MINISTER MCGUIRE ANNOUNCES $10 MILLION FOR A NEW VENTURE CAPITAL FUND IN ATLANTIC CANADA

News Release

November 19, 2004 Halifax, Nova Scotia Small and medium-sized businesses in Atlantic Canada will soon have access to another source of funding with the establishment of GrowthWorks Atlantic Venture Fund, a new pan-Atlantic labour sponsored venture capital fund. The Honourable Joseph McGuire, Minister of the Atlantic Canada Opportunities Agency (ACOA), announced a $10 million repayable contribution for the establishment of this new fund during a news conference today in Halifax. "The Government of Canada is delivering on its Speech from the Throne commitment: ensuring venture capital for early- stage business for the growing number of entrepreneurs in Atlantic Canada," said Minister McGuire. "This new fund will help our knowledge-based enterprises grow, improve their competitiveness and take their good ideas to market and profit." The Government of Canada, through ACOA, is providing up to $10 million as a repayable contribution over a five year period towards the start-up and operating costs of this new pan-Atlantic venture capital fund. The fund is expected to be operational in January 2005. "Our team has an excellent track record of venture capital investing and we believe we can leverage off that expertise to make the GrowthWorks Atlantic Venture Fund a stable source of capital for entrepreneurial companies in Atlantic Canada," said David Levi, President and CEO of GrowthWorks Ltd. The GrowthWorks Atlantic Venture Fund will provide a new source of venture capital for emerging and growing small and medium-sized enterprises with high growth potential that need equity financing ranging from $500,000 to $5 million to achieve success. The fund's independent Board of Directors will be predominantly made up of business professionals and labour representatives residing in Atlantic Canada. In Canada, labour sponsored venture capital corporations are the leading providers of venture capital with more than $8 billion under management in 2002. -30- For more information, contact: Valérie Poulin Director of Communications Office of the Honourable Joseph McGuire Minister of the Atlantic Canada Opportunities Agency (613) 941-7241 Etienne Allard Senior communications officer Atlantic Canada Opportunities Agency (506) 851-2893

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2016-12-15

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MINISTER MCGUIRE ANNOUNCES $10 MILLION FOR A NEW VENTURE CAPITAL FUND IN ATLANTIC CANADA

News Release

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