GrowthWorks Capital Ltd.

GrowthWorks Capital Ltd.

December 17, 2007 19:04 ET

Ontario Government Takes Step to Extend Retail Venture Capital Program-GrowthWorks Capital Ltd.

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2007) - GrowthWorks(i) announced today it sees the Ontario Government's recent decision to extend the retail venture capital tax credit program for an additional year as a positive development for venture capital in Ontario. In addition, the Ontario provincial government is proposing to increase the maximum investment eligible for an Ontario tax credit from $5,000 to $7,500.

"This is a positive step in the right direction to create more venture capital in the province," said David Levi, President and CEO of GrowthWorks. "Retail venture capital funds like GrowthWorks Canadian Fund and GrowthWorks Commercialization Fund provide a substantial amount of the venture capital in the province. We are pleased the Ontario government has taken this step to improve the flow of venture capital to Ontario businesses."

This improvement will now allow tax credits for investors in retail venture capital funds to March 1, 2012. This step by the Ontario government coupled with the positive performance(1) of GrowthWorks Canadian Fund since GrowthWorks assumed management is a strong incentive for investors to purchase the Fund this season.

GW Canadian Fund 1 Year Since Merger
WV Canadian 6.70 1.70
Balanced 4.94 1.57
Growth 8.25 7.74
Financial Services 8.00 6.71
Resources 3.80 8.37
Diversified 7.62 5.76

GrowthWorks will continue its leadership role, in consultation with the provincial government, to address the long term needs of venture capital in the province.

About GrowthWorks (

GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks(i) manages more than $900 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd., GrowthWorks Canadian Fund Ltd. and ENSIS Growth.

Fund Inc. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on more than 15 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.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. and ENSIS Management Inc., manager of ENSIS Growth Fund Inc. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. ENSIS is a registered trademark of ENSIS Capital Corporation.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in retail venture capital funds (RVCs). RVCs are not guaranteed; their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

(1) All data is as of Nov 30, 2007. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. As of November 27, 2003, the Fund's previously issued Class A shares were re-designated "WV Canadian Commission I Shares". At that date, the Fund ceased offering these shares and instead began offering the six series listed ("Commission 1") and six series with the same investment strategies but different commission structures ("Commission 2"). The Fund may offer additional series from time to time. Effective November 29, 2005, the Fund purchased the assets of GrowthWorks Opportunity Fund Ltd., Canadian Science and Technology Growth Fund Inc. (CSTGF) and Capital Alliance Ventures Inc. (CAVI) in exchange for Class A shares distributed to former shareholders of each of those investment funds. For additional data for merged funds from Nov. 27, 2003 to merger date and for data on commission II series shares listed email See for details. GrowthWorks WV Management Ltd. assumed management of GrowthWorks Canadian Fund Ltd. as of November 29, 2002.

Contact Information