GrowthWorks WV Management Ltd.

GrowthWorks WV Management Ltd.

November 07, 2007 20:09 ET

GrowthWorks Finalizes Acquisition of ENSIS Management Inc.

Discussions Begin for Potential Merger of ENSIS Growth Fund into GrowthWorks Canadian Fund

WINNIPEG, MANITOBA--(Marketwire - Nov. 7, 2007) - GrowthWorks Manitoba Ltd. is pleased to announce the successful completion of the acquisition of ENSIS Management Inc., manager of ENSIS Growth Fund.

"This is a win/win situation," said David Levi, President and CEO of GrowthWorks(i). "The ENSIS shareholders will benefit from our expertise in the venture capital industry and GrowthWorks will get a foothold in the Manitoba market."

"We are very pleased with the closing of the transaction as we believe GrowthWorks(i), with its national retail venture capital expertise, offers the best long term growth potential for ENSIS shareholders," said Bill Watchorn, former President and CEO of ENSIS Management Inc. Mr. Watchorn will remain as a director of ENSIS Growth Fund Inc.

GrowthWorks also announced today initial discussions with respect to a possible merger of ENSIS Growth Fund into GrowthWorks Canadian Fund have begun. If completed, this merger would create the most regionally diversified retail venture capital fund in Canada. GrowthWorks strongly believes a merger will be beneficial to shareholders of both funds and to businesses in Manitoba. Expected benefits for shareholders of ENSIS Growth Fund include:

- significantly enhanced portfolio diversification,

- potentially reduced MER

- significantly enhanced liquidity; and

- greater size and market awareness, enhancing both fund raising ability and deal flow.

More information will be provided to shareholders should the discussions for the potential merger move forward.

About GrowthWorks (www.growthworks.ca)

GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks(i) manages over $900 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd., GrowthWorks Canadian Fund Ltd. and ENSIS Growth Fund Inc. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on over 15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

(i) GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: GrowthWorks Capital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. and ENSIS Management Inc., manager of ENSIS Growth Fund Inc. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. ENSIS is a registered trademark of ENSIS Capital Corporation.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in retail venture capital funds (RVCs). RVCs are not guaranteed; their values change frequently and past performance may not be repeated. Please read the prospectus before investing. A merger of ENSIS Growth Fund Inc. into GrowthWorks Canadian Fund Ltd. remains subject to numerous conditions, including board, shareholder and regulatory approvals. There can be no assurance that a merger will be completed. Statements with respect to expected benefits of the merger are subject to a number of factors and known and unknown risks that may cause actual results to differ materially from those expressed or implied by such statements. Most of these factors and risks are beyond the control of the investment funds and their respective managers. Neither the funds nor their respective managers assume any responsibility for updating these statements.

Contact Information

  • Curve Communications
    Laura Murray
    Media Relations
    (604) 684-3170 ext. 7 or Cell: (604) 306-0027