|By Marketwired .||
|February 3, 2014 12:48 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/03/14 -- The Business, Engineering, Science & Technology Discoveries Fund Inc. (the "Fund") (CSE:VC) announced that it has called an annual and special meeting of the Fund (the "Annual and Special Meeting") to consider, in addition to annual business, a transaction (the "Transaction") proposed to address the interests of shareholders of the Fund. The meeting is expected to occur on March 28, 2014. The Transaction must be approved by the holders of the Fund's Class A Shares and Class L Shares at the Annual and Special Meeting and is subject to approval by the Fund's Independent Review Committee and all necessary regulatory and stock exchange approvals.
The Transaction would enable the current shareholders of the Fund to exchange their shares for units (the "Units") in a newly formed limited partnership (the "Limited Partnership") with similar investment objectives and strategies as the Fund but that is not subject to the requirements and investment restrictions of a Labour Sponsored Investment Fund ("LSIF"). The shareholders of the Fund would have the opportunity to participate in a new publicly traded Limited Partnership that will provide its investors with exposure to the Fund's current investment portfolio and is expected to provide the following benefits:
-- regular distributions of income, -- exposure to additional venture capital investments with fewer investment restrictions, -- lower expenses of the fund, -- the potential for additional capital raising, -- stable capital which will permit the manager to optimize the exit value potential, -- liquidity through trading, -- a new compensation structure for management of the Limited Partnership, including a priority profit share and carried interest, that is intended to better align the interests of management with the interests of the holders of the Units rather than a conventional management fee.
Since the Ontario government phased out the Ontario tax credit program for LSIFs at the end of the 2011 taxation year, and the Federal government's announcement that it will phase out the federal tax credit for LSIFs by 2017, management and the board of directors of the Fund (the "Board") have been evaluating the Fund's options. The Board reviewed and considered the advantages and disadvantages of a number of potential alternatives to the Transaction, including maintaining the status quo and an early-wind-up, and concluded that the Transaction would be in the best interests of the shareholders of the Fund.
The Board and the manager of the Fund, B.E.S.T. Investment Counsel Limited (the "Manager"), are of the view that winding up is not in the best interests of the Fund's shareholders. The Manager believes that the Fund holds a high quality portfolio of investments in private companies; however, the Fund would be unable to liquidate those investments quickly at a price that reflects their intrinsic values. It is difficult to predict when liquidity will be achieved in the early stage equity investments in the Fund's venture portfolio.
The Ontario Ministry of Finance has granted an advance ruling with respect to the Transaction providing that amounts in respect of the provincial tax credits will not be required to be repaid as a result of the execution of the Transaction (the "Ruling"). On the basis of the Ruling, the Manager further understands that no federal tax credit amount should be required to be repaid in connection with the Transaction. There will be no redemption fees for any of the Fund's shareholders in connection with the Transaction.
Redemptions of the Class A Shares of the Fund are suspended effective immediately pending implementation of the Transaction, if approved, based on careful consideration by the Board of the best interests of all of the Fund's shareholders, the Fund's liquidity situation, market conditions and the anticipated requests for redemptions by holders of the Fund's Class A Shares.
The Fund is currently preparing an information circular in connection with the Annual and Special Meeting which will disclose further details of the Transaction and the Board's recommendation that shareholders of the Fund vote in favour of the Transaction. The Circular will be distributed to shareholders for their consideration in the ordinary course.
About The Business, Engineering, Science & Technology Discoveries Fund Inc.
The Business, Engineering, Science & Technology Discoveries Fund Inc., established in 1996, is registered as a labour sponsored investment fund corporation in Ontario. The Fund's investment focus is primarily on companies capitalizing on the innovative uses of engineering, science and technology.
The Fund invests in eligible companies that are in differing stages of development in a variety of high growth industries which may include telecommunications, information technology, computers and life sciences.
Certain statements contained in this press release may include forward-looking information with respect to the Fund's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. Further information can be found in the disclosure documents filed by the Fund at www.sedar.com.
The Business, Engineering, Science & Technology
Discoveries Fund Inc.
416-203-7331 ext. 228 or 1-800-795-BEST
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.
Jan. 18, 2017 11:15 PM EST Reads: 4,436
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 18, 2017 09:45 PM EST Reads: 6,496
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 18, 2017 09:30 PM EST Reads: 7,614
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Jan. 18, 2017 09:30 PM EST Reads: 5,729
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Jan. 18, 2017 08:15 PM EST Reads: 4,841
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Jan. 18, 2017 07:30 PM EST Reads: 3,141
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Jan. 18, 2017 06:15 PM EST Reads: 4,191
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jan. 18, 2017 05:30 PM EST Reads: 4,879
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 18, 2017 05:00 PM EST Reads: 1,164
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Jan. 18, 2017 05:00 PM EST Reads: 303
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 18, 2017 04:45 PM EST Reads: 4,885
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 18, 2017 04:45 PM EST Reads: 5,372
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Jan. 18, 2017 04:45 PM EST Reads: 4,588
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 18, 2017 04:30 PM EST Reads: 4,784
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 18, 2017 03:30 PM EST Reads: 3,685