GrowthWorks Canadian Fund and GrowthWorks Commercialization Fund Apply to Extend Annual Meeting Date

TORONTO, ONTARIO--(Marketwire - Jan. 6, 2011) - GrowthWorks Canadian Fund Ltd. ("Canadian Fund") and GrowthWorks Commercialization Fund Ltd. ("Commercialization Fund", together with Canadian Fund, the "Funds") today applied to the Ontario Superior Court of Justice, Commercial List (the "Court") for an order pursuant to Section 133(b) of the Canada Business Corporations Act (the "CBCA") extending the time for Canadian Fund and Commercialization Fund to call the next annual meetings of their shareholders to June 30, 2011, together with an order validating service of the notice of application and application materials in the manner described in the affidavit of C. Ian Ross, Chair of the Board of the Funds, sworn January 5, 2011 and abridging the time for service. The application will come on for a hearing on January 17, 2011, at 10:00 a.m., at 330 University Avenue, Toronto, Ontario.

In support of the application, the Funds filed with the court the following materials (the "Court Materials"): Notice of Application dated January 6, 2011; Affidavit of C. Ian Ross, sworn January 5, 2011; and a form of Order of the Court. The Court Materials are available on GrowthWorks Ltd.'s website at www.growthworks.ca.

Canadian Fund is pursuing a previously announced proposal (the "Proposal") to acquire the assets of The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., The VenGrowth Advanced Life Sciences Fund Inc., and The VenGrowth Traditional Industries Fund Inc. (the "VenGrowth Funds"). If the Proposal proceeds, it will be subject to approval by shareholders of Canadian Fund. Canadian Fund would like to hold its annual meeting of shareholders and the special meeting of shareholders to approve the Proposal at the same time, as this would avoid the significant disruption and duplication of cost that would be associated with holding separate meetings. The requested extension of the time for the calling of Canadian Fund's annual shareholders meeting would allow the annual and special meetings to be held together should the Proposal proceed.

Commercialization Fund applied for the same extension of time for calling its annual meeting of shareholders in order to hold its annual meeting of shareholders on the same date and in the same place as Canadian Fund's annual shareholders meeting and special meeting. The Funds have the same manager, the same board of directors and the same officers, and generally hold their annual meetings on the same date and in the same place.