GrowthWorks WV Management Ltd.

GrowthWorks WV Management Ltd.

September 18, 2007 14:23 ET

GrowthWorks Canadian Fund Announces $78 Million in Proceeds from Sale of Med-Eng

TORONTO, ONTARIO--(Marketwire - Sept. 18, 2007) - GrowthWorks Canadian Fund ("the Fund") announced today the Fund stands to receive approximately $78 million in proceeds from the sale of Med-Eng Systems Inc.

Med-Eng., a leading global supplier of Explosive Ordnance Disposal (EOD) equipment, and the world market leader for bomb disposal suits and helmets, was sold to Allen-Vanguard Corporation. The increased value of the Fund's holding in Med-Eng has been reflected in the share price over the past year in accordance with the Fund's valuation rules.

"This is great news for the shareholders of GrowthWorks Canadian Fund," said Les Lyall, Senior Vice President of GrowthWorks(i). "The sale of Med-Eng to Allen-Vanguard is an example of a successful exit which resulted in exceptional shareholder value and is a true testament to the importance of retail venture capital funds in Ontario."

"GrowthWorks has been a solid contributor to our company both from a financial and business perspective," said Danny Osadca, CEO of Med-Eng. "Their commitment to our business has certainly contributed to the success we enjoy today."

Med-Eng is the world market leader for bomb disposal suits and helmets, and is also an important supplier of Electronic Counter Measures equipment to the US military through General Dynamics Armament and Technical Products, and to other Nato military forces.

About GrowthWorks (

GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks(i) manages more than $800 million in 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 Advanced Manufacturing sectors. Building on more than 15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

(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. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in retail venture capital funds (RVCs). RVCs are not guaranteed; their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

About Med-Eng (

Med-Eng is the global expert in integrated personal and electronic protection solutions, offering bomb disposal suits and helmets, micro-climate systems, electronics cooling, and protective equipment for unexploded ordnance and force protection operations. Military and law enforcement agencies from more than 120 countries trust Med-Eng technologies and systems to protect against evolving blast, electronic and other threats.

Contact Information