GrowthWorks Atlantic Venture Fund Provides Fund Update

HALIFAX, Nova Scotia, March 20, 2020 (GLOBE NEWSWIRE) -- GrowthWorks Atlantic Venture Fund Ltd. (the "Atlantic Fund") has been informed that one of its venture investment portfolio companies is contemplating a financial restructuring as a condition of receiving new investment capital (the "Proposed Transaction").  The Proposed Transaction, should it be completed, would improve the liquidity and growth prospects of the portfolio company.  However, the terms are expected to be significantly unfavourable to current investors and the anticipated impact to Atlantic Fund from the Proposed Transaction is a reduction in net asset value per share by approximately $0.76 (47%).

Atlantic Fund is closed for redemption and has adopted a Pro Rata Redemption Plan to distribute proportionately to all shareholders the available cash generated from an orderly realization of value from dispositions in Atlantic Fund's venture portfolio. As previously reported, Atlantic Fund's board continues to evaluate the Fund's status on an ongoing basis and consider potential courses of action. One course of action could be the orderly winding-up of the Fund and while the board has accelerated its consideration of possible courses of action, no decision has been made at this time.

Forward Looking Statements: This press release contains forward looking statements about the anticipated impact of an investee company's financing, Atlantic Fund's ability to realize on the potential value of the venture portfolio and to provide liquidity to shareholders through an orderly realization of value and Atlantic Fund's board considerations of possible courses of action. 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, the terms of the investee company's financing, the ability to complete divestments in the venture portfolio and 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 results of the board's evaluation of potential courses of action nor of the timing or any amount of funds that will available for future distribution to shareholders under the PRRP or that Atlantic Fund will be able to complete an orderly realization of value (at current values or otherwise).

Reference:

Peter Clark
President & CEO
GrowthWorks Atlantic Venture Fund Ltd.
Suite 1301 ? 1959 Upper Water Street
Halifax, Nova Scotia  B3J 3N2
Tel: (506) 440-2711