British Columbia Discovery Fund Inc. (formerly British Columbia


VANCOUVER, British Columbia, December 31, 2021 (GLOBE NEWSWIRE) – British Columbia Discovery Fund Inc., (formerly British Columbia Discovery Fund (VCC) Inc.) (the “Funds“), by The Bowra Group Inc. in its capacity as liquidator of the Fund (the”Liquidator”), Provides the following update on the Fund’s liquidation process.

The net asset value per Class A common share is $ 2.53 as of November 30, 2021, compared to $ 2.51 as of August 31, 2021, an increase of 1%. The main reason for this change is the change in the value of the Fund’s investment in Tantalus Systems Holdings Inc., a publicly traded company. The following is an update of the Fund’s portfolio companies and the activities of the liquidator:

  1. D-Wave Systems Inc. (“D-Wave”) – D-Wave is a quantum computing company based in Burnaby, British Columbia. D-Wave continues to advance the science used in its products, develop its technology and expand its core business of quantum computing services.

    Since the last press release, the Liquidator has not identified any new material event that would impact the Fund’s investment in D-Wave.

    Further updates and information about D-Wave are available at: www.dwavesys.com.

    The Liquidator continues to monitor D-Wave and review all potential opportunities for liquidity events in accordance with its mandate.

  2. Tantalus Systems Holdings Inc. – (“Tantalum”) – Tantalus is a technology company that develops and operates smart grid solutions for utilities based in Burnaby, British Columbia.

    Since the last press release, the Liquidator has not identified any new material event that would affect the Fund’s investment in Tantalus.

    Further updates and information on the transaction and Tantalus are available at: www.tantalus.com and SEDAR.

    The Liquidator continues to monitor Tantalus and assess its strategy for the realization of the Fund’s position upon the expiration of the one-year blocking period from the date of Tantalus IPO which was January 29. 2021.

  3. Phemi Systems Corporation (“Phemi”) – Phemi is a technology company providing data management, analytics, privacy and security for healthcare based in Vancouver, British Columbia. Phemi continues to work to develop and advance its services and data management platform and add more partners and users of its technology.

    The Liquidator continues to monitor Phemi and review all potential opportunities for liquidity events in accordance with his mandate.

    Further updates and information about Phemi are available at: www.phemi.com.

  4. 3760073 Canada Corp. (formerly Navarik Corp.) (“Navarre“) – Navarik is a technology company providing software and data solutions for the freight and shipping of petroleum products based in Vancouver, BC Navarik has sold all of its assets to Vela Software Group (“Vela“) in September 2020. The Fund’s current participation in Navarik is limited to future distributions Navarik may make to its shareholders in connection with the transaction with Vela.

    Since the last press release, the Liquidator has not identified any new material event that would affect the Fund’s investment in Navarik.

    The liquidator continues to monitor Navarik and the potential for future distributions to the Fund in accordance with the terms of its sale to Vela.

  5. MTI Limited Partnership (acquired following the sale of Mobidia Technology Inc.) (“MTI LP”) – Mobidia was a holding company of the Fund which was sold to App Annie in 2015. The Fund’s current holding in MTI LP is limited to its respective holding in the App Annie shares held by MTI LP traded under the Mobidia sale transaction.

    Since the last press release, the Liquidator has not identified any new material event that would affect the Fund’s investment in MTI LP.

    The liquidator continues to monitor MTI LP and App Annie and to review any opportunity for liquidity events in accordance with his mandate.

The Fund will continue to make its investments in holding companies by participating in liquidity events where possible in accordance with its liquidation mandate and to resolve outstanding matters relating to its liquidation, including tax matters.

At this time, the Fund is not aware of the expected date of a distribution or the date of its termination.

The liquidator published the first report of the liquidator on November 30, 2021 and a copy of the report is available on the liquidator’s website under Liquidator – Reports at: https://www.bowragroup.com/britishcolumbiadiscoveryfundinc

Updates and documents relating to the Fund’s liquidation process can be found on the liquidator’s website at: www.bowragroup.com. The Liquidator will continue to make additional information and updates on the status of the Fund’s liquidation process available on its website, and will issue a press release at least quarterly.

Risk factors and forward-looking information

This press release may include statements about expected future events and / or financial results which 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 the control of the Liquidator.

Certain risks include, but are not limited to: the Fund cannot guarantee to its shareholders the timing or amount of liquidation distributions. The timing of the liquidation of the Fund’s portfolio assets depends on the timing of liquidity events in the underlying portfolio companies and the amount of such distributions will depend on the proceeds from such disposals which in turn will depend on many factors. that affect the value of portfolio companies. The Fund will continue to incur expenses which will reduce the value of any liquidation distribution; if the Fund fails to maintain sufficient funds to pay the expenses and liabilities actually owed to the Fund’s creditors, each shareholder receiving liquidation distributions may be required to pay to the Fund’s creditors its pro rata share of any shortfall, up to the amount actually distributed to each shareholder; if, at the time of a distribution to shareholders, the Fund cannot pass the statutory solvency tests, the distribution may be prohibited; there can be no assurance that the liquidator will obtain the same financial results that management could obtain if it had continued as manager of the fund; the tax treatment of liquidation distributions may vary from shareholder to shareholder, and shareholders should consult their own tax advisers; and Class A shares may, in certain circumstances, cease to be “qualified investments” for “registered plans” for the purposes of the Income Tax Act (Canada).

See “Risk Factors” in the Fund’s Information Circular dated May 22, 2020 and available at www.sedar.com.

Additional information

Additional information regarding the liquidation of the Fund and related matters is contained in the Fund’s Information Circular dated May 22, 2020, which is available on SEDAR at www.sedar.com.

The Bowra Group is a specialty financial advisory firm with offices in Vancouver, British Columbia and Edmonton, Alberta. The Bowra Group specializes in Insolvency and Restructuring and the services offered include business restructuring, business viability and performance improvement assessments and turnaround management. The Bowra Group is a Licensed Insolvency Trustee and officially acts as Trustee, Controller, Receiver and Liquidator on assignments in various industries.

Further information on The Bowra Group and updates for shareholders and information on the liquidation of the Fund can be found at www.bowragroup.com.

Gordon brown
The Bowra Group Inc.
Office 430 – 505, rue Burrard,
Vancouver, BC V7M 2C1
Telephone: 604-689-8939
Email: info@bowragroup.com


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