BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

January 11, 2006 16:34 ET

British Columbia Discovery Fund Invests in In Motion Technology Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2006) - British Columbia Discovery Fund (VCC) Inc. is pleased to announce that it has invested $1.13 million in In Motion Technology Inc., a provider of mobile communications solutions based in New Westminster, B.C. This investment brings the number of portfolio companies in which the Fund is currently invested to eleven.

In Motion is a leader in developing innovative mobile Local Area Network (mLAN) solutions that help enterprises and government agencies extend their IT infrastructure to critical mobile workforces. With mounting reliance on secure data communications, these organizations are looking for robust, secure and cost-effective wireless solutions for collecting, coordinating and disseminating sensitive information. By transparently integrating wireless local and wide area network technology, In Motion allows mobile professionals, while in transit or at scene, to access mission critical information and communications facilities applications over virtual private networks. In Motion provides a complete solution for LAN "mobilization", including a patent pending line of communications hubs optimized for rugged, vehicular centric environments as well as proprietary software to provide networking and systems functions inside the communications hub and the customer's data center.

Kirk Moir, CEO of In Motion Technology Inc. commented: "We welcome BC Discovery Fund's investment and the commitment of its manager, Discovery Capital, to offering strategic guidance to our company as we position ourselves to meet the advanced mobile data communication requirements of mission critical mobile enterprises and government agencies. Discovery Capital's time and energy has already been invaluable in helping us to advance In Motion's development."

"In Motion has been able to achieve great initial traction in the United States market this last year," remarked John McEwen, CEO of BC Discovery Fund. "Its flagship mobile gateway product was certified by Cingular Wireless for use with Cingular's new U.S. wide high-speed wireless data network, and launched successfully with flagship customer, American Medical Response, the leading ambulance service provider in the U.S. In Motion was also recently awarded the 2005 Product Innovation Award for Public Safety Networking by global market research and consulting firm, Frost & Sullivan. These are remarkable achievements in a relatively short period of time, and a testament to the decades of experience developing advanced telecommunications products and software that In Motion's management and principals bring to the table. We are delighted to be working with Kirk Moir and his team in this endeavour."

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 the largest SBVCA registered venture capital corporation 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 $32.0 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 nearly 20 years of venture capital experience in British Columbia, Discovery Capital is a venture fund manager and investor specializing in: information technology, communications, health and life sciences, and other advanced technologies. We have enhanced value for over 275 technology ventures, with our proven expertise in strategic planning, management development, innovative financing strategies, corporate governance and positioning for liquidity.

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.

This news 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.

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)
    info@discoverycapital.com
    www.bcdiscoveryfund.com