VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Over the past year, the Board of Working Opportunity Fund (the “Fund”) has been evaluating ways in which to reduce costs and enhance liquidity options for unitholders, particularly Venture Series unitholders. To this end, a special committee of directors, independent of the Fund's manager, has considered, with the assistance of independent legal and financial advisors, a number of options that are consistent with the Fund's stated objectives and founding principles and would have the result of significantly reducing costs, enhancing liquidity and position the Fund for the future. The Board has also consulted extensively with the Fund's sponsor, Working Enterprises Ltd, to ensure the interests of the Fund and sponsor are aligned. The Board expects to be in a position to announce a path forward for the Fund which the Board believes will be in the best interests of the Fund, its unitholders and other stakeholders by September 1, 2018.

As part of this process, the Fund and the Fund's manager, Growth Works Capital Ltd, have agreed to extend the Fund's management contract for an additional two months, with an effective date for renewal or termination of February 28, 2019. All other terms of the management contract remain unamended.

Forward Looking Statements: This press release contains forward looking statements which primarily relate to the ability to announce future plans to reduce costs and enhance liquidity. All forward looking statements are based on the Fund’s current beliefs and assumptions which are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such factors include delays in obtaining third party information, obtaining opinions from professional advisors, and the Board of Directors of the Fund reaching decisions based on that information and opinions.  Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Neither the Fund nor its manager assumes any obligation to update any forward-looking statements made in this letter.

Reference: Mark Leung
Vice President, Finance
Tel: (604) 895-7258
Suite 2080, Royal Centre 1055 West Georgia Street Vancouver, BC V6E 3R5