GrowthWorks Capital Ltd.

GrowthWorks Capital Ltd.

July 02, 2009 18:33 ET

GrowthWorks(i) Increases Managed Funds Position in Radiant Communications Corp. Through Acquisition of Mavrix Fund Management Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 2, 2009) - As previously announced, effective June 30, 2009, 1796862 Ontario Ltd., a wholly-owned subsidiary of GrowthWorks Ltd., completed the acquisition of all of the common shares of Mavrix Fund Management Inc. ("Mavrix") through a plan of arrangement transaction (the "Arrangement").

Mavrix is the manager of the Mavrix Mutual Funds which collectively hold 250,000 common shares of Radiant Communications Corp. ("Radiant") representing approximately 2.29% of the issued and outstanding common shares of Radiant.

As a result of the Arrangement, investment funds managed by GrowthWorks now collectively own 4,089,962 common shares of Radiant representing approximately 37.43% of the issued and outstanding common shares of Radiant, which represents an increase of approximately 2.29%, and beneficially own options to purchase an additional 74,167 common shares of Radiant.

The securities are being held for investment purposes. Two of the investment funds managed by GrowthWorks, Working Opportunity Fund (EVCC) Ltd. and Pacific Venture Fund Limited Partnership, have previously filed a Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities. Although it is not anticipated at this time, investment funds managed by GrowthWorks may make further purchases of securities of Radiant for investment purposes only.

About GrowthWorks (www.growthworks.ca)

GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks manages approximately $700 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Cleantech sectors. Building on more than 17 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

(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. and GrowthWorks Commercialization Fund Ltd.; GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd.; GrowthWorks General Partner Ltd., general partner and manager of Pacific Venture Fund Limited Partnership; and 1796862 Ontario Ltd. and Mavrix Fund Management Inc. manager of the Mavrix Mutual Funds and other specialty funds.

GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

About Mavrix Fund Management Inc.

Mavrix Fund Management Inc. (TSX:MVX) is an asset management company founded and operated by experienced portfolio managers. The company offers a focused line-up of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Halifax, Montreal and Winnipeg. Additional information about Mavrix can be found at www.mavrixfunds.com.

For further information: contact Mavrix Fund Management Inc. at 416-362-3077 or 1-888-964-3533.

Contact Information

  • GrowthWorks Capital Ltd.
    Murray Munro, Senior Vice President,
    National Sales, Marketing & Government Relations
    604-895-7282
    www.growthworks.ca