GrowthWorks Canadian Fund Ltd.

GrowthWorks Canadian Fund Ltd.
GrowthWorks Commercialization Fund Ltd.

GrowthWorks Commercialization Fund Ltd.

January 20, 2012 18:23 ET

GrowthWorks Canadian Fund and GrowthWorks Commercialization Fund Receive Order to Extend Annual Meeting Date

TORONTO, ONTARIO--(Marketwire - Jan. 20, 2012) - GrowthWorks Canadian Fund Ltd. ("Canadian Fund") and GrowthWorks Commercialization Fund Ltd. ("Commercialization Fund", together with Canadian Fund, the "Funds") were granted an order on January 19, 2012 by the Ontario Superior Court of Justice, Commercial List extending the time for Canadian Fund and Commercialization Fund to call the next annual meetings of their shareholders to June 30, 2012.

On November 10, 2011, Canadian Fund announced that it had adopted a redemption management plan ("RMP") whereby Canadian Fund closed weekly Class A share redemptions and, subject to regulatory approval, would process redemptions of Class A shares semi-annually in amounts determined by the Board of Directors of Canadian Fund. Canadian Fund has applied for but not received the regulatory approval required to implement semi-annual redemption processing. If Canadian Fund does not secure such regulatory approval, the Board of Directors will examine variations to the RMP, which may be subject to shareholder approval. Canadian Fund sought an extension of the time for holding its next annual general meeting in order to allow time for the regulatory application process related to the RMP to be completed. This will allow Canadian Fund to avoid the significant disruption and duplication of cost that would be associated with holding a separate shareholder meeting to seek approvals related to the RMP, if required.

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 meeting of shareholders. 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.

About GrowthWorks* (www.growthworks.ca) - GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks manages over $440 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 Cleantech sectors. Building on more than 17 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

*GrowthWorks refers to GrowthWorks Ltd. and other related companies, including: 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.

Contact Information

  • GrowthWorks
    Debbie Gray
    Senior Vice President, National Sales and Marketing
    (416) 934-7726
    www.growthworks.ca