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Working Opportunity Fund Announces Portfolio Developments and Closes Venture Series Sales and Redemptions until December 31, 2012

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/02/12 -- Working Opportunity Fund (EVCC) Ltd. (the "Fund") announced today developments with respect to two of the Fund's portfolio companies (the "Portfolio Developments") and the closing of Venture Series sales and redemptions until December 31, 2012.

The Portfolio Developments include advanced negotiations towards a potential sale of one of the Fund's largest portfolio positions at a significant increase to the Fund's carrying value and the conclusion of litigation affecting another significant portfolio holding. Management believes the potential sale of the portfolio company and conclusion of litigation and potential gain could result in an increase of greater than 20% in the Fund's Venture Series share values. The Fund has experienced significant liquidity pressure due to constrained exit markets in 2011 and the first half of 2012, a challenging capital raising climate and ongoing share redemptions. Closing Venture Series sales and redemptions is based on a decision to continue to hold the liquid portfolio holding pending conclusion of the litigation as the Fund works towards maximizing the value of its holdings and easing liquidity pressures.

Given these factors, the potential impact of the Portfolio Developments on the Fund and the uncertainty regarding how those developments will progress and related impact on liquidity and net asset value over the coming months, the Board of Directors of the Fund has determined that it is in the best interests of the Fund's shareholders to close sales and redemptions of Venture Series shares effective immediately to allow events surrounding these two portfolio companies to unfold. It is expected that redemptions will be closed until December 31, 2012, as permitted under the Fund's Articles.

With the closure of Venture Series share sales, shareholders with switch rights may no longer switch one series of Venture Series shares for another. The closure affects only new purchases, switches and redemptions of the Fund's Venture Series shares and does not affect the Fund's Commercialization Shares, sales of which will resume as scheduled in January 2013, offering eligible investors in British Columbia tax credits and a dividend policy that calls for the payment of $2.50 per share of dividends over three years.

The Board of Directors of the Fund believes closing sales and redemptions of Venture Series shares is in the best interests of all shareholders given the range of possible outcomes that may flow from the Portfolio Developments and related impact on liquidity and net asset value. Nick Worhaug, a Director of the Fund, commented, "The potential impacts of these developments on Venture Series share values and the Fund's liquidity are significant. We believe that it is prudent to close sales and redemptions of Venture Series shares to allow these developments to advance to a stage where the impacts are more certain."

The Fund will make further announcements as events surrounding the Portfolio Developments unfold. There can be no assurance that the Portfolio Developments will result in enhanced liquidity or will ultimately result in positive outcomes for the Fund. There can also be no assurance that the Fund will resume weekly Venture Series share sales or redemptions. These outcomes are subject to risks and uncertainties. See "Forward-Looking Statements" below.

About GrowthWorks(i) ( GrowthWorks(TM) managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors 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 Cleantech sectors. Building on more than 19 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

Forward-Looking Statements: This press release contains forward-looking statements about future possible transactions in the Fund's portfolio, the possible resumption of the Venture Series share redemptions and sales and the impact of the Portfolio Developments on Fund's net asset value and cash position. These statements are based on beliefs and assumptions of management of the Fund at the time the statements are made, including beliefs and assumptions about the portfolio companies affected by the Portfolio Developments, future market conditions and future levels of divestment activity and Venture Series redemption requests. These beliefs and assumptions are subject to known and unknown risks and uncertainties, including risks and uncertainties associated with volatility of market conditions and, in turn, the climate for divestment activity, outcomes of negotiations surrounding the sale of portfolio companies, outcomes of litigation affecting portfolio companies, other factors affecting the performance of portfolio companies, valuations of portfolio companies, financing needs of portfolio companies and the availability of capital to satisfy such financing needs and other risks and uncertainties disclosed in the Fund's most recently filed prospectus and other regulatory filings posted on SEDAR at 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, neither the Fund nor its manager assumes any obligation to update any forward-looking statements or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or other factors.

(i) GrowthWorks refers to GrowthWorks Ltd. and: 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.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Please read the Fund's prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Dividends on Commercialization Series shares are not guaranteed.

David Levi
President & CEO
(604) 895-7253

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