|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
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 10:00 PM EDT Reads: 1,439
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 28, 2016 10:00 PM EDT Reads: 2,094
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Jul. 28, 2016 10:00 PM EDT Reads: 1,715
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 28, 2016 09:00 PM EDT Reads: 2,701
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Jul. 28, 2016 07:15 PM EDT Reads: 369
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 28, 2016 07:15 PM EDT Reads: 1,229
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 06:45 PM EDT Reads: 1,635
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Jul. 28, 2016 06:30 PM EDT Reads: 1,661
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 28, 2016 06:00 PM EDT Reads: 955
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Jul. 28, 2016 05:30 PM EDT Reads: 1,865
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 05:30 PM EDT Reads: 2,214
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Jul. 28, 2016 05:00 PM EDT Reads: 432
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 28, 2016 04:30 PM EDT Reads: 1,191
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 28, 2016 04:30 PM EDT Reads: 916
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Jul. 28, 2016 04:15 PM EDT Reads: 1,780