GrowthWorks Atlantic Venture Fund Announces Changes to Board Structure

GrowthWorks Atlantic Venture Fund Ltd. ("Atlantic Fund") announced today a
re-structuring of Atlantic Fund's Board of Directors that will result in a
reduction in the number of directors from 15 to 13 and the removal of director
residency requirements for the Province of Prince Edward Island.


The Articles of Atlantic Fund provide that the Board of Directors may reduce the
number of directors and elect not to apply the director residency requirements
in respect of a particular province if residents of that province are not
eligible to receive a provincial retail venture capital fund ("RVC") tax credit
on purchases of Atlantic Fund Class A Shares. Since the inception of Atlantic
Fund, Prince Edward Island has not offered a provincial RVC tax credit.


Rick Clarke, Chair of the Board of Directors of Atlantic Fund commented on the
changes: "We would like nothing more than for PEI to offer a provincial tax
credit to our investors so that Atlantic Fund can raise and invest capital in
PEI. We know there are promising businesses in PEI that need capital to grow and
generate jobs in that province. We thank our two PEI representatives, Carl
Pursey and Andrew Robinson, for their many years of service to the fund."


The Board of Directors initiated and approved the proposed re-structuring and
the re-structuring will take effect at Atlantic Fund's 2012 annual general
meeting scheduled for December 10, 2012 ("AGM"). At the AGM, holders of Class A
Shares will elect 5 directors, instead of 6, and the Sponsors of Atlantic Fund
will elect 8 directors, instead of 9. Of the 13 Directors expected to be
nominated for election at the AGM, 12 will be resident in Atlantic Canada.
Continuing residency requirements ensure that at least three Directors are
elected from each of Nova Scotia, New Brunswick and Newfoundland and Labrador.
Each of these provinces offers a 20% provincial RVC tax credit to eligible
purchasers of Atlantic Fund Class A Shares. If in the future a provincial RVC
tax credit is offered in PEI, Atlantic Fund will re-establish PEI representation
on the Board. 


About GrowthWorks(i) (www.growthworks.ca): GrowthWorks(TM) managed funds provide
investment capital for Canadian companies and tax-advantaged investment
opportunities for Canadian investors through GrowthWorks Atlantic Venture Fund
Ltd., the Working Opportunity Fund (EVCC) 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 18 years of investment expertise, GrowthWorks is a leader in Canadian
venture capital management. GrowthWorks is a registered trademark of GrowthWorks
Capital Ltd.


(i) 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.


Commissions, trailing commissions, management fees and expenses all may be
associated with retail venture capital fund (RVC) purchases. Please read the
fund's prospectus before investing. RVCs are not guaranteed, their values change
frequently and past performance may not be repeated. On December 16, 2005, the
fund completed a merger by purchasing the assets of Workers Investment Fund Inc.
in exchange for Class A shares distributed to former shareholders of that fund.


FOR FURTHER INFORMATION PLEASE CONTACT: 
GrowthWorks Atlantic Ventures Fund Ltd.
Thomas J. Hayes
President & CEO
902-492-5164 or 1-800-251-5331
www.growthworks.ca