BC Advantage Funds Announces Management Change at BC Tech Fund
Vancouver, December 12, 2006 - BC Advantage Funds (VCC) Ltd. announced today that Dr. Basil Peters has completed his engagement as Fund Manager of the BC Tech Fund - Advantage's early stage technology fund - and will not renew his contract. Beginning January 1, 2007, The BC Tech Fund will be managed by Lions Capital Corp., the same management team that manages the Advantage Life Science Venture Fund and the Advantage Venture Fund.
Dr. Peters intends to focus his efforts on early stage technology companies as an active angel investor and will be continue to work, in his capacity as one of Advantage's mentors, on a number of the BC Tech Fund's portfolio companies. Frank Holler, CEO of Advantage, said: "We wish to thank Dr. Peters for his contribution to Advantage. Basil was instrumental in helping launch Advantage and has done a very good job of managing our BC Tech Fund through it's first few years of operations. We look forward to working with him as he continues his involvement in the local technology community."
Holler also said that he is very confident in the abilities of the investment team that will pick up management of the BC Tech Fund. "Lions Capital manages our other two funds and is the team responsible for Advantage receiving the 2006 the "Deal of the Year" from the Canadian Venture Capital and Private Equity Association". Advantage won the award, given each year for the venture capital deal that achieves the highest realized return over the last 12 months, for its investment in Aspreva Pharmaceuticals, which yielded a return multiple of 23.4 times over capital invested.
The BC Tech Fund has also produced a strong return for its investors. The Tech Fund currently has a net asset value of $10.31 per share, and has generated an internal rate of return on investments since inception of 27%. Based on available information, the Tech Fund is second only to Advantage's Life Science Venture Fund in performance amongst retail VCC funds, and is also performing well when compared to other retail funds across Canada.
Dr. Peters, one of the original founders of Advantage and Fund Manager of the BC Tech Fund since inception, said "I will be continuing my contribution to the BC technology community by helping to finance and mentor promising early stage companies. I also look forward to contributing to Advantage through their Mentor program."
Advantage offers everyone in BC the opportunity to invest in some of the Province's most promising life science, technology and clean-technology companies. Advantage investors receive a 30% refundable tax credit from the BC government on investments of up to $200,000 per year.
For more information about Advantage, please review our prospectus, visit our website at www.bcadvantagefunds.com or contact our Vice President, Sales and Marketing, Ray Matthews at firstname.lastname@example.org or 604.818.7778.
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