GrowthWorks Canadian Fund Receives Extension of Regulatory Approval for Closure of Class A Share Redemptions

TORONTO, ONTARIO--(Marketwire - April 16, 2012) - As previously announced on November 10, 2011, GrowthWorks Canadian Fund Ltd. ("Canadian Fund") obtained regulatory approval to close Class A share redemptions until April 16, 2012 (the "Order"). Canadian Fund today announced it has obtained an extension of the Order to July 31, 2012.

The Fund will continue to seek regulatory relief to enable the Fund to implement a previously announced redemption management plan whereby Canadian Fund would process redemptions of Class A shares semi-annually based on redemption amounts approved by the Board, taking into consideration projected divestment activity and the fund's follow-on investment needs, liabilities and operating commitments. There can be no assurance that Canadian Fund will secure the regulatory relief required to process redemptions on the basis proposed under the plan or at all or, if the plan is implemented, as to the levels and/or timing of Class A share redemptions processed under the plan. Further details will be announced when the regulatory application process concludes.

The Board of Directors of Canadian Fund continues to review strategic options aimed at providing liquidity for shareholders of Canadian Fund while preserving the value potential in the fund's investment portfolio. There can be no assurance as to the outcome of this review.

This announcement only affects redemptions of Canadian Fund Class A shares and does not affect sales or redemptions of other GrowthWorks managed funds, including GrowthWorks Commercialization Fund.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Read a fund's prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Canadian Fund purchased the assets of Canadian Science and Technology Growth Fund and Capital Alliance Ventures in 2005, of ENSIS Growth Fund in 2008 and of Canadian Medical Discoveries Fund in 2009, in each case in exchange for Class A shares. ENSIS is a registered trademark of ENSIS Capital Corporation.