HALIFAX, NOVA SCOTIA--(Marketwire - Oct. 10, 2012) - GrowthWorks Atlantic Venture Fund Ltd. ("Atlantic Fund") announced today a proposal to consolidate Atlantic Fund's Growth and Financial Services Series shares into Balanced Series shares. Growth and Financial Services Series will be removed from Atlantic Fund's current share offering effective October 15, 2012 and from that date forward other Series of Atlantic Fund Class A Shares may no longer be switched into Growth or Financial Services Series. Holders of Growth and Financial Services Series shares may continue to switch into Balanced or GIC Series.
The proposed consolidation is aimed at achieving a more efficient process for compiling and reporting financial results for Atlantic Fund in the current regulatory regime and a more streamlined offering in light of low levels of recent sales of Growth and Financial Services Series shares.
The proposed consolidation was approved by the Board of Atlantic Fund and reviewed by Atlantic Fund's Independent Review Committee. The consolidation remains subject to shareholder approval at Atlantic Fund's 2012 annual general meeting scheduled for December 10, 2012 and regulatory approval. If required approvals are obtained, it is expected that the consolidation will be completed prior to February 28, 2013. The consolidation will be effected through a conversion of Growth and Financial Services Series shares into Balanced Series shares based on the relative net asset value or "NAV" per share of the converting series and the Balanced Series. The series-specific non-venture investment mandate for the Balanced Series is to invest in reserves expected to generate a fairly stable level of current income, which would include investments in high quality debt instruments, high yield investments and bank securities. There can be no assurance that the proposed consolidation will be completed on the basis proposed or at all.
About GrowthWorks* (www.growthworks.ca)
GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors through GrowthWorks Atlantic Venture Fund Ltd., the Working Opportunity Fund (EVCC) 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 is a registered trademark of GrowthWorks Capital Ltd.
*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. 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.