GrowthWorks Atlantic Venture Fund Ltd.

GrowthWorks Atlantic Venture Fund Ltd.
Workers Investment Fund Inc.

Workers Investment Fund Inc.

October 19, 2005 18:35 ET

Workers Investment Fund and GrowthWorks Atlantic Venture Fund Enter Merger Agreement

FREDERICTON, NEW BRUNSWICK and HALIFAX, NOVA SCOTIA--(CCNMatthews - Oct. 19, 2005) - Workers Investment Fund Inc. ("WI Fund") and GrowthWorks Atlantic Venture Fund Ltd. ("GW Atlantic") announced today that the Boards of Directors of WI Fund and GW Atlantic have agreed to the merger of the two funds.

"The Board of Directors of Workers Investment Fund believes this merger will benefit the shareholders of Workers Investment Fund by creating a higher profile fund with improved capital raising ability and providing more diversified investment opportunities for shareholders," said Tom Steep, Chair of WI Fund.

The merger will be completed through an asset purchase transaction whereby GW Atlantic will acquire the net assets of WI Fund and shareholders of WI Fund will become shareholders of GW Atlantic. The merger is subject to shareholder approval of both funds by special resolution at shareholders meetings scheduled for November 24 and 25, 2005. Details of the merger will be contained in the meeting materials being sent to shareholders. GW Atlantic will be the continuing fund after the merger.

"We are very pleased with this merger as it helps build the asset base and portfolio of the GrowthWorks Atlantic Venture Fund and allows us to extend our investment expertise in the Atlantic Provinces to help diversify the investment portfolio for Workers Investment Fund shareholders," said Tom Hayes, President and CEO of GW Atlantic.

If the merger is approved by shareholders, the effective date of the merger is expected to be on or about December 16, 2005 and November 30, 2005 will be the last date for processing orders for sales and redemptions of WI Fund Class A shares.

About Workers Investment Fund

WI Fund was founded by the New Brunswick Federation of Labour in 1994. With over $18 million in net assets, WI Fund is the largest labour sponsored investment fund based in Atlantic Canada.

About GrowthWorks(i)

GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorks™ managed funds, including the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund, GrowthWorks Atlantic Venture Fund, and Fullarton Capital managed funds, have approximately $800 million in combined assets.

GrowthWorks has a team of skilled and knowledgeable investment professionals with a combined 200 years of experience. The Investment team has a proven track record of identifying, analyzing and structuring investments in emerging sectors. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

(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., GrowthWorks Opportunity Fund Ltd. and GrowthWorks Commercialization Fund Ltd., GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd., and Fullarton Capital Corporation, manager of Canadian Science and Technology Growth Fund Inc. and Capital Alliance Ventures Inc.


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