The B.E.S.T. Discoveries Fund Inc. announces new investments and adjustment to shareholder accounts



    TORONTO, March 28 /CNW/ - The B.E.S.T. Discoveries Fund Inc. (the "Fund")
announces an adjustment to the number of outstanding Class A Shares in certain
shareholder accounts in which subscription activity occurred between May 3,
2007 and September 27, 2007. The adjustment to those affected accounts, of
approximately $2.05 per share, to be processed March 31, 2008, will result in
the issuance of approximately 5,240 additional Class A Shares. The adjustment
arose as a result of performance fee accruals which should have been made in
accordance with the Fund's Incentive Participation Amount calculation on
May 3, 2007. This adjustment does not impact the Fund's current Net Asset
Value or the Net Asset Value per share of unaffected shareholder accounts. In
addition, B.E.S.T. Investment Counsel Inc. (the "Manager") will reimburse the
Fund approximately $233,652 for excess redemption proceeds and $227,075 for
management fees, advisor fees and service fees resulting from the
overstatement of the Net Asset Value.
    The Fund is also pleased to announce that during January and February
2008 it completed follow-on financings for three portfolio companies.
    By providing portfolio companies with follow-on financing, the Fund helps
firms such as AIM Health Group Inc, GridIron Software Inc and Newstep Networks
to realize their full growth potential for investors.

    Investment Details:

    AIM Health Group Inc. - $1,999,631

    GridIron Software Inc. - $533,333

    Newstep Networks Inc. - $158,791

    About AIM Health Group

    AIM Health Group is a fully integrated Canadian health care company that
offers comprehensive services to individuals that are ill, injured, or
disabled, and to individuals requiring life style interventions to improve
their quality of life (wellness). AIM Health Group's business health delivery
divisions integrate aspects of health care from clinical research, medical
assessments, occupational health, multi-disciplinary rehabilitation, medical
acute care, family practice and specialty clinics.

    About GridIron Software Inc.

    GridIron Software is a provider of workflow and performance tools for
creative applications. Their mission is to provide tools for creative
professionals that leverage a unique background in parallel computing,
networking, and system optimization. GridIron was recently awarded a coveted,
"BEST in Show Award" at the 2008 MacWorld Expo in San Francisco, CA for its
new product, "GridIron Flow".

    About NewStep Networks

    Newstep Networks is a provider of seamless session management solutions
based on its patented CSN platform. Newstep solutions enable enterprises and
consumers to have an "any device, any place, any content" communications
experience by facilitating the movement of information across all access
technologies. Newstep Networks' platform offers a rich set of features that
work with today's technology and devices, as well as those being developed for
tomorrow.

    About The B.E.S.T. Discoveries Fund

    The B.E.S.T. Discoveries Fund Inc. is managed by B.E.S.T. Investment
Counsel Limited., a manager of venture capital funds with over $85 million
under administration. The primary objective of the Fund is to achieve
long-term capital appreciation for investors by focusing on niche businesses
which are capitalizing on innovative uses of engineering, science and
technology.





For further information:

For further information: John Richardson, President, B.E.S.T. Investment
Counsel Limited; David Offierski, (416) 203-7331, doffierski@bestfunds.ca

Organization Profile

B.E.S.T. FUNDS

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890