VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 19, 2014) - British Columbia Discovery Fund (VCC) Inc. (the "Fund"), a venture capital investment fund managed by Discovery Capital Management Corp., is announcing that its Class A Shares remain available for purchase and that purchases to March 3, 2014 are still eligible for a 30% tax credit that can be applied to the 2013 tax year. There are no other funds in BC offered by prospectus and generally available to retail investors that provide a 30% tax credit.
"BC Discovery Fund is the only registered venture capital corporation currently offering its shares to retail investors in British Columbia," comments John McEwen, CEO of the Fund. "After achieving significant liquidity and resuming redemptions in 2013, we remain very excited about the near-term potential for liquidity and attractive returns from the Fund's mature portfolio. Indeed, we have engaged a valuator to review the carrying value of one of our existing portfolio companies where we have seen significant progress. Since the Fund requires independent evidence of a change in fair value, we expect that this assessment will have a positive impact on Pricing NAV when completed in the next short while."
"The technology industry in BC has never appeared stronger," stated Harry Jaako, President of the Fund. "With early-stage companies such as Hootsuite and portfolio company D-Wave Systems attracting international interest and investment, the opportunities for investment, and potential for returns, have grown significantly. In our opinion, the timing is excellent to be in venture capital and participate in the tech investment opportunities that the Fund is seeing here in BC."
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 $73 million to date and has active investments in ten developing technology companies. 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.