December 27, 2014 3:29 PM ET

Capital Markets

Company Overview of GrowthWorks Ltd.

Company Overview

GrowthWorks Ltd. is a private equity and venture capital firm specializing in seed, early stage, growth, emerging growth, mid venture, late venture, and mezzanine investments. It seeks to invest in small and medium-sized businesses. The firm seeks to invest in pharmaceuticals, medical devices, information technology, software, communications and networking, hardware, electronic devices, Internet-related, alternative energy, advanced materials, advanced manufacturing, environmental technologies, life sciences, and clean technology, water purification, pharmaceuticals research and development, biotechnology, healthcare facilities, medical consumables, medical testing, analyzing, and diagnostic...

1959 Upper Water Street

Suite 1502

Halifax, NS B3J 3N2

Canada

Founded in 1999

Phone:

902-492-5164

Fax:

902-421-1808

Key Executives for GrowthWorks Ltd.

President and Chief Executive Officer
Executive Chairman
Chief Financial Officer
Chief Operating Officer
Senior Vice President
Compensation as of Fiscal Year 2014.

GrowthWorks Ltd. Key Developments

Growth Works Capital Announces Management Changes

Matrix Asset Management Inc. announced that David Levi will retire as President and CEO of its subsidiary Growth Works Capital Ltd. (GWC). Mr. Levi will become Executive Chairman of GWC and will continue to be President and CEO of Matrix. Christopher Morris will become President and CEO of GWC. Mr. Morris is the principal of R.C. Morris & Company Special Opportunities Debt Fund II LP and President of R.C. Morris & Company Ltd.

Growth Works Capital Ltd. Obtains an Additional $362,250 Loan from Independent Canadian Lender

Matrix Asset Management Inc. announced that its subsidiary, Growth Works Capital Ltd. (GWC), has obtained an additional $362,250 (additional loan) from the independent Canadian lender (lender) that previously extended to GWC a $5 million loan announced on October 1, 2013 and December 30, 2013. In connection with the additional loan, the Chief Executive Officer of Matrix has agreed to advance a $400,000 loan on terms substantially similar to the additional loan. The additional loan matures on September 30, 2018. The entire loan bears an interest rate of 12% annually, payable quarterly. An annual processing fee of 6.5% of the principal amount of the entire loan will also be payable quarterly. A refinancing fee of $17,250 is also payable to the lender at closing. The lender will also receive, as partial consideration for the entire loan, approximately 13.1% of incentive payment amounts earned by GWC and related registrants from the venture capital funds they manage during the time of the entire loan and three years thereafter. Any remaining portion of the entire loan may be prepaid after 40% of entire loan has been repaid. The entire loan is secured by the assets of GWC and guaranteed by the assets of Matrix and certain of its non-registrant subsidiaries and personal assets of its Chief Executive Officer, including an option granted to the lender to acquire substantially all of the shares of GWC and certain other subsidiaries of Matrix. The CEO loan will be advanced upon receipt of certain payables due from the Government of Canada, which is expected within the next 30 days and subject to final documentation with GWC and the lender. The CEO loan will be advanced on terms similar to the additional loan, although the CEO loan security will rank behind the additional loan, and no refinancing fee or incentive payment amounts will be paid to the Chief Executive Officer as a result of the CEO loan. The CEO loan will provide the right of the Chief Executive Officer to acquire from the lender either or both of the option and the entire loan upon certain conditions, including full repayment of the entire loan principal, interest and fees. As previously announced in 2012 and 2013, Matrix also has three loans outstanding from two shareholders with an aggregate principal of $675,000. Pursuant to the terms of those loans, the lenders have elected effective the closing of the additional loan to have the terms of their loans amended to adopt the terms and the security of the entire loan, subject To Approve the lender and subject to the shareholder loans' security ranking behind the security of the entire loan and without any of the additional interest and fees charged under the entire loan.

Growth Works Capital Obtains Final Tranche of $5 Million Secured Debt

Further to its announcement October 1, 2013, Matrix Asset Management Inc. announced that its subsidiary, Growth Works Capital Ltd., has closed its final tranche of $1 million relating to its $5 million ('Debt') with an independent Canadian lender ('Lender'). The first debt tranche of $4 million was advanced to GWC on October 1, 2013. The debt shall be repaid over 60 months from the date of the advance of each tranche. The debt bears an interest rate of 12% annually, payable quarterly. An annual processing fee of 6.5% of the principal amount of the debt will also be payable quarterly. An initial structuring fee of 3.5% of the principal of the debt advanced is also payable to the lender. The lender will also receive approximately 7.5% of incentive payment amounts earned by GWC and related registrants from the venture capital funds they manage during the time of the debt and three years thereafter. Any remaining portion of the debt may be prepaid after 40% of debt has been repaid. The debt is secured by the assets of GWC and guaranteed by the assets of Matrix and certain of its non-registrant subsidiaries and Chief Executive Officer. The final tranche will be held in escrow for GWC's benefit to be released when certain documentation and other conditions of escrow have been satisfied or earlier upon the lender's approval.

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