The summer of 2009 has been a busy period for British Columbia Discovery Fund (VCC) Inc. ("BCDF" or the "Fund") and its portfolio of venture investments. BCDF has witnessed substantial growth in the overall revenues of the companies in its portfolio, resulting in increased recognition in the marketplace of each of these companies. As these companies continue to grow, the Fund believes that the overall risk in its portfolio is being correspondingly reduced while exit opportunities expand.
BCDF is pleased to report on the following recent achievements in its venture portfolio:
- In Motion Technology Inc., a private, New Westminster-based leader in mobile networking technologies that efficiently connect and manage equipment, information and people in the field, has made a key addition to its senior management team as Leonard Hordyk joined the company as Chief Executive Officer. Mr. Hordyk is a seasoned and highly-regarded technology executive who was CEO of the Fund's former portfolio company TIR Systems Ltd. when TIR was acquired in 2007 by Philips Electronics Ltd. in a $75 million cash transaction. In addition to generating strong revenue growth over the last two years, In Motion has developed an impressive portfolio of partners and distributors allowing it to further penetrate its traditional markets and expand into new markets. Coincident with the hiring of Len Hordyk, In Motion completed a $4.5 million financing round. In Motion's patented technology enables mobile customers to stay constantly connected, as onboard communications roam seamlessly across wireless networks. More information regarding In Motion is available at www.inmotiontechnology.com.
- Rx Networks Inc., a private, Vancouver-based mobile positioning technology and global services company, placed 5th in this year's 10th annual PROFIT HOT 50 ranking published by PROFIT magazine. The PROFIT HOT 50 is published in the October issue of PROFIT: Your Guide to Business Success, a Canadian publication dedicated to the management issues and opportunities facing small and mid-sized businesses. This list ranks young firms by two-year revenue growth - revenue growth for Rx Networks during this period exceeded 2,300%. Rx Networks designs and delivers solutions to handset manufacturers and mobile service providers that dramatically improve the performance and usability of GPS and non-GPS equipped devices such as cell phones, personal navigation devices or asset tracking modules. More information regarding Rx Networks is available at www.rxnetworks.ca.
- Lat49 Media Inc., a private, Vancouver-based innovative market leader in high-performance online advertising driven by location awareness, attracted a new significant financial partner in completing a $1.5 million financing as it emerged from the reorganization of former portfolio company IDELIX Software Inc. Lat49 is a growing advertising network made up of over 130 websites and based on a complete geo-contextual advertising platform that is unique in its ability to incorporate ads on online maps. More information regarding Lat49 Media is available at www.lat49.com. The reorganization of IDELIX is more fully described in the June 30, 2009 semi-annual financial statements and management report of financial performance of the Fund, available on the Fund's website at www.bcdiscoveryfund.com or at www.sedar.com.
"It is very satisfying to be able to report that many of our portfolio companies have been increasing their revenues and reducing their business risks during an unprecedented challenging time," remarked Charles Cook, Investment Manager of the Fund. "In spite of the recent period of economic and financial turmoil, our portfolio companies have carried forward with prudent implementation of their business plans. This has resulted in increased interest in these companies from potential acquirers with several of our companies being in early stage discussions."
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. |
