BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

June 23, 2008 14:42 ET

British Columbia Discovery Fund Invests in Gatekeeper Systems

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) -

British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that it has invested $2,000,000 in Gatekeeper Systems Inc., a digital recording and surveillance system company that is a leading player in providing digital video recording systems to the school bus market in North America. In conjunction with this investment, John McEwen, CEO of Discovery Capital Management Corp., the manager of the Fund, has joined the Board of Gatekeeper.

Founded in 1997, and based in Abbotsford, Gatekeeper has developed digital recording products to replace outdated video technology in transportation security, maritime and underwater security and airborne surveillance. Gatekeeper's unique design strategy allows its digital platform to integrate into multiple brand categories cost effectively. Whether providing end to end surveillance solutions or integrating with Lockheed Martin's extreme high resolution cameras, Gatekeeper provides an important component to ground, underwater or air security applications.

Gatekeeper is focusing on the school bus market in North America, a large and growing market that sees approximately 35,000 to 50,000 new buses each year in a current market of approximately 550,000 buses. Gatekeeper already has a substantial installed base in this market, and has established a strong reputation for reliability, an essential requirement in a market where products must operate over wide temperature ranges and conditions. A new micro design makes Gatekeeper's "NiTRO" one of the smallest high resolution networking digital recording systems in the world. A unique thermal design allows the system to power up at -40 degrees. The new micro design is only 3 inches high and weighs less than 5 lbs making it attractive for markets where space is an issue. The new NiTRO digital recorder is backwards compatible to approximately 300,000 analog surveillance systems in the school bus market. Gatekeeper has introduced its new "Nitro DVR" product line in the summer of 2008. Some of the largest bus contractors in North America are now taking delivery of the new NiTRO System.

"We see Gatekeeper as being ideally positioned to take advantage of an industry-wide roll-out of new technology to meet the security demands in bus transportation and maritime and aerospace security," commented John McEwen, CEO of the Fund. "Doug Dyment, CEO of Gatekeeper, is an experienced marketing executive that has in the past successfully developed distribution strategies and built the sales and development teams for them, and he has put together an excellent development team for Gatekeeper. The Fund's investment in Gatekeeper assists the company to meet the demand for its new production release, and we see great opportunity for Gatekeeper in its targeted market space."

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, which offers its shares on a continuous basis, has raised $54 million to date and has investments in fourteen 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.

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