BEST Funds

BEST Funds
The Business, Engineering, Science & Technology Discoveries Fund Inc.
CNSX : VC

December 06, 2010 10:42 ET

BEST Fund's Investment, Protus IP Solutions, Inc. Acquired by J2 Global Communications, Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2010) - The Business, Engineering, Science & Technology Discoveries Fund Inc. (CNSX:VC) (the "Fund") is pleased to announce that one of its largest portfolio companies, Protus IP Solutions Inc. ("Protus"), has been acquired by j2 Global Communications Inc. ("j2 Global"), a publicly-listed company (NASDAQ:JCOM).

j2 Global acquired Protus in a cash transaction valued at approximately $213 million, subject to certain post-closing adjustments. The transaction represents one of the most successful exits by the Fund and is expected to result in an increase in the Net Asset Value of the Fund as at December 6, 2010 of approximately $6 million or 14% as a result of this transaction. As an all cash deal, the Fund will benefit from a significant cash inflow.

"The transaction represents the realization of tremendous value for our shareholders and one of our biggest wins so far," says John Richardson, Chief Executive Officer of BEST Funds. "Protus is another example of an exit that clearly demonstrates the merits of our investment strategy and approach to meeting our objective of creating long-term capital appreciation for our shareholders."

About BEST Funds

BEST, established in 1996, is experienced in raising, investing and managing venture capital and making investments in emerging sectors. The BEST Funds group currently manages the following retail venture funds: The Business, Engineering, Science & Technology Discoveries Fund Inc. and B.E.S.T. Total Return Fund Inc., as well as a number of private funds. Please visit our website at www.bestfunds.ca

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