GrowthWorks Canadian Fund Ltd.

GrowthWorks Canadian Fund Ltd.

August 25, 2011 20:33 ET

GrowthWorks Appreciates VenGrowth Shareholder Support

TORONTO, ONTARIO--(Marketwire - Aug. 25, 2011) - Representatives of GrowthWorks Canadian Fund Ltd. ("GrowthWorks") attended the meetings of VenGrowth Fund shareholders held earlier today to vote on the proposed merger of the VenGrowth Funds into Covington Fund II Inc. (the "Covington Transaction"). At the meetings, shareholders of each of the VenGrowth Funds approved the Covington Transaction. GrowthWorks previously announced a competing proposal to merge the VenGrowth Funds into GrowthWorks.

"GrowthWorks acknowledges the outcome of the shareholder votes," stated David Levi, CEO of GrowthWorks. "We're disappointed that VenGrowth Fund shareholders will not have an opportunity to vote on our proposal, which we believe is superior to the second Covington proposal. GrowthWorks' objective from the start was to create an open auction for the VenGrowth Funds' assets and secure a better deal for VenGrowth Fund shareholders than the deal recommended by the VenGrowth board last fall. We achieved that objective."

David Levi went on to say, "GrowthWorks deeply thanks all of the shareholders and investment advisors that backed our efforts."

About GrowthWorks* (www.growthworks.ca)

GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks is part of the Matrix Asset Management Inc. (TSX:MTA) group of companies and manages over $460 million in venture capital 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 18 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

*GrowthWorks refers to GrowthWorks Ltd. and other companies within the venture capital operating division of Matrix Asset Management Inc., including: 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.

Contact Information

  • GrowthWorks Canadian Fund Ltd.
    David Levi
    President & Chief Executive Officer
    (416) 934-7700
    www.growthworks.ca