VANCOUVER, July 11, 2013 /CNW/ - Pender Growth Fund (VCC)
Inc. (the "Fund") (TSX-V: PTF) is providing an update with respect
to one of the investments held in the Fund.
D-Wave Systems recently announced that it had
sold its latest generation computer to a collaboration among NASA,
Google and the Universities Space Research Association (USRA). It
disclosed that installation of its new 512-qubit quantum computer,
the D-Wave Two, had already begun with a view to going online in
Q3. The news was picked up by media outlets around the world. At
the recent Annual General Meeting, management explained that this
sale is evidence that quantum computing has expanded beyond the
theoretical realm and into the worlds of business and
technology.
D-Wave has also hired several new management
people including a new President of its US subsidiary responsible
for sales and a new Chief Financial Officer with high level
experience with NASDAQ public offerings.
It is our view that these developments signal
significant value creation for D-Wave. Although we have no way of
ascertaining a specific amount, we now believe that the value of
the Fund's investment in D-Wave may be significantly in excess of
book value. While we do believe that the company is creating value
for its investors, we have no way of knowing if a liquidity event
such as a take-over or an initial public offering (IPO),
generating returns for the Fund, is a short, medium or long term
possibility.
The Fund currently owns approximately 1% of the
equity of D-Wave. There are numerous classes of shares of
D-Wave held by investors many of which have superior rights to
those held by the Fund.
About D-Wave Systems Inc.
Founded in 1999, D-Wave's mission is to
integrate new discoveries in physics and computer science into
breakthrough approaches to computation. The company's flagship
product, the 512-qubit D-Wave TwoTM computer, is built
around a novel type of superconducting processor that uses quantum
mechanics to massively accelerate computation. The NADA/Google/USRA
installation markets a significant broadening of D-Wave's customer
base, and comes on the heels of Lockheed-Martin's purchase of an
upgrade of their 128-qubit D-Wave OneTM system to a
512-qubit D-Wave Two earlier in this year. With headquarters near
Vancouver, Canada, the D-Wave U.S.
offices are located in Palo Alto,
California. D-Wave has a blue-ship investor base including
Bezos Expeditions, Business Development Bank of Canada, Draper Fisher Jurvetson, Goldman
Sachs, Growthworks, Harris & Harris Group, In-Q-Tel,
International Investment and Underwriting, and Kensington Partners
Limited. For more information, visit: www.dwavesys.com or learn
more at www.youtube.com/user/dwavesystems.
On behalf of:
Pender Growth Fund (VCC) Inc.
"David Barr"
Chief Executive Officer
SOURCE Pender Growth Fund (VCC) Inc.
