December 10, 2007 16:07 ET

British Columbia Discovery Fund Reports Aggregate Portfolio Gain of $9.2 Million as Day4 Energy Inc. Completes $100 Million IPO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2007) - British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that its portfolio company, Day4 Energy Inc., has completed an initial public offering (IPO) of 13,800,000 common shares at a price of $7.25 per share, for gross proceeds of $100,050,000. Based on the IPO price, BC Discovery Fund's investment in Day4 shares represents an aggregate portfolio gain of approximately $9.2 million.

BC Discovery Fund was an early, and the first venture fund, investor in Day4 Energy, a solar power company, having invested a total of $2.8 million since early 2004. Subsequent to the completion of the Day4 IPO, the Fund's share value, or Pricing Net Asset Value per Share, increased by $0.73 to $10.14, or by approximately 8.0%. The increase in the Pricing Net Asset Value per Share is based on Day4's December 6, 2007 closing share price on the Toronto Stock Exchange, and is net of the effect of accruing for performance fees payable to the manager of the Fund, in accordance with the management agreement. Pursuant to the valuation policies of the Fund, the increase also takes into account that the Day4 shareholdings of the Fund are subject to a lock-up agreement, with one half of the Fund's shareholdings to be released from the lock-up after each of six and 12 month periods.

"This successful IPO is a tremendous credit to the team of highly-skilled professionals at Day4," remarked John McEwen, CEO of the Fund. "Since the Fund's initial investment in Day4 in 2004, the company has developed a strong intellectual property portfolio, built a 35,000 square foot manufacturing facility in Burnaby currently capable of producing up to 12MW of photovoltaic modules annually, and established a global market presence. This remarkable progression has resulted in a significant appreciation of the Fund's early investment in Day4, which we hope will continue as Day4 expands its annual manufacturing capacity to meet demand for its products and builds upon its Day4 brand among both end-users and its sales channel partners."

Harry Jaako, President of the Fund, further remarked, "Day4's goal is to be a leading, world-wide supplier of PV modules, and ultimately, other PV products, as the world seeks clean, renewable alternative energy solutions. Importantly, the company is a splendid example of the benefits of British Columbia's Small Business Venture Capital program, whereby the Fund's early investment in Day4 contributed to the development of a global business that has seen revenue grow, from the sale of its first module in late 2006, to over $14 million for the nine months ended September 2007, and now has 95 employees."

About Day4 Energy Inc.

Day4 Energy designs, manufactures and sells photovoltaic (PV) modules exclusively under the Day4 brand. Day4's PV modules incorporate the company's patented Day4 Electrode technology and are currently built using multi-crystalline silicon PV cells manufactured for Day4's exclusive use by third parties in accordance with Day4's proprietary design. Day4's technology allows its PV modules to operate at what Day4 believes is a leading level of performance among commercially produced multi-crystalline silicon PV modules. In response to significant market demand, Day4 has pre-sold the majority of its planned 2008 and a material portion of its planned 2009 production capacity. Day4 has also entered into PV cell supply contracts with leading PV cell manufacturers to meet substantially all of its contracted sales of PV modules for 2008 and 2009. The co-founders and management of Day4 have a diverse set of industry skills and operating experience, with an impressive track record of both scientific and business achievements, and include Dr. John MacDonald, Day4's Chairman and CEO (and also a director of the Fund, and co-founder of MacDonald, Dettwiler), Dr. Leonid Rubin, Day4's VP and Chief Technology Officer, and George Rubin, Day4's President and Chief Operating Officer.

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 over $52 million to date and has investments in eleven 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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