British Columbia Discovery Fund (VCC) Inc. Announces Successful Portfolio Exit-In Motion Technology to Be Acquired by Sierra

British Columbia Discovery Fund (VCC) Inc. Announces Successful Portfolio Exit-In Motion Technology to Be Acquired by Sierra Wireless 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/29/14 -- British
Columbia Discovery Fund (VCC) Inc. (the "Fund"), a venture capital
investment fund registered under the Small Business Venture Capital
Act in British Columbia and managed by Discovery Capital Management
Corp., is very pleased to announce that one of its private portfolio
companies, In Motion Technology Inc., has entered into a definitive
agreement to be acquired by Sierra Wireless Inc. of Richmond, B.C.
for US$21 million in cash consideration, subject to certain customary
post-closing adjustments. John McEwen, CEO of the Fund, is Chairman
of the Board of In Motion and was heavily involved in negotiating
this transaction. The transaction is expected to close in early March
2014, subject to obtaining certain approvals and to customary closing
conditions.  
The Fund's share of the consideration after working capital and other
adjustments is expected to be approximately $9.4 million, of which
approximately $8.6 million is expected to be received initially and
approximately $0.8 million is subject to escrow conditions that
result in this amount being payable over time. As a condition of the
transaction, the Fund, in its capacity as a shareholder of In Motion,
is subject to ongoing indemnity obligations to the purchaser.   
If completed as expected, this transaction will be a profitable exit
for the Fund. The valuation adjustment in contemplation of this
transaction had already been reflected in the Fund's Pricing Net
Asset Value per Share as at an earlier date.   
"This proved to be an excellent time to monetize our investment in In
Motion, a company that we have been invested in since 2005," stated
John McEwen, CEO of the Fund. "In Motion is experiencing
unprecedented growth in the market for mobile enterprise solutions
and the In Motion team of employees will be able to join with a
proven leader in the local technology community." 
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 focused 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 $73 million to date and
has active investments in ten 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.
Contacts:
British Columbia Discovery Fund (VCC) Inc.
Todd Riley
Sales & Marketing Director
(604) 683-3000 ext. 115
(604) 662-3457 (FAX)
info@discoverycapital.com
www.bcdiscoveryfund.com