GrowthWorks Atlantic Ltd.

GrowthWorks Atlantic Ltd.

November 09, 2006 16:00 ET

GrowthWorks Atlantic Venture Fund Invests in Azorus Inc.

HALIFAX, NOVA SCOTIA--(CCNMatthews - Nov. 9, 2006) - GrowthWorks Atlantic Venture Fund announced recently that it has completed an investment in local software company, Azorus Inc. This Halifax based IT company specializes in enrolment management software solutions for educational institutions. The investment was made in the Fund's 06 Commercialization series of shares.

"Our investment in Azorus further demonstrates our commitment to funding the development of businesses in Atlantic Canada," said Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. "This financing will help the company continue with product development and sales activities in the region and throughout North America, and will aid in its expansion into the United Kingdom."

Azorus' software solutions are aimed at higher education institutions with the goal of increasing enrolment at lower costs. The technology provides the tools to plan, personalize and target communications to students via the Internet. The company has achieved positive results with clients such as the University of North Carolina, Arkansas State University and recently won the master contract for the entire State of Washington.

"We are delighted to be partnering with GrowthWorks which has demonstrated a strong commitment to funding emerging companies in the region. The level of competition for students is intensifying globally and we believe that Azorus is strategically positioned to be among the leaders in helping colleges and universities achieve their enrollment objectives. Thanks to the investment by GrowthWorks Atlantic Venture Fund, we will be able to accelerate our presence in the US, UK and Canadian markets," said Stephen MacDonald, CEO Azorus Inc.

About GrowthWorks

GrowthWorks ( 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.

The Fund offers Balanced and Commercialization series of shares. Net assets of the Fund, including venture investments, are allocated to a series based on the series' investment program. On December 16, 2005, the Fund completed a merger by purchasing the assets of Workers Investment Fund Inc. for its Balanced series shares in exchange for Balanced series shares distributed to former shareholders of that fund. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Please read the prospectus of the Fund before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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