GrowthWorks Atlantic Venture Fund

GrowthWorks Atlantic Venture Fund

June 22, 2009 22:19 ET

New Brunswick adopts Amendments to its Labour Sponsored Venture Capital Program-GrowthWorks Atlantic Venture Fund

HALIFAX, NOVA SCOTIA--(Marketwire - June 22, 2009) - GrowthWorks(i) is pleased to report that previously announced enhancements to New Brunswick's Labour Sponsored Venture Capital Corporation program have been passed which increase the provincial LSVCC tax credit from 15% to 20% and the maximum annual investment amount that qualifies for a tax credit from $5,000 to $10,000, effective as of March 17, 2009. New Brunswick investors may now receive federal and provincial tax credits totaling $2,750 on a $10,000 investment in GrowthWorks Atlantic Venture Fund.

"We are pleased with these developments in New Brunswick and other provinces," said Tom Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. "We believe these tax incentives will allow the Fund to raise more capital for investment in promising New Brunswick businesses."

About GrowthWorks (www.growthworks.ca)

GrowthWorks™(i) managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks manages approximately $730 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Cleantech sectors. Building on more than 17 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.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

Commissions, trailing commissions, management fees and expenses all may be associated with retail venture capital fund (RVC) purchases. Please read the fund's prospectus before investing. RVCs are not guaranteed, their values change frequently and past performance may not be repeated. Tax credits are subject to certain conditions, including repayment if shares are not held for eight years. On December 16, 2005, the fund completed a merger by purchasing the assets of Workers Investment Fund Inc. in exchange for Class A shares distributed to former shareholders of that fund.

Contact Information