TORONTO, ONTARIO--(Marketwired - Oct. 27, 2014) - GrowthWorks Commercialization Fund Ltd. ("Fund") announced today the retirement of six of its long-serving directors.
During this period of time when the Fund has both ceased offering its shares for sale and suspended processing redemptions of shares, the Board concluded that having fewer directors was appropriate in the circumstances. Five of those directors had been elected by the sole shareholder of Class B shares of the Fund, Canadian Federation of Labour. The Board does not intend to replace the retiring directors at this time.
"I want to thank the directors; Derm Cain, Andre Chartrand, Mitch Grenier, John Hardy, Joe Maloney, and Ed Power for their commitment to both the Company and the importance of venture capital investing," said Mr. Ross, Chair of the Fund's board of directors.
With the retirement of those directors, five elected directors remain on the Fund's board of directors.
Contact Information:
David Levi
Chief Executive Officer
(416) 934-7700