|By Marketwired .||
|January 13, 2014 08:16 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Working Opportunity Fund (EVCC) Ltd. (the "Fund") provided updates today on the Commercialization Series and the Venture Series.
Commercialization Series' Update
The Fund announced today that the Board of Directors of the Fund has approved the payment of dividends on the 11 Series and 12 Series of the Commercialization Series in accordance with adopted dividend policies. The Fund has approved a dividend of $1.25 per share for each of the 11 Series and 12 Series of Class A Shares of the Commercialization Series. The dividend payments reflect the Fund's policy to pay dividends equal to 25% of the purchase price of the Commercialization shares within three years of the year of purchase. This policy has been met since the Fund began offering the Commercialization Series in 2005.
The Fund also reported today that the Fund decided to withdraw the preliminary simplified prospectus that was filed on November 7, 2013 with respect to the '14 Commercialization Series. On March 21, 2013, the Federal Government announced its decision to phase out the 15% federal Labour-Sponsored Venture Capital Corporation ("LSVCC") tax credit by 2017. The federal tax credit will be reduced to 10% in 2015 and 5% in 2016 before being eliminated in 2017. The phase-out of the federal LSVCC tax credit and the expectation of significantly reduced sales for the upcoming RSP sales season were the determining factors in the Board of Directors of the Fund in deciding not to pursue offering a new series of Commercialization Shares this RSP season.
Commenting on the decision, David Levi stated, "We have continued to assess the British Columbia market since the announcement in March regarding the federal tax credit and based on feedback from the investment community, we believe the landscape is too uncertain to proceed with an offering at this time."
The Fund and the Manager report that the Commercialization Series has a strong liquidity profile at this time and the decision to not pursue an offering this RSP season does not affect weekly redemptions of the Commercialization Series. The Commercialization Series Net Asset Value (NAV) is presently $37.9 million which is composed of $11.1 million of venture assets and $23.0 million in cash and other liquid assets. Debt investments represent 68.5% of the Commercialization Series venture investment portfolio. The top five venture holdings in the Commercialization Series total $7.6 million, or 20.1% of NAV. The Fund and the Manager believe that the Commercialization Series venture investment portfolio will generate sufficient income to satisfy future dividend payments in accordance with all adopted dividend policies on previously offered series. Dividends are not guaranteed and there can be no assurance that the portfolio will generate the cash flow needed to pay dividends in accordance with all adopted dividend policies. The value of most widely held Commercialization Series shares, 05 Series, increased 2.7% during the year ended December 31, 2013.
Venture Series' Update
WOF's Venture Series investments are primarily in BC based private companies. Typically, the most common exit mechanism is a merger & acquisition transaction ("M&A") of a portfolio company and a strategic buyer. Over the past three years, this is how M&A divestments occurred for each of Layer 7 Technologies Inc., Bycast Inc. and QuIC Financial Technologies Inc., among others. It is difficult to predict the timing of when an offer to acquire one of the Fund's portfolio companies will be successfully negotiated and closed with a potential strategic buyer.
The Fund believes the Venture Series is continuing a natural progression for a maturing venture capital portfolio. The Board of Directors of the Fund has commenced a full review of strategic options aimed at realizing on that potential value and providing liquidity for shareholders of Venture Series. These options are considered in light of a range of factors, including Venture Series' cash position, actual and projected levels of divestment activity, the prospects for generating exit values in excess of carrying values and the prospects for the Venture Series resuming weekly redemption processing. Weekly redemptions for the Venture Series remain closed until further notice and the Venture Series is not currently offered.
The Fund and its manager continue to work towards maximizing the return for all shareholders by maturing the companies in the Venture Series portfolio and positioning them for exit. As noted by Cindy Stewart, Chair of the Board of Directors of the Fund, "We are encouraged by the maturity of many of the companies in the Venture Series portfolio in terms of revenue, revenue growth, and having achieved profitability, and together with our manager, believe there are several companies well positioned for near to medium term exit."
The Ventures Series Net Asset Value (NAV) is presently $111.7 million which is composed of $102.6 million of venture assets and includes $4.6 million in cash and other liquid assets. As of December 31, 2013 the Fund has received approximately $15 million of unprocessed redemption requests which have been placed in a queue for processing in the order they are received in accordance with the Fund's articles. The value of most widely held Ventures Series shares, Balanced Shares (Series 2), increased 19.1% during the year ended December 31, 2013. The top holding of the Venture Series is Teradici Corp., currently valued at $27.5 million and comprising 24.6% of NAV. The top five holdings of the Venture Series are investments in Teradici Corp., D-Wave Systems Inc., BuildDirect.com Technologies Inc., ResponseTek Networks Corp. and Mixpo Portfolio Broadcasting Corp., totaling $70.2 million, or 62.9% of NAV.
Forward Looking Statements: This press release contains forward looking statements about the liquidity of the Venture Series and the Commercialization Series including future divestment activity, the value of the portfolios, resumption of the Venture Series share redemptions, future sales of Fund shares and the strategic review by the Fund's board. These statements are based on beliefs and assumptions of management of the Fund at the time the statements are made, including beliefs and assumptions about future market conditions, levels of sales, divestment activity, redemption requests and the strategic review by the Fund's board. These beliefs and assumptions are subject to known and unknown risks and uncertainties, including risks and uncertainties associated with volatility of market conditions and, in turn, the future climate for sales of the Fund's shares, divestment activity, redemption requests, and factors affecting sales of portfolio companies, other factors affecting the performance of portfolio companies, valuations of portfolio companies, financing needs of portfolio companies and the availability of capital to satisfy such financing needs and other risks and uncertainties disclosed in the Fund's most recent prospectus and other regulatory filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Unless required by law, neither the Fund nor its manager assumes any obligation to update any forward-looking statements or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or other factors. All financial information contained in this press release is unaudited.
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Please read the Fund's prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Dividends on Commercialization Series shares are not guaranteed. The returns for Balanced Series 2 to December 31, 2013 are: one year: 16.4%; three years: 0.68%; five years: -0.93%; and since inception: -2.92%. The returns for Commercialization 05 Series to December 31, 2013 are: one year: 2.66%; three years: 3.65%; five years: 2.82%; and since inception: 4.71%. For questions related to submitting Venture Series redemption requests to the queue, please email [email protected] or call 1-800-268-8244.
Working Opportunity Fund (EVCC) Ltd.
President & CEO
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 22, 2016 02:15 PM EDT Reads: 1,488
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 22, 2016 01:45 PM EDT Reads: 3,689
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 22, 2016 01:45 PM EDT Reads: 11,242
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 22, 2016 01:15 PM EDT Reads: 1,341
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 22, 2016 12:45 PM EDT Reads: 2,305
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 22, 2016 12:45 PM EDT Reads: 1,267
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 22, 2016 12:30 PM EDT Reads: 917
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 22, 2016 11:30 AM EDT Reads: 535
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Oct. 22, 2016 11:30 AM EDT Reads: 1,410
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 22, 2016 11:00 AM EDT Reads: 8,245
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
Oct. 22, 2016 10:45 AM EDT Reads: 1,153
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
Oct. 22, 2016 10:45 AM EDT Reads: 3,626
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 22, 2016 10:15 AM EDT Reads: 562
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Oct. 22, 2016 09:30 AM EDT Reads: 1,270
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 22, 2016 09:15 AM EDT Reads: 735