GrowthWorks Atlantic Ltd.

GrowthWorks Atlantic Ltd.

March 16, 2005 15:30 ET

GrowthWorks Atlantic Venture Fund a Winner with Investors; Fund Exceeds First Year Target of $4 Million



MARCH 16, 2005 - 15:30 ET

GrowthWorks Atlantic Venture Fund a Winner with
Investors; Fund Exceeds First Year Target of $4 Million

HALIFAX, NOVA SCOTIA--(CCNMatthews - March 16, 2005) - GrowthWorks
Atlantic Venture Fund, a labour-sponsored venture capital fund launched
in mid-January, announced today it raised $4.1 million in the Atlantic
provinces in the last two months.

"We are very pleased with the response the Fund has had from Atlantic
Canadians," said Tom Hayes, President and CEO of GrowthWorks Atlantic
Venture Fund. "It seems from the incredible interest of investors in the
region that they believe in the importance and the benefits of
developing the economy in Atlantic Canada."

The Fund will invest in small and medium sized businesses in the
Atlantic provinces, mainly in technology, life sciences and advanced
manufacturing but will also look to traditional industries for
investment opportunities.

An investment in the Fund provides tax incentives for Atlantic Canadians
to invest in these up and coming companies in their home provinces. In
addition to RRSP tax savings, eligible investors can receive 15% federal
tax savings and 15% provincial tax credits (20% in Nova Scotia)
resulting in up to $3,750 in tax savings on a $5,000 investment.

"We look forward to building on this very strong foundation we have
established since the beginning of the year," said Hayes. "We will
continue to work hard in the upcoming months to expand our network of
Investment Advisors and Financial Planners who sell the Fund as well as
communicating with entrepreneurs and start investing in small and medium
sized businesses in the region."

About GrowthWorks

GrowthWorks(i) ( is a recognized leader in venture
capital fund management with proven experience in the raising and
managing of capital. GrowthWorksTM managed funds have $800 million in
combined assets and include the Working Opportunity Fund, GrowthWorks
Canadian Fund, GrowthWorks Commercialization Fund and GrowthWorks
Atlantic Venture Fund, and Canadian Science and Technology Growth Fund
and Capital Alliance Ventures Fund. 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 means the affiliates of GrowthWorks Ltd. and includes:
GrowthWorks Capital Ltd., manager of the Working Opportunity Fund (EVCC)
Ltd.; GrowthWorks WV Management Ltd., the manager of GrowthWorks
Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.;
GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund
Ltd.; and Fullarton Capital Corporation, manager of Canadian Science and
Technology Growth Fund Inc. and Capital Alliance Ventures Inc.


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