|By Marketwired .||
|January 13, 2014 08:16 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/13/14 -- 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
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Aug. 2, 2015 07:00 AM EDT Reads: 163
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Aug. 1, 2015 09:00 PM EDT Reads: 664
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 1, 2015 04:45 PM EDT Reads: 488
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Aug. 1, 2015 03:15 PM EDT Reads: 330
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Aug. 1, 2015 03:00 PM EDT Reads: 520
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Aug. 1, 2015 02:45 PM EDT Reads: 460
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Aug. 1, 2015 11:15 AM EDT Reads: 184
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Aug. 1, 2015 10:30 AM EDT Reads: 216
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 321
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Aug. 1, 2015 09:45 AM EDT Reads: 142
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Aug. 1, 2015 09:45 AM EDT Reads: 192
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Aug. 1, 2015 09:45 AM EDT Reads: 394
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Aug. 1, 2015 08:00 AM EDT Reads: 1,689
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Aug. 1, 2015 08:00 AM EDT Reads: 315
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Jul. 31, 2015 11:45 PM EDT Reads: 790