VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/03/10 -- Working Opportunity Fund (EVCC) Ltd. (the "Fund") announced today that its Board has approved seeking shareholder approval for the consolidation of the Income Shares (series 2) (the "Income Shares") and the Diversified Shares (series 2) (the "Diversified Shares") into the Balanced Shares (series 2) and the Resource Shares (series 2) (the "Resource Shares") into the Growth Shares (series 2). The proposal is aimed at achieving a more efficient process for compiling and reporting financial results and pricing in the current regulatory regime and a more streamlined offering in light of the relative overlap of the non-venture investment mandates of the other Venture Series Shares offered by the Fund.
At the Fund's annual general meeting scheduled for December 8, 2010, shareholders will be asked to approve amendments to the Articles of the Fund to add a conversion feature to the rights and restrictions attached to the Income Shares, the Diversified Shares and the Resource Shares to effect the consolidations at relative Pricing NAV per share of the series. Details of the proposed consolidations will be included in the meeting materials sent to shareholders. If shareholder approval is obtained, the consolidations are expected to occur on or before December 31, 2010.
On November 5, 2010, the Fund will cease to offer Income Shares, Diversified Shares and Resource Shares and other Venture Series Shares may no longer switch into these series. Income Shares, Diversified Shares and Resource Shares may continue to switch into other Venture Series Shares until a date designated and announced by the Fund, which is expected to be shortly before the conversions occur.
There can be no assurance that the proposed consolidations will be completed on the basis proposed or at all.
About GrowthWorks(i) (www.growthworks.ca)
GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks is part of the Matrix Asset Management Inc. group of companies and manages over $555 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 18 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.
(i)GrowthWorks refers to GrowthWorks Ltd. and other companies within the venture capital operating division of Matrix Asset Management Inc., including: 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. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.
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Contacts:
GrowthWorks
Alex Irwin
Chief Operating Officer
604-895-7299
www.growthworks.ca