GrowthWorks WV Management Ltd.

GrowthWorks WV Management Ltd.

June 27, 2005 19:34 ET

GrowthWorks Managed Funds Announce Merger Proposal

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 27, 2005) - Four labour-sponsored investment funds managed by GrowthWorks(i), a leading Canadian venture capital fund manager, announced today a proposal to merge.

The GrowthWorks Canadian Fund has submitted a proposal to the Boards of Canadian Science and Technology Fund Inc. ("CSTGF"), Capital Alliance Ventures Inc. ("CAVI") and GrowthWorks Opportunity Fund Ltd. to merge those funds into the much larger GrowthWorks Canadian Fund.

"Small funds in the asset class typically have had a difficult time generating shareholder value. We are confident that the merger will help investors achieve greater portfolio diversification and lower costs, which we also expect to improve performance," said David Levi, President and CEO of GrowthWorks.

The Board of each fund will review the merger proposal and formulate a recommendation to shareholders with respect to the proposed merger.

The merger is subject to regulatory approval and approval by the shareholders of each merging fund. Further details with respect to terms, conditions and benefits of the merger will be set out in the materials provided to shareholders in connection with the meetings held to approve the merger.

About GrowthWorks

GrowthWorks ( 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 Capital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd., GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd., GrowthWorks Opportunity Fund Ltd. and GrowthWorks Commercialization Fund Ltd., GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd., and Fullarton Capital Corporation, manager of Canadian Science and Technology Growth Fund Inc. and Capital Alliance Ventures Inc.

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