May 13, 2008 17:16 ET

British Columbia Discovery Fund Invests in Navarik Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2008) - British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that it has invested $1,000,000 in Navarik Corp., a fast-growing software-as-a-service technology provider that owns and operates a global software platform designed to optimize the capture and analysis of data associated with physical cargo transfer. In conjunction with this investment, Harry Jaako, President of Discovery Capital Management Corp., the manager of the Fund, has joined the Board of Navarik.

Founded in 2000, and based in Vancouver, Navarik's strategy is to establish its proprietary "Navarik Platform" as the industry standard for the oil sector by targeting oil companies and oil trading companies. The Navarik Platform is designed to accommodate all modes of moving crude and physical product and supports physical trading, cargo assurance and trade settlement, improving operational efficiency and transforming trade operations date into useful business intelligence for improved decision making. Navarik customers benefit by realizing higher operating margins as a result of better control over quality and cargo loss management and a reduction in settlement times within physical trading operations leading to faster total deal settlement. Navarik's user community exceeds 5000 trade operations personnel in 50 countries including shipping agents and third party customers. Navarik's global customers include major oil companies - BP, Shell and Petro-Canada - and shipping companies - Teekay in Canada and Star Shipping in Norway.

"This is a very exciting and exclusive investment opportunity for BC Discovery Fund," commented Harry Jaako, President of the Fund. "We have great confidence in the senior management of Navarik, lead by CEO Patrick Rooney, who was CEO of Kelsan Technologies, a former Discovery Capital portfolio company that generated a significant return for Discovery. Not only do we like Navarik's business model and technology approach, the oil industry, and the size and financial strength of Navarik's customers, but we see opportunity for future value-building synergies as Navarik executes its business plan."

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 twelve developing technology companies. 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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