GrowthWorks WV Management Ltd.

GrowthWorks WV Management Ltd.

June 27, 2005 18:39 ET

GrowthWorks Commercialization Fund Announces Proxy Voting Guidelines and Change to Investment Allocation Rules

TORONTO, ONTARIO--(CCNMatthews - June 27, 2005) - GrowthWorks Commercialization Fund announced today that it has adopted proxy voting guidelines for shares of portfolio companies and implemented a change to its investment allocation rules.

Under the recently introduced National Instrument 81-106, Investment Fund Continuous Disclosure, the Fund is required by July 1, 2005 to have guidelines in place governing how shares in all portfolio companies are voted, and to begin maintaining a proxy voting record regarding public portfolio companies.

GrowthWorks(i) and its affiliates already have in place a policy regarding the voting of proxies for GrowthWorks managed funds that complies with the requirements of the national instrument.

GrowthWorks votes the proxies associated with the Fund's investments in a manner which it believes to be in the best interests of the Fund. Particulars of the proxy voting guidelines will be disclosed in the Fund's prospectus amendment to be filed June 28, 2005 and a full copy of the proxy voting guidelines is available from the Fund on request.

Also today, the Fund announced that it has implemented a change to the rules governing the allocation of commercialization investment opportunities made available to the Fund and other GrowthWorks managed funds with overlapping investment mandates. As a result of the change, the Fund will be entitled to invest a minimum of $500,000 in each such commercialization investment opportunity in order to make the Fund's participation worthwhile.

About GrowthWorks(i)

GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising, investing and managing of capital. GrowthWorks™ managed funds, including the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund, GrowthWorks Atlantic Venture Fund, and Fullarton Capital managed funds, have approximately $800 million in combined assets. 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 refers to affiliates of GrowthWorks Ltd. and includes GrowthWorks WV Management Ltd., the manager of GrowthWorks Canadian Fund Ltd., GrowthWorks Opportunity Fund Ltd. and GrowthWorks Commercialization Fund Ltd., and GrowthWorks Capital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd.

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