GrowthWorks Canadian Fund Ltd. Issues Default Status Pursuant to National Policy 12-203

TORONTO, Feb. 3, 2014  /CNW/ - GrowthWorks Canadian Fund Ltd. (the "Fund") is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). 

On December 3, 2013, the Fund announced (the "Default Announcement") that it did not file its audited annual financial statements and related management report of fund performance for the year ended August 31, 2013 under National Instrument 81-106 Investment Fund Continuous Disclosure (collectively, the "Financial Documents") by November 29, 2013, the deadline prescribed by securities legislation. 

There have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under NP 12-203. 

The Fund still intends to file the Financial Documents and other applicable continuous disclosure documents as soon as is commercially reasonable, or as required by the Ontario Superior Court of Justice pursuant to the Fund's Companies' Creditors Arrangement Act (the "CCAA") Proceedings.

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]