GrowthWorks (WVIS) Ltd., manager of Working Ventures Canadian Fund and Working Ventures Opportunity Fund, reports that the funds have approved the creation of regional advisory councils.

Both funds will have an advisory council in Ontario and Working Ventures Canadian Fund will have additional advisory councils in Nova Scotia, New Brunswick and Saskatchewan. The advisory councils will provide their views on initial investments in each region and will assist in sourcing new investment opportunities.

Under the terms of the new management agreement, effective on or about November 1, 2003, the funds’ new manager GrowthWorks WV Management Ltd. may choose to have the incentive participation amount (IPA) paid as a fee, a structured property interest or a dividend.

The funds have agreed to extend the time for making the election by one year in order to allow the new manager to seek a tax ruling and regulatory approval regarding its preferred choice of a structured property interest.

In addition, the boards of the funds have approved seeking shareholder approval at the funds’ annual and special general meeting to be held on October 30, 2003 to change the names of the funds, to amend their articles to make changes to their share capital, and to respond to changes in applicable accounting principles.

In addition, to help Working Ventures Canadian Fund remain competitive in the marketplace, its board has approved seeking shareholder to adopt a new share structure under which its Class A shares will be issuable in series and to offer a second, alternative commission structure on some new series of Class A shares.