British Columbia Discovery Fund (VCC) Inc.

British Columbia Discovery Fund (VCC) Inc.

June 20, 2011 14:43 ET

BC Discovery Fund Portfolio Companies Win Significant 2011 BCTIA Awards and Have Won Nine Awards Since 2006

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 20, 2011) - British Columbia Discovery Fund (VCC) Inc. (the "Fund") is pleased to announce that two of its portfolio companies earned awards at the recent 2011 British Columbia Technology Industry Association ("BCTIA") Awards dinner event. This continues the trend that the Fund has enjoyed since 2006, during which time its portfolio companies have captured nine BCTIA awards.

Avigilon Corporation, the performance and value leader in high definition (HD) and megapixel video surveillance solutions, earned the 2011 "Team of the Year" award from the BCTIA. This award, which was presented to Avigilon's Manufacturing Operations Department, acknowledges a team of individuals at a non-executive level who have made a significant contribution to the overall success of their organization during the past year.

"The BCTIA "Team of the Year" award validates the invaluable contribution that Avigilon's Manufacturing Operations team has made to our business," said Alexander Fernandes, President and CEO of Avigilon. "Our manufacturing operation is a tremendous example of the kind of high-quality manufacturing that is taking place locally and proof that Canadian companies can cost effectively manufacture high-quality goods at home."

Vivonet Inc., the leader in secure web-based POS software for the North American restaurant industry, earned the 2011 "Emerging Company of the Year" award. This award recognizes a technology enterprise that has growing revenues, is performing against its business plan and has the potential of becoming a leader in its market.

"While the public recognition we have received is graciously accepted, we remain focused on continued revenue growth, maturing our operational processes, maintaining a strong trajectory toward sustainable profitability and of course on delivering innovative products and services to our market," said Ryan Volberg, CEO of Vivonet. "Nevertheless, it is great for our employees to see their efforts recognized so publicly."

"We are once again gratified that our portfolio companies have been recognized as being the leaders in British Columbia in the categories that they have been awarded for," said Charles Cook, CFO of the Fund and a director of Vivonet. "Our principal goal is to convert this recognition and outstanding performance into returns for the Fund's shareholders."

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 (software and hardware), mobile technology (wireless and networking solutions), clean technology (alternative energy and energy-saving technology solutions), new media and health and life sciences.

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 approximately $69 million to date and has investments in thirteen developing technology companies. B.C. resident investors are entitled to receive a tax credit equal to 30% of the amount invested in the Fund. 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.

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