WINNIPEG, Nov. 9 /CNW/ - ENSIS Growth Fund Inc. confirms that the Fund's
manager, ENSIS Management Inc., has been acquired by GrowthWorks Manitoba Ltd.
The transaction closed on November 7, 2007.
As a consequence of the closing of the transaction, David Levi, President
and CEO of GrowthWorks(*), has today been appointed as President, CEO and a
director of ENSIS Growth Fund. Bill Watchorn will remain as a director of
ENSIS Growth Fund. As previously announced, Andy Bieber will resign as a
director, but will remain on the Audit and Investment Committees of ENSIS
GrowthWorks announced on November 7th, that intial discussions with
respect to a possible merger have been intiated between ENSIS Growth Fund and
GrowthWorks Canadian Fund. In response, ENSIS Growth Fund today struck a
special committee chaired by Gene Dunn, to evaluate the merger proposal and
make recommendations to the ENSIS Growth Fund board of directors.
About ENSIS Management Inc. (www.ensis.mb.ca)
The ENSIS Growth Fund (EGF) was first established in 1996 to provide
Manitoba entrepreneurs with a source of patient equity capital to grow and
expand their business, and to provide Manitoba investors with an experienced
and proven management team capable of maximizing shareholder returns.
ENSIS Management Inc. (EMI) was co-founded in November 1997 by Bill
Watchorn and Ken Bicknell to manage EGF.
EMI is a wholly owned subsidiary of GrowthWorks Manitoba Ltd. EMI
provides management not only to EGF, but also to ENSIS Investment Limited
Partnership (EILP), an institutional pool, and to institutional co-investment
partners seeking access to venture capital opportunities in the western region
of Canada. EMI's primary focus is on the technology and life sciences sectors
with a secondary focus on more traditional industries. EGF provides value to
its shareholders through its strategy of identifying and partnering with
entrepreneurs in globally competitive, high growth potential businesses and
recommending strategies on the timing and manner of exiting venture
(*) 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. ENSIS is a registered trademark of ENSIS
Commissions, trailing commissions, management fees and expenses all may
be associated with investments in retail venture capital funds (RVCs). RVCs
are not guaranteed; their values change frequently and past performance may
not be repeated. Please read the prospectus before investing.
For further information:
For further information: Les Lyall, Vice President, ENSIS Management
Inc., (416) 934-7753