Discovery Capital Corporation

Discovery Capital Corporation

March 23, 2005 19:05 ET

Discovery Capital Corporation Renews Normal Course Issuer Bid


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DISCOVERY CAPITAL CORPORATION

TSX VENTURE SYMBOL: DVY.Y

MARCH 23, 2005 - 19:05 ET

Discovery Capital Corporation Renews Normal Course
Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Discovery
Capital Corporation (the "Company") (TSX VENTURE:DVY.Y) announced today
that it has received approval from the TSX Venture Exchange (the
"Exchange") to renew its normal course issuer bid for up to 3,004,660
common shares of the Company, being 10% of the Company's "Public Float"
as defined in the policies of the Exchange. The bid will commence on
March 29, 2005 and will continue until the earlier of March 28, 2006 and
the date by which the Company has acquired the maximum 3,004,660 shares
which may be purchased under the bid. Purchases will be made through the
facilities of the Exchange only, in accordance with the requirements of
the Exchange, and the price at which the Company will purchase its
shares will be the market price of the shares at the time of
acquisition. The Company has appointed Scotia Capital Inc. as its broker
to conduct normal course issuer bid transactions.

Pursuant to a normal course issuer bid expiring March 28, 2005, the
Company repurchased 621,000 common shares at an average purchase price
of $0.25 per share, which shares have been cancelled. The Company has
53,881,157 common shares issued and outstanding.

The Company has determined to renew its normal course issuer bid because
it believes its shares are presently trading at prices that do not
reflect the value of the Company's business. The Company is of the view
that it is advantageous to engage in repurchases of its common shares
for cancellation, from time to time, when they are trading at prices
which reflect a significant discount from their net asset value.
Purchases made under the normal course issuer bid will have the
immediate effect of increasing the net asset value per common share.

About Discovery Capital Corporation

With nearly 20 years of venture capital experience in British Columbia,
Discovery Capital, through its wholly owned subsidiary, Discovery
Capital Management Corp., is a venture fund manager and investor
specializing in: information technology, communications, health and life
sciences, and other advanced technologies. We have proven expertise in
strategic planning, management development, innovative financing
strategies, corporate governance and positioning for liquidity.
Discovery Capital Management Corp. is the manager of British Columbia
Discovery Fund (VCC) Inc., a British Columbia venture capital fund that
has raised approximately $26.7 million to date.

For more information about Discovery Capital Corporation, please visit
www.discoverycapital.com.

John McEwen, President and Co-CEO

Harry Jaako, Chairman and Co-CEO

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 Company 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
Company currently foresees.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Discovery Capital Corporation
    Charles Cook
    CFO
    (604) 683-3000 ext. 102
    (604) 662-3457 (FAX)
    info@discoverycapital.com
    www.discoverycapital.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.