to buy common shares. This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The issuer cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the issuer currently foresees.

Contact Information

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