Working Opportunity Fund Provides Update on Venture Series Redemptions

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 18, 2013) - Working Opportunity Fund (EVCC) Ltd. (the "Fund") reported today that weekly redemptions for the Venture Series have been closed until further notice. On June 6, 2013, the Fund reported that it completed a divestment of one of its largest portfolio investments and was resuming redemptions for the Venture Series, with the first transaction date for processing redemption requests being June 14, 2013. While all redemption requests received for the June 14, 2013 trade date will be settled, redemption requests received following that date will be queued for processing in the order they are received, in accordance with the Fund's article, once the Fund resumes weekly redemptions of the Venture Series. The Fund anticipates resuming redemptions once further divestments of portfolio investments have been completed and liquidity pressures ease, although the Fund can provide no assurance as to when such redemptions will be resumed.

The Fund's Board of Directors considered several factors in determining to close redemptions of the Venture Series, including forecasted exit opportunities, redemption demand and the need to preserve capital for follow-on investments and operating commitments. The Board of Directors determined that, at this time, the Fund cannot continue to process all anticipated redemption requests while at the same time preserving capital for key follow-on investments and operating commitments.

The Fund believes the Venture Series is continuing a natural progression for a maturing venture capital portfolio and 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. While the Fund and the Manager are encouraged by the exit opportunities with several portfolio companies, discussions and negotiations remain at an early stage at this point and there can be no certainty as to if or when such transactions will be completed.

The Board of Directors of the Fund believes the closure of redemptions of Venture Series shares is in the best interests of all shareholders. Cindy Stewart, Chair of the Board of Directors of the Fund, commented "The Board of Directors of the Fund remains confident in the potential of Venture Series' mature venture portfolio to increase value for shareholders and provide meaningful liquidity through exit transactions." The most widely held Venture Series shares, Balanced Series 2, have increased in value by 15.50% for the year to date.

The closure of redemptions affects only 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.

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. Sales and switches of Venture Series shares will remain closed until further notice.

About GrowthWorks* (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 Fund's liquidity including future divestment activity, the value of the Venture Series' portfolio, 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.

*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. The returns for Balanced Series 2 to June 14, 2013 are: year to date: 15.5%; one year: 7.9%; three years: -1.22%; five years: -2.08%; and since inception: -3.16%.

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

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