GrowthWorks Canadian Fund Ltd.

GrowthWorks Canadian Fund Ltd.

April 07, 2011 00:18 ET

GrowthWorks Responds to Requests for Deadline Extension Support Agreements Now Accepted Until April 21, 2011

TORONTO, ONTARIO--(Marketwire - April 7, 2011) - GrowthWorks Canadian Fund Ltd. ("GrowthWorks") today announced that the deadline for receiving Support Agreements in respect of the proposed merger of the five VenGrowth Funds noted below into GrowthWorks has been extended from Friday April 8, 2011 to Thursday April 21, 2011. GrowthWorks extended the deadline to accommodate numerous requests from VenGrowth shareholders and investment advisors for more time to review GrowthWorks' information circular and send in their Support Agreements. 

"Many shareholders and investment advisors have been confused by misinformation and untrue statements from the VenGrowth Fund special committee over the last two weeks", stated David Levi, CEO of GrowthWorks. "These misleading statements have resulted in many investment advisors taking more time than anticipated to complete their due diligence process before making a recommendation to clients."

GrowthWorks announced on March 18, 2011 that it is soliciting support agreements from Class A shareholders of the following VenGrowth funds (the "VenGrowth Funds"): The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., The VenGrowth Advanced Life Sciences Fund Inc., The VenGrowth Traditional Industries Fund Inc., for its proposed merger of the VenGrowth Funds into GrowthWorks Canadian Fund, as that proposal may be amended from time to time (the "GrowthWorks Proposal"). Full details are contained in an information circular filed by GrowthWorks with Canadian securities regulatory authorities on www.sedar.com and posted at www.growthworks.ca.

Mr. Levi continued "GrowthWorks is very pleased with the number of Support Agreements received to date. We are confident this extended period of time will allow more investment advisors and their clients to fully appreciate their options and make the best choice".

GrowthWorks urges VenGrowth Fund Class A shareholders to act now to protect their own interests by signing and returning the Support Agreement mailed to them and also available at www.sedar.com and www.growthworks.ca. VenGrowth shareholders have a choice to make. Do nothing and leave matters with the VenGrowth Board to carry forward again – knowing what happened last time. Or give your support to GrowthWorks and get the better "two horse race" process and better deal by signing and returning the Support Agreement.

The information in this press release is fully qualified by, and is subject to, the more detailed information contained in the Information Circular and Support Agreement sent to VenGrowth Fund shareholders. There can be no assurance that the merger contemplated by the GrowthWorks Proposal will be completed on the basis proposed or at all. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contact Information

  • GrowthWorks Canadian Fund Ltd.
    David Levi, President & Chief Executive Officer
    (416) 934-7700
    Suite 2200, Exchange Tower
    130 King Street West, Toronto, Ontario, M5X 1E3
    www.growthworks.ca