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Mavrix Fund Management Inc. Announces Shareholder Approval of Acquisition by GrowthWorks Ltd.

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  Published in Business and Finance on Wednesday, June 24th 2009 at 12:34 GMT, Last Modified on 2009-06-24 12:35:17 by Market Wire
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 TORONTO, June 24 /CNW/ - Mavrix Fund Management Inc. (TSX:MVX) ("Mavrix" or the "Company") announced that, at its special meeting of shareholders held today (the "Meeting"), shareholders approved the previously announced plan of arrangement under which 1796862 Ontario Ltd., a wholly-owned subsidiary of GrowthWorks Ltd., will acquire all of the Company's common shares for $0.25 per share in cash (the "Arrangement"). The Arrangement was approved by approximately 97.39% of the votes cast at the Meeting at which 4,894,588 Mavrix common shares (approximately 55.8% of the outstanding common shares) were represented, in person or by proxy. Provided that all remaining conditions to the closing of the Arrangement, including final Court approval of the Arrangement, are satisfied by June 30, 2009, closing of the Arrangement will occur on that date. About Mavrix Fund Management Inc. --------------------------------- Mavrix Fund Management Inc. (TSX: MVX) is an asset management company founded and operated by experienced portfolio managers. The company offers a focused line-up of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Halifax, Montreal and Winnipeg. Additional information about Mavrix can be found at [ www.mavrixfunds.com ]. About GrowthWorks ([ www.growthworks.ca ]) -------------------------------------- GrowthWorks(TM) managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks manages approximately $720 million in assets 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 17 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. 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.; GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. and 1796862 Ontario Ltd. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations and involve known and unknown risks, uncertainties and other factors. Material factors and assumptions that were applied in making the forward-looking statements and that could cause actual results to differ materially from the forward-looking statements in this release include risks and uncertainties relating to: conditions set out in the interim order obtained in connection with the Plan of Arrangement, conditions set out in the final order to be obtained in connection with the Plan of Arrangement, satisfaction of the conditions set out in the Arrangement Agreement, negotiation of a satisfactory amendment with a lender to the Corporation to permit completion of the Transaction, and receipt of all regulatory approvals. Readers are cautioned not to place undue reliance on these statements as actual results may differ materially from any future results expressed or implied by such forward-looking statements, if known or unknown risks, uncertainties or other factors affect the Transaction, the Company or its business. The Company cannot provide any assurance that forward-looking statements will materialize. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. %SEDAR: 00020385E 

For further information: Mavrix Fund Management Inc. at (416) 362-3077, 1-888-964-3533 or [ www.mavrixfunds.com ]; Murray Munro of GrowthWorks Capital Ltd. at (604) 895-7282