BC Advantage Funds to Simplify Fund Structure

Vancouver, May 27, 2008 - BC Advantage Funds (VCC) Ltd. (“Advantage”) announced today changes to simply its fund structure which are expected to result in improved operating efficiencies and material expense reductions. Advantage and Pender NDI Life Sciences Fund (VCC) Inc., doing business as Advantage Life Science Fund II (“ASLFII”) will amalgamate into one fund company and the Advantage Technology Fund will be merged into the Advantage Venture Fund.

BC Advantage Funds to Amalgamate with Advantage Life Science Fund II
Advantage and ASLFII are pleased to announce that they have executed an agreement to amalgamate into one fund company. Existing Advantage funds and ALSFII will continue to be stand alone funds within the amalgamated fund company and as a result, there will be no impact to net asset value per share of respective funds resulting from the amalgamation. For example, a shareholder who has 100 shares of the Advantage Venture Fund valued at $10.00 per share prior to the amalgamation will have 100 shares of the Advantage Venture Fund valued at $10.00 per share after the amalgamation.

Advantage and ALSFII are both venture capital corporation fund companies managed by Lions Capital Corp. The amalgamation will streamline operations and reduce or eliminate certain operating costs for both funds. This will reduce the management expense ratio of all funds and increase their net asset values, thereby resulting in greater returns to investors. Duplicate operating costs that can be reduced or eliminated include annual prospectus preparation and filing fees, certain legal fees, annual shareholder meeting and communication costs, annual audit, accounting and taxation fees, valuation fees, shareholder transaction and recordkeeping costs and certain back office costs relating to general administration. Potential aggregate cost savings between Advantage and ALSFII are estimated to be $200,000 to $300,000 annually.

In order to become effective, the amalgamation must be approved by at least two-thirds of Advantage and ASLFII shareholders who vote in person or by proxy at upcoming shareholders’ meetings scheduled on June 25, 2008. The amalgamation is also subject to receipt of certain regulatory approvals. Advantage and ALSFII have prepared a Joint Information Circular which will provide details of the amalgamation and which will be distributed to shareholders on May 27, 2008.

On April 24, 2008 and April 28, 2008, respectively, Advantage and ALSFII each formed a Special Committee comprised of only independent directors to consider the merits of an amalgamation. In the course of their evaluation, the respective Special Committees consulted with their own separate and independent legal counsel, senior management, and advisors and considered a number of strategic and operational factors specific to venture capital corporation funds. The respective Special Committees concluded that the amalgamation is in the best interests of shareholders of Advantage and ASLFII and recommended approval of the amalgamation to the respective Board of Directors of Advantage and ALSFII. On May 22, 2008 the Board of Directors of Advantage and ALSFII passed a resolution to approve the amalgamation and unanimously recommend that shareholders vote in favor of the amalgamation.

Technology Fund Shares Converted to Venture Fund Shares

The Board of Directors of Advantage also announced that all outstanding Technology Fund shares will be converted to Venture Fund shares effective June 5, 2008. The number of Venture Fund shares received for each Technology Fund shares will be determined on the basis of the relative net asset values per share of the Technology Fund and the Venture Fund on May 30, 2008.

The Technology Fund is a dedicated technology fund with approximately $5 million in net assets. The Venture Fund is a diversified technology, life science and clean technology fund with net assets of approximately $50 million. The conversion of Technology Fund shares to Venture Fund shares is expected to result in the following benefits to Technology Fund shareholders: greater access to investment capital, faster capital deployment into venture investments, improved operating efficiencies, and exposure to a more diversified bundle of venture investments.
If you have any questions regarding the amalgamation or the Technology Fund share conversion, please contact Tanner Philp at (604) 688 6877 or tphilp@lionscapital.com.

About Advantage

Advantage offers everyone in BC the opportunity to invest in some of the Province's most promising life science, technology and clean-technology companies. Advantage investors receive a 30% refundable tax credit from the BC government on investments of up to $200,000 per year.

For more information about Advantage, please review our prospectus, visit our website at www.bcadvantagefunds.com or contact our Vice President, Sales and Marketing, Ray Matthews at rmatthews@lionscapital.com or 604.818.7778.

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