VANCOUVER, April 25 /CNW/ - BC Medical Innovations Fund (EVCC) Inc.
("BCMIF" or the "Fund") announces that, subsequent to a poor capital raising
season, the Fund has concerns over its ability to meet future minimum
investment requirements under the British Columbia Employee Investment Act.
Accordingly, the Fund is in discussions with the British Columbia Ministry of
Economic Development and is considering various alternatives for its future,
which could include an orderly wind-up and distribution of its assets or the
potential sale of the Fund to another entity. It is the Fund's intention to
maximize unitholder value and it will keep investors informed about the
results of this ongoing assessment process.
During the assessment period, the Fund will be closed to any further
purchases of its shares. In addition, the Fund may not be able to permit
redemptions (hardship or otherwise) due to the need to preserve its liquid
About BC Medical Innovations Fund
BCMIF is an employee venture capital corporation that focuses exclusively
on investing in eligible businesses in the health sciences sector in British
Columbia. Medical Innovations Management Inc. is the manager (the "Manager")
of the Fund, and is an indirect wholly-owned subsidiary of JovFunds Management
Inc. ("JovFunds"), which is itself an indirect wholly-owned subsidiary of
Jovian Capital Corporation ("Jovian") (JVN: TSX-V).
JovFunds provides investment solutions for Canadian investors through the
creation, management and distribution of high quality investment products. As
a member of the Jovian group of companies, JovFunds oversees the management
and distribution of over 50 investment products and currently has over
$1 billion in assets under management.
About Jovian Capital Corporation
Jovian is a publicly-traded company listed on the TSX Venture Exchange.
Jovian is a management and holding company with interests in a variety of
financial service firms specializing in wealth and asset management. The
Jovian group of companies operates as a national financial services
organization with approximately $13.5 billion of client assets ($4.9 billion
assets under management and $8.6 billion assets under administration).
For further information:
For further information: Steve Hawkins, Managing Partner, JovFunds
Management Inc. 1-866-601-2440 or please visit www.bcmif.com