Groupworks Financial Corp.

Groupworks Financial Corp.

February 02, 2010 16:30 ET

Groupworks to Complete 166,666 Share Private Placement with Insider

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - Groupworks Financial Corp. (TSX VENTURE:GWC) ("Groupworks" or the "Company") announces that it intends to complete a non-brokered private placement of 166,666 common shares to an Insider of the Company at a price of $0.30 per common share for gross proceeds of $50,000. Proceeds from the offering will be added to the Company's cash balances which stood at $2.8 million at the end of the first quarter of 2010. Completion of the offering is subject to stock exchange approval. All securities issued pursuant to the closing are subject to a four-month statutory hold period.

Notice of Correction

The Company announces the following amendment to the Management Information Circular dated January 15, 2010. The circular disclosed that Mr. Laurie Goldberg, Dr. John McFerran and Mr. Eric Shulman each beneficially own, direct or control, directly or indirectly, shares carrying 10% or more of the voting rights attached to all shares of the Company. The circular should also have disclosed that Mr. Bruce Bell beneficially owns, directs or controls, directly or indirectly, shares carrying more than 10% of the voting rights attached to all shares of the Company, his interest being 11%.

About Groupworks Financial Corp.

Groupworks Financial Corp. is a leading Canadian employee benefits and pension advisory firm. With a growing national footprint of ten offices in six provinces, Groupworks is bringing together the leading advisors in the industry, offering innovative and customized HR, benefit and pension solutions to its clients.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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