Federal government announces plan in the budget to phase out the federal Labour-Sponsored Venture Capital Corporations tax credit by 2017

SASKATOON, March 22, 2013 /CNW/ - As part of the 2013 federal budget the federal government announced its proposal to phase out the federal Labour-Sponsored Venture Capital Corporations ("LSVCC") tax credit by 2017. The federal tax credit will remain at 15% for the next two RRSP seasons (2014 and 2015) and will then begin to be phased out.  The federal government will consult with stakeholders on potential changes until May 31, 2013. The announced changes to the federal LSVCC tax credit do not affect the provincial LSVCC tax credits of 20% in Saskatchewan which was reconfirmed in the provincial budget on March 20, 2013.

Golden Opportunities Fund Inc. ("Golden") and SaskWorks Venture Fund Inc. ("SaskWorks") are disappointed that the federal government has decided to phase out its federal support of a program that has provided needed venture capital to the Saskatchewan economy. Golden and SaskWorks on behalf of their 52,543 shareholders have completed investment transactions of over $520 million in Saskatchewan growth companies across different industry sectors, directly impacting the future of Saskatchewan.

Golden has filed a prospectus in the Provinces of Saskatchewan and Manitoba containing important detailed information relating to the securities of Golden.  Securities of Golden are only sold by registered dealers under the prospectus.  Copies of the prospectus may be obtained on SEDAR at www.sedar.com.  Investors should read the prospectus before making an investment decision.

SaskWorks has filed a prospectus in the Province of Saskatchewan containing important detailed information relating to the securities of SaskWorks.  Securities of SaskWorks are only sold by registered dealers under the prospectus.  Copies of the prospectus may be obtained on SEDAR at www.sedar.com.  Investors should read the prospectus before making an investment decision.

Neither the Saskatchewan Financial and Consumer Affairs Authority nor the Manitoba Securities Commission has approved nor disapproved the information contained herein.

SOURCE: Golden Opportunities Fund Inc.

Grant Kook,      
President/CEO of Golden Opportunities Fund Inc.  
[phone]   

Randy Beattie
President/CEO of SaskWorks Venture Fund Inc.
[phone]