VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2012) - Working Opportunity Fund (EVCC) Ltd. (the "Fund") announced today that it has received a lapse date extension order effective July 18, 2012 for the renewal of its simplified prospectus and annual information form as it works towards settling final offering documents. Given the historically low volume of sales during the summer month, the previously announced closing of the Growth Shares and the Financial Services Shares in connection with the proposed consolidation described below, and as a condition of the lapse date extension order, the Fund has temporarily suspended sales of the Balanced Shares (series 2) and GIC Shares (series 2) during the extension period. Under the order, the lapse date for the Fund's current offering documents is extended from July 8, 2012 to August 10, 2012. The extension period will expire on the earlier of a receipt for a renewal simplified prospectus and annual information form and expiration of the applicable time periods for a lapse date of August 10, 2012. A copy of the order will be available on the Fund's website.
In keeping with the normal sales cycle for a series of Commercialization Shares, the Fund ceased offering the '12 Commercialization Shares after close of business on June 29, 2012. As previously announced, in connection with the proposed streamlining of the Fund's Venture Series of shares, the Fund ceased offering the Financial Services Shares and Growth Shares as of May 10, 2012. The proposed streamlining is subject to shareholder approval and there can be no assurance that the proposed consolidations will be completed on the basis proposed or at all.
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 18 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.
* 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.