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Working Opportunity Fund Reports Successful Conclusion to Portfolio Developments and Resumes Venture Series Redemptions

Jun 6 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/06/13 -- Working Opportunity Fund (EVCC) Ltd. (the "Fund") is pleased to report that CA Technologies completed the acquisition of Layer 7 Technologies Inc. ("Layer 7"), a leading provider of Application Programming Interface (API) management and security. The Fund also reports that it is resuming redemptions for the Venture Series with the first transaction date for processing redemption requests being June 14, 2013. For questions related to processing redemptions, which on resumption of redemption will continue to be processed in the order they are received in accordance with the Fund's articles, please email client.services@growthworks.ca or call 1-800-268-8244. Although redemptions will be processed, sales and switches of Venture Series shares will remain closed until further notice.

The Fund reported that the Layer 7 transaction, together with the other Portfolio Development reported in November and December 2012, could result in an increase, in aggregate, of approximately 20% in the Fund's Venture Series share values. The Portfolio Developments did result, in aggregate, in a 22% increase in value. The gain was partially offset by other unrealized decreases in value recorded in the portfolio. The net result was an increase of 12% in value for the most widely held Venture Series shares, Balanced Series 2, since the closure of sales and redemptions of Venture Series on November 2, 2012 to May 31, 2013.

Cindy Stewart, a Director of the Fund, commented, "We are pleased with the successful closing of the Layer 7 acquisition by CA and the increase in value realized by the Fund. The Fund's portfolio companies, such as evidenced by Layer 7, represent world-class opportunities which have significant potential to reward shareholders for their ongoing patience."

Retail venture capital funds typically experience low sales in the summer and fall season. As such, the Board has determined that it is prudent, at this time, to not resume sales and switches of the Venture Series until the typically higher sales season. With the extension of the closure of Venture Series share sales, shareholders with switch rights still may not switch one series of Venture Series shares for another. The Fund continues to work towards maximizing the value of its holdings and focusing on closing out exit opportunities for the Venture Series to ease on-going significant liquidity pressures. The extension of the closure affects only new purchases and switches of the Fund's Venture Series shares and does not affect the Fund's Commercialization Shares. In keeping with the normal sales cycle for a series of Commercialization Shares, the Fund expects to cease offering the '13 Commercialization Shares after close of business on June 28, 2013. The Fund anticipates offering '14 Commercialization Series in January 2014, subject to the Fund filing and obtaining a receipt for a new prospectus.

About GrowthWorks(i) (www.growthworks.ca) GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors 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 20 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

Forward Looking Statements: This press release contains forward looking statements about the impact of the Layer 7 transaction on Venture Series share values, the Fund's liquidity including future divestment activity, resumption of the Venture Series share redemptions, and the possibility resumption of Venture Series sales and sales of future series of Commercialization Shares. These statements are based on beliefs and assumptions of management of the Fund at the time the statements are made, including beliefs and assumptions about future market conditions and future levels of sales and divestment activity and Venture Series sales and redemption requests. These beliefs and assumptions are subject to known and unknown risks and uncertainties, including risks and uncertainties associated with volatility of market conditions and, in turn, the climate for sales of Venture Series, divestment activity, factors affecting sales of portfolio companies, other factors affecting the performance of portfolio companies, valuations of portfolio companies, financing needs of portfolio companies and the availability of capital to satisfy such financing needs and other risks and uncertainties disclosed in the Fund's most recently filed prospectus and other regulatory filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Unless required by law, neither the Fund nor its manager assumes any obligation to update any forward-looking statements or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or other factors.

(i)GrowthWorks refers to GrowthWorks Ltd. and: 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.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Please read the Fund's prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Dividends on Commercialization Series shares are not guaranteed.



Contacts:
GrowthWorks Capital Ltd.
David Levi
President & CEO
(604) 895-7253
www.growthworks.ca





Source: Marketwire