BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.
July 23, 2008 14:53 ET
British Columbia Discovery Fund Invests in MovieSet Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2008) - British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that it has invested $1.5 million into MovieSet™ Inc. as part of a $5 million financing. The financing was led by Rho Canada, the Canadian venture arm of Rho Capital Partners, Inc. of New York. In connection with this investment, Charles Cook of Discovery Capital Management Corp., the manager of the Fund, has been appointed to the board of directors of MovieSet. With this investment in MovieSet, the Fund has made investments totaling $9.3 million to date in 2008.
Based in Vancouver, MovieSet brings behind-the-scenes filmmaking online, providing movie fans with web access to authentic content while a film is in production through the Company's proprietary web-based software toolkit for producers.
MovieSet provides a three-way solution for movie fans, producers and advertisers through one seamless platform:
1. Fans want to engage with compelling content that is exclusive and lets them be a part of an authentic behind-the-scenes experience.
2. Producers want to attract the largest possible audience. An easy-to-use web-based toolkit brings production efficiently online and simultaneously connects producers with their loyal fans. MovieSet also integrates a range of related ecommerce and mobile applications.
3. Advertisers want to target specific demographics. MovieSet brings highly desirable ad-space to a targeted audience.
Each film featured on MovieSet uses the Company's turn-key technology to create a dynamic online presence for the production. Fans can track each film's progress from green-light to delivery through a social networking environment layered over an authentic film production content management and workflow system. MovieSet intends to redefine film marketing, aiming to be the premier online destination for "behind-the-scenes" access to films in production.
The executive team at MovieSet brings over 60 years of experience in the film, technology and entertainment business to the management of MovieSet. In particular, MovieSet is led by founder Colleen Nystedt who has an extensive background in film production, finance, business affairs and creative development. Nystedt has produced or supervised production on numerous feature films and TV movies for Universal Pictures, Paramount, MGM, CBS, NBC, ABC, USA, Showtime and Lifetime Networks.
"BC Discovery Fund is excited to be making its first investment in a Web 2.0 business. MovieSet has created a unique interactive social networking environment for the film industry and its fans," said Charles Cook, Investment Manager of the Fund. "We expect that MovieSet can capture a substantial audience of unique visitors, enabling the Company to capitalize on the interest, and positive investment outcomes, that other successful social networking websites have generated."
"This financing provides MovieSet with the resources necessary to deliver on the promise of its innovative vision," said Colleen Nystedt, CEO and Founder of MovieSet. "Our currently available beta-version is the "tip of the iceberg" compared to what we have under construction. We expect that MovieSet will revolutionize the way movies are produced and marketed and transform the relationship between filmmakers and fans, shifting the emphasis to the creative journey rather than just the end product."
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 $55 million to date and has investments in 15 developing technology companies. To obtain further information about the Fund, please contact a registered advisor or visit www.sedar.com or www.bcdiscoveryfund.com.
About Rho Canada
Rho Canada, based in Montreal, is dedicated to backing leading, early-stage technology-based companies in Canada. Formed in 2006, Rho Canada is affiliated with Rho Ventures in the US and leverages off Rho Ventures' 25 plus years of experience in investing in venture-stage companies. The Rho Canada team is led by Jeff Grammer and Antoine Paquin, serial entrepreneurs who have previously successfully built, as CEO's, a number of venture-backed companies, both in the US and Canada.
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.