GrowthWorks WV Management Ltd.

GrowthWorks WV Management Ltd.

March 24, 2006 19:30 ET

GrowthWorks Announces Potential Merger with First Ontario Fund

TORONTO, ONTARIO--(CCNMatthews - March 24, 2006) - GrowthWorks(i) Canadian Fund Ltd. announced today it has entered into a memorandum of understanding with respect to a merger of the fund and First Ontario Fund.

"Our intention is to continue to build the asset base in GrowthWorks Canadian Fund which we expect will help investors achieve greater portfolio diversification, lower costs, and ongoing strong performance," said David Levi, President and CEO of GrowthWorks. "We believe the merger of First Ontario Fund's assets into the larger more diversified GrowthWorks Canadian Fund will have a positive impact on shareholders of both Funds."

Under the proposed merger, GrowthWorks Canadian Fund would purchase the net assets of First Ontario Fund in exchange for Class A shares. The merger is subject to final board approvals and necessary regulatory and shareholder approvals.

About GrowthWorks

GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorks™ managed funds, including the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund, and GrowthWorks Atlantic Venture Fund, have approximately $800 million in combined assets.

GrowthWorks has a team of skilled and knowledgeable investment professionals with a combined 200 years of experience. The Investment team has a proven track record of identifying, analyzing and structuring investments in emerging sectors. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

(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. Effective November 29, 2005, GrowthWorks Canadian Fund completed a merger by purchasing the assets of GrowthWorks Opportunity Fund Ltd., Canadian Science and Technology Growth Fund Inc. and Capital Alliance Ventures Inc. in exchange for Class A shares distributed to former shareholders of each of those investment funds.


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