September 13, 2010 14:59 ET

BC Discovery Fund Updates Holdings in Portfolio Company Vigil Health Solutions Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2010) - British Columbia Discovery Fund (VCC) Inc. (the "Fund"), a venture capital investment fund managed by Discovery Capital Management Corp. ("DCMC"), is updating its reporting of security holdings in its portfolio company, Vigil Health Solutions Inc. ("Vigil"), as a result of the one for twenty consolidation of the common shares of Vigil effective at the opening of trading on September 10, 2010.

The Fund recently made a loan to Vigil in the principal amount of $100,000 and thereby acquired ownership of a secured, interest-bearing convertible debt instrument. The Fund presently owns 747,714 post-consolidation common shares of Vigil, representing approximately 15% of its presently outstanding post-consolidation common shares. If, instead of being repaid by Vigil, the loan principal is converted (and not taking into account any conversion of accrued interest), the Fund would acquire an additional 500,000 common shares and hold a total of 1,247,714 post-consolidation common shares, representing approximately 25% of the outstanding post-consolidation common shares of Vigil.

In addition, DCMC, which has voting control and direction over the holdings of the Fund, is custodian of and has voting control over 376,106 post-consolidation common shares of Vigil which are being held for the benefit of former shareholders of Discovery Capital Corporation ("DCC"). These shares represent approximately 7.5% of the presently outstanding post-consolidation common shares of Vigil. Accordingly, DCMC presently has voting control and direction over a combined total of approximately 22.5% of the outstanding post-consolidation common shares of Vigil and, in the event of conversion of the loan, would have voting control and direction over approximately 32.5% of the outstanding post-consolidation common shares of Vigil. Harry Jaako, director of the Fund and of Vigil, and a principal of DCMC, also holds common shares representing an approximate 0.5% post-consolidation interest in Vigil.

The loan transaction was made by the Fund for investment purposes in connection with a debt financing recently completed by Vigil. The Fund may acquire ownership of additional securities of Vigil, or the Fund (and/or DCMC on behalf of the Fund and/or the former shareholders of DCC) may dispose of securities of Vigil, as circumstances arise or market conditions warrant.

Further details are available in the accompanying report filed by the Fund on SEDAR pursuant to National Instrument 62-103.

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 over $65 million to date and has investments in fifteen 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 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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