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BC Discovery Fund Portfolio Company Avigilon Named "Company of the Year" by BC Technology Industry Association(June 20, 2012)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/20/12 -- British Columbia Discovery Fund (VCC) Inc. is very pleased to announce that its portfolio company Avigilon Corporation (TSX:AVO), a leader in high-definition (HD) and megapixel video surveillance solutions, earned the prestigious "Company of the Year" award at the recent 2012 British Columbia Technology Industry Association ("BCTIA") Technology Impact Awards Gala. This award recognizes Avigilon for its superior business development and profitable growth, and culminates several years of outstanding development by Avigilon, having earned BCTIA awards for "Emerging Company of the Year" in 2010 and "Team of the Year" in 2011. This award also continues the trend that BC Discovery Fund has enjoyed since 2006, during which time its portfolio companies have been selected for ten BCTIA awards and have been finalists for many more.
A world leader in digital high definition video surveillance technology, Avigilon has achieved significant growth through its ongoing product innovation and its commitment to developing and releasing new products that improve the performance of video surveillance. Providing customers with the best evidence and return on investment is the key to Avigilon's business. Led by Alexander Fernandes, Avigilon co-founder, President and CEO, Avigilon launched its HD surveillance system in late 2007, and the Company has experienced exponential annual growth ever since. In late 2011, Avigilon was ranked the fastest-growing software company in North America on Deloitte's Technology Fast 500(TM) list and was one of the few companies to complete an initial public offering and listing on the Toronto Stock Exchange. Avigilon now employs more than 180 people, with 75% of its staff located in its Vancouver, BC global headquarters and its state-of-the-art manufacturing facility in Richmond, BC, and all of its components are designed and manufactured in Canada.
"Avigilon's achievements over the last few years have been truly outstanding," remarked Harry Jaako, President of the Fund and Lead Director of the Avigilon Board of Directors. "Avigilon's cumulative average sales growth has exceeded 100% annually since late 2007, and this BC-based company now has installations at over 12,000 customer sites in more than 80 countries. Avigilon is a stellar example of how critically important the BC Small Business Venture Capital program is to the development of BC's emerging technology companies, a vital component to enhancing the economic growth of our province. We at BC Discovery Fund look forward to continued dynamic performance from Avigilon, as well as to working with the Fund's other twelve portfolio companies to maximize shareholder value from their development as well."
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 $74 million to date and has investments in thirteen developing technology companies. B.C. resident investors are entitled to receive a tax credit equal to 30% of the amount invested in Class A Shares of the Fund; Class B Shares of the Fund are not eligible for tax credits. 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. Specifically, there are no assurances that the portfolio investments of the Fund will be successful or that sales of portfolio shareholdings of the Fund will result in capital gains to the Fund. The Fund cautions that actual performance, including the ability of the Fund to sell or redeem any of its own shares, 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 Fund currently foresees.
British Columbia Discovery Fund (VCC) Inc.
Sales & Marketing Director
(604) 683-3000 ext. 115
(604) 662-3457 (FAX)
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