Red Herring

Red Herring

September 25, 2008 14:12 ET

BC Discovery Fund Portfolio Companies Win Red Herring Awards as Most Promising Private Technology Companies

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2008) - British Columbia Discovery Fund (VCC) Inc. is proud to announce that four of its fifteen portfolio companies have been recognized in 2008 with awards by Red Herring to the most promising private technology ventures in Canada.

Red Herring Canada recently hosted its second annual "Top 50 Canada" awards, celebrating the most innovative and promising companies in Canada. For more than ten years, Red Herring, a global media company providing an insider's access to the innovation economy, has identified and advocated for the most promising tech startups and recognized them through its annual North America 100, Europe 100 and Global 100 events. The first "Red Herring Top 50 Canada" awards took place in 2007 and, for 2008, the Red Herring editorial team used a competitive process to select the most innovative companies from a pool of more than 300, resulting in 100 finalists and then 50 winners, including three of BC Discovery Fund's portfolio companies. A fourth BC Discovery Fund portfolio company also won a "North America 100" award earlier in the year, out of over 800 candidates.

"This is exceptional recognition of the excellence of BC Discovery Fund's portfolio companies," remarked Harry Jaako, President and Investment Manager of the Fund. "It is very gratifying to know that our private portfolio companies rank amongst the best in the country when rigorously evaluated by an independent and experienced source such as Red Herring."

BC Discovery Fund's "North America 100" winner was lat49, the online mapvertising system by IDELIX Software, in the Internet/Services category and the Fund's "Top 50 Canada" winners included Inimex Pharmaceuticals Inc. in the Life Sciences category and Mobidia Technology Inc. in the Communications category.

About Inimex, lat49 and Mobidia

Inimex Pharmaceuticals is a biopharmaceutical company dedicated to the discovery, development and commercialization of new medicines based on the selective modulation of the innate immune response. Inimex's first in class products show promise for the safe and effective treatment of a broad spectrum of serious unmet medical needs in infectious disease and inflammatory disorders. For more information, visit

Lat49 is an online advertising network that is optimized for interactive maps. The lat49 network of online map properties provides local and brand advertisers with an interactive medium for delivering geo-targeted and contextual display ads to a large, actively engaged user community. For web publishers, lat49 transforms online maps from being cost centers into revenue-generating properties. For more information, visit

Mobidia Technology develops and sells IP traffic management software for monitoring, managing, and monetizing wireless data streams to and from smartphones and laptops. The company's innovative and award-winning .wave™ (dot wave) solution enables wireless operators to enhance their mobile data network by understanding and managing their user data streams on a per application, per service, and per network basis. For more information, visit

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 $56 million to date and has investments in 15 developing technology companies. To obtain further information about the Fund, please contact a registered advisor or visit or

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.

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