The Special Committee of the VenGrowth Funds

May 14, 2011 00:18 ET

OSC Hearing on GrowthWorks to Proceed

TORONTO, ONTARIO--(Marketwire - May 14, 2011) - The Special Committee of the VenGrowth Funds has reviewed GrowthWorks' May 13 press release carefully and is pleased that Growthworks has acknowledged some of the defects in their communications to our shareholders including the use of an irrevocable and broad reaching support agreement. However, the Special Committee believes that GrowthWorks' proposed amendments fall far short of the regulatory standards that are in place to protect shareholder rights.

The Special Committee confirmed that they will be proceeding with their application to the Ontario Securities Commission ("OSC") concerning GrowthWorks Ltd. and the GrowthWorks Canadian Fund Ltd. which is to be heard on June 1, 2011.

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