BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

June 11, 2007 14:45 ET

BC Discovery Fund Portfolio Companies Win Technology Impact Awards-BCTIA Honors In Motion Technology Inc. and Mobidia Technology Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2007) - British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that both of its portfolio companies nominated for awards, In Motion Technology Inc. and Mobidia Technology Inc., were awarded Technology Impact Awards by the British Columbia Technology Industry Association (BCTIA) at its annual awards gala held on June 6, 2007.

In Motion Technology Inc. received the award for "Best Application of Technology", which acknowledges an organization that has utilized technology to enhance and improve its operations and communications and those of its customers. In Motion Technology is a market leader in Vehicle Area Networking solutions that help public safety organizations extend their IT infrastructure to mission-critical mobile workforces. Public safety agencies look for robust, secure and cost-effective wireless solutions for collecting, coordinating and disseminating sensitive information. In Motion's onboard Mobile Gateway turns an ambulance, police car or fire truck into a secure LAN with access to the best available wireless network. This technology enables public safety workers to access the right information when and where they need it, and to collaborate with resources in other locations while in motion. New Westminster, BC-based In Motion Technology was founded in 2002, and has 17 full-time employees. During the first year of commercial product availability, In Motion won more than 50 EMS, fire and police department customers in the United States and Canada.

Mobidia Technology Inc. received the award for "Most Promising Start-Up", which acknowledges an early-stage technology company with commercially available products that demonstrates significant potential, creativity and a promising future. Mobidia develops and sells mobile video and service quality management software for wireless operators. Mobidia's technologies address both the service revenue opportunity and the challenges of managing services on the "wireless last mile" by providing a scalable platform for services management, as well as an exciting new video service that can generate revenue immediately. Mobidia's CUBuddy™ video messaging service allows mobile users to share live experiences with up to 4 "buddies" simultaneously, using their mobile phones to see and hear what their buddies are experiencing live or to capture that experience and post it to community sharing sites. Richmond, BC-based Mobidia has trained its 25 engineers in kernel software development, thus introducing a new approach to the BC technology knowledge base.

"In Motion has had tremendous growth on all fronts in the last year, and this award for "Best Application of Technology" is great recognition for the company," said John McEwen, CEO of BC Discovery Fund and director of In Motion. "Earlier this year, In Motion was named to the "Ready to Rocket 25" list for 2007 and was also a Wireless Innovation Contest (WIC 07) winner, and we look forward to continuing our active role in facilitating the company's growth."

"Mobidia has developed unique patent-pending solutions to address today's growing demand for multimedia services on mobile wireless devices. Mobidia's technology is currently being evaluated in trials with mobile network operators that wish to deploy higher value applications to increase their revenue per customer," said Charles Cook, CFO and Investment Manager of BC Discovery Fund and director of Mobidia.

"We are thrilled that this is the second consecutive year that two BC Discovery Fund portfolio companies have been singled out by BCTIA for their annual awards," said Harry Jaako, President of BC Discovery Fund. "In Motion and Mobidia join Paradigm Environmental Technologies Inc., last year's winner of "Excellence in Product Innovation" and TIR Systems Ltd., last year's winner of "Most Promising Pre-Commercial Technology" and a recent acquisition by Philips Electronics. They also join Sierra Wireless Inc., a Discovery Capital portfolio investment in the late 1990's and well known industry leader in developing innovative wireless data technology, and winner of "Excellence in Product Innovation" in 2004. We were also delighted to see Greg Peet, our CEO alumnus from ALI Technologies, win 2007 BCTIA "Person of the Year", joining another Discovery Capital portfolio alumnus in that category, Morgan Sturdy. We look at the current crop of technology innovators and leaders in BC Discovery Fund portfolio companies and see possibilities for these kind of awards and acknowledgments in the future."

About BC Technology Industry Association

BC Technology Industry Association (BCTIA) is a not-for-profit, member-funded organization that represents start-ups to established technology companies across British Columbia. Incorporated in 1993, the BCTIA has served the province's technology industry for over a decade and today is recognized locally, provincially and nationally as the voice of BC's technology industry.

BCTIA is committed to the ongoing growth, sustainability and prosperity of BC's economy and the technology industry that serves it. The Association delivers opportunities for members to connect, learn and grow their businesses in BC. 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 offers its shares on a continuous basis and has raised over $42.5 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 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 $42.5 million to date and has investment interests in twelve developing technology companies.

For more information about Discovery Capital, please visit www.discoverycapital.com.

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
    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