Le Lézard
Subject: MISCELLANEOUS

GrowthWorks Atlantic Venture Fund Loan Repayment


HALIFAX, Nova Scotia, Feb. 19, 2018 (GLOBE NEWSWIRE) -- GrowthWorks Atlantic Venture Fund Ltd. ("Atlantic Fund") announced today that it has fully repaid the principal and required return under the terms of the $1.5 million loan Atlantic Fund received in 2015 to assist it with working capital as it focuses on an orderly realization of value from dispositions of the venture portfolio and returns to shareholders. 

In its 2017 Annual Financial Statements filed on SEDAR, Atlantic Fund reported that subsequent to the end of the fiscal year, Atlantic Fund had entered into a term sheet with a Canadian venture fund to sell Atlantic Fund's ownership interest in an Atlantic Fund portfolio company (the "Transaction").  The Transaction has now closed and in addition to repaying in full the amounts owing under the loan, Atlantic Fund will use the divestment proceeds from the Transaction to pay other outstanding liabilities and provide Atlantic Fund with working capital for normal course operations over the medium term.  

Furthermore, Atlantic Fund's Board is considering the ability to provide a limited distribution to shareholders under the Pro Rata Redemption Plan. Atlantic Fund adopted the Pro Rata Redemption Plan to distribute available cash generated from an orderly realization of value from dispositions in Atlantic Fund's venture portfolio while maintaining funds for projected liabilities and anticipated operating expenses, and, if necessary, potential defensive follow-on investments (to preserve Atlantic Fund's rights and preferences).  Atlantic Fund expects to provide an update within the next quarter regarding a possible limited distribution after it further assesses projected liabilities and anticipated operating expenses and any potential defensive follow-on investments.   No assurance can be given with regarding the timing or amount of funds that may be available for distribution to shareholders under the Pro Rata Redemption Plan with respect to proceeds from the Transaction or otherwise.

Forward Looking Statements: This press release contains forward looking statements about the liquidity of Atlantic Fund including its ability to pay current outstanding liabilities and manage its available cash resources to meet normal course operations over the medium term, its ability to assess projected liabilities, anticipated operating expenses and potential follow-on investments, and its ability to process future redemptions under the Pro Rata Redemption Plan. These statements are based on beliefs and assumptions of management of Atlantic Fund at the time the statements are made, including beliefs and assumptions about future market conditions, divestment activity, projections on liabilities and operating expenses and the Fund's ability to manage its available cash resources performance, the portfolio companies' need for and access to further financing other risks and uncertainties disclosed in Atlantic Fund's most recent 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.  Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless required by law, neither Atlantic 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.   No assurance can be given as to the timing or any amount of funds that will available for distribution to shareholders under the Pro Rata Redemption Plan or otherwise or that Atlantic Fund will be able to complete an orderly realization of value (at current values or otherwise).



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