VANCOUVER, Oct. 29 /CNW/ - Shareholders of BC Medical Innovations Fund
(EVCC) Inc. ("BCMIF" or the "Fund") have, at today's annual and special
meeting of shareholders, approved the merger (the "Merger") of BCMIF into
Working Opportunity Fund (EVCC) Ltd. ("WOF") in accordance with a signed
agreement dated September 27, 2007 (the "Agreement"). The Agreement and the
Merger were subject to BCMIF shareholder approval. The Merger is expected to
close in mid-November 2007.
Under the terms of the Agreement, the Merger will be completed through an
asset purchase transaction whereby WOF will acquire the net assets of BCMIF
and shareholders of BCMIF will become shareholders of WOF. Each BCMIF
shareholder will receive Class A shares of WOF in exchange for their Class A
shares of BCMIF at a value equivalent to their BCMIF shares based on an
exchange ratio using relative net asset value of the funds at the time of the
About BC Medical Innovations Fund (EVCC) Inc. (www.bcmif.com)
BCMIF is an employee venture capital corporation that focuses exclusively
on investing in eligible businesses in the health sciences sector in British
Columbia. Medical Innovations Management Inc. is the manager of the Fund, and
is a wholly-owned subsidiary of JovFunds Management Inc. ("JovFunds"), which
is itself a wholly-owned subsidiary of Jovian Capital Corporation ("Jovian").
About JovFunds Management Inc. (www.jovfunds.com)
JovFunds provides innovative investment solutions for Canadian investors
through the creation, management and distribution of high quality investment
products. JovFunds oversees the management and distribution of over
50 investment products, currently has over $1.3 billion in assets under
management and is a member of the Jovian group of companies. Jovian (JOV: TSX)
is a publicly-traded management and holding company with interests in a
variety of financial service firms specializing in wealth and asset
management. The Jovian group of companies operates as a national financial
services organization with approximately $14.5 billion of client assets
($5.4 billion assets under management and $9.1 billion assets under
About GrowthWorks (www.growthworks.ca)
GrowthWorks(TM) managed funds provide investment capital for Canadian
companies and tax-advantaged investment opportunities for Canadian investors.
GrowthWorks(*) manages over $800 million in assets 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
Advanced Manufacturing sectors. Building on over 15 years of investment
expertise, GrowthWorks is a leader in Canadian venture capital management.
(*) GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes:
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.
GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.
For further information:
For further information: Steven Hawkins, President & CEO, BCMIF and
Managing Partner, JovFunds Management Inc., Phone (866) 601-2440; or please
visit www.bcmif.com; Tracey Morrison, Vice-President, National Marketing and
Communications, GrowthWorks Capital Ltd., Phone (604) 862-6098