"This redemption is made possible by the spectacular success of the Fund's portfolio company, Avigilon Corporation," stated John McEwen, CEO of the Fund. "The Fund originally invested in Avigilon in June 2008, when Avigilon's run-rate was $5 million of revenue. Five years' later and Avigilon's run-rate is $130 million of revenue, with growing profitability. We have sold a portion of the Fund's shareholdings in Avigilon, in accordance with the Fund's mandate to harvest gains from its mature portfolio companies, and in order to satisfy our shareholders' pent-up demand for liquidity on their investment in the Fund."
"We know that many shareholders have been waiting much longer than we or they anticipated for redemption of their shares, and we sincerely appreciate their patience while the portfolio companies of the Fund have continued to mature," stated Charles Cook, CFO of the Fund. "We will continue to work with our portfolio companies to achieve liquidity events that will enable the Fund to process backlogged redemption requests as expeditiously as possible."
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 approximately $72 million to date and has active investments in eleven developing technology companies. To obtain further information about the Fund, please contact a registered advisor or visit www.sedar.com or www.bcdiscoveryfund.com.
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.
British Columbia Discovery Fund (VCC) Inc.
(604) 683-3000 ext. 115
(604) 622-3457 (FAX)
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