GrowthWorks Canadian Fund Ltd. Applies to Extend Time for Annual General Meeting

TORONTO, Feb. 26, 2014 /CNW/ - GrowthWorks Canadian Fund Ltd. (the "Fund") today announced that it is seeking an order pursuant to section 133(b) of the Canada Business Corporations Act extending the time for the Fund to call the next annual meeting of its shareholders to a date on or before October 31, 2014.  The motion is scheduled to be heard before a judge of the Ontario Superior Court of Justice, Commercial List on Friday, February 28, 2014 at 10:00 a.m., at 330 University Avenue, Toronto, Ontario.

In support of the motion, the Fund will today file with the Court the following materials (the "Court Materials"): a Motion Record, containing the Notice of Motion, the Affidavit of C. Ian Ross, sworn February 26, 2014 and a draft Order; a Factum; and, a Brief of Authorities. 

The Court material, together with details relating to the Fund's Companies' Creditors Arrangement Act ("CCAA") Proceedings, will be posted on the website of the Court-appointed monitor in the Fund's CCAA Proceedings at http://cfcanada.fticonsulting.com/GCFL/.

Forward-Looking Information

This press release contains forward looking statements, including statements with respect to the CCAA Proceedings. These forward-looking statements reflect the Fund's current views and are based on certain assumptions, including assumptions as to future operating conditions and courses of action, sale or refinancing alternatives, economic conditions and other factors the Fund believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including the risk that a disposition of the Fund's portfolio investments or refinancing or other strategic alternatives may not be available on terms acceptable to the Fund, or at all, or that any such disposition or other strategic alternative would yield proceeds sufficient to satisfy in full the Fund's payment obligations to Roseway Capital S.a.r.l., the Fund's other creditors or any distribution to the Fund's shareholders; the risk that litigation or defence proceedings involving claims by the former manager of the Fund or other third parties against the Fund may involve substantial expense and, if successful, could require the Fund to pay substantial damages; and those 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, the Fund does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or results or other factors.

SOURCE: GrowthWorks Canadian Fund Ltd.

FTI Consulting Canada Inc. Court Appointed Monitor of GrowthWorks Canadian Fund Ltd., Phone: [phone], Hotline: [phone], Email: [email protected]