January 10, 2011 15:40 ET

British Columbia Discovery Fund Reports 2010 Year-End NAV Gain Reflecting Overall Portfolio Growth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2011) - British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that Pricing NAV per Share closed the year at $7.14, up $0.38 per share, or 5.6%, from Pricing NAV per Share of $6.76 as at December 17, 2010, after certain adjustments to portfolio investment estimates of fair value were recorded. The aggregate increase is a result of several individual portfolio company valuation events that have been recognized simultaneously.

The most significant portion of the aggregate increase in Pricing NAV has resulted from the Fund's investment in Avigilon Corporation, an award-winning designer and manufacturer of high definition (HD) surveillance systems. Since launching commercial activity in 2007, Avigilon has delivered extraordinary revenue growth that has resulted in the company being ranked the #1 fastest growing company in Western Canada on the Deloitte Technology Fast 50™ list. As a result of Avigilon's achievements, an independent valuation process resulted in the Fund recording a substantial unrealized gain on this particular investment.

"Over the past few years, extraordinarily difficult economic conditions have resulted in challenging venture capital markets, characterized by flat to negative reported returns and limited liquidity," comments Harry Jaako, President of the Fund. "Behind the scenes, the venture businesses that comprise the Fund's investment portfolio have delivered significant aggregate growth, as reflected in revenues that have increased approximately 10-fold over the last four years to approximately $0.25 billion in 2010. The Fund Manager had been extremely pleased with this aggregate performance and is particularly pleased to see this reflected in this recent increase in the value of the Fund's shares."

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 over $66 million to date and has investments in fifteen developing technology companies. B.C. resident investors are entitled to receive a tax credit equal to 30% of the amount invested in the Fund. 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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