VenGrowth Asset Management Inc.

VenGrowth Asset Management Inc.

August 19, 2011 16:02 ET

VenGrowth Reconfirms Equitable Treatment of VenGrowth Shareholders Under Covington Offer

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2011) - The VenGrowth Funds and their proxy solicitation agent Georgeson Shareholder Communications Inc. ("Georgeson") have recently undertaken an investigation in response to allegations made by GrowthWorks of coercive tactics being used by the VenGrowth Funds and Georgeson.

Our investigation uncovered no evidence that supports GrowthWorks' allegations of coercive tactics. We have taken action, which includes issuing this press release, to reconfirm with shareholders and advisors that a shareholder's access to improved redemption options under the Covington Offer is not conditional on how that individual shareholder votes.

The Covington Offer does not require and never has required an individual shareholder to vote in favour of the Covington Offer or vote at all in order to be eligible for its cash redemption options. These redemption options will be available to all shareholders in VenGrowth I, VenGrowth II and VenGrowth Advanced Life Sciences if the Covington Offer is approved by the necessary majority of shareholders at the shareholder meetings of those funds and the transaction is completed.

Shareholders are reminded that to have their shares redeemed on the closing of the Covington Offer they must submit a properly completed redemption request form as described in the management information circular of the VenGrowth Funds dated July 6, 2011.

Investors who would like more information are invited to contact their financial advisor, visit or contact Georgeson, our proxy solicitation agent, at 1.866.676.3003.

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