LSVCC PROGRAM SHOWS MAJOR INCREASE IN SASKATCHEWAN INVESTMENT

Labour-Sponsored Venture Capital Corporations (LSVCCs) participating in the Invest in Saskatchewan Program are reporting their best year ever thanks to significantly higher investor confidence in the province.

For the 2007 tax year, the program recorded sales of $47.8 million from 12,300 purchasers, up from $33.6 million and 10,200 purchasers for the previous year. This represents an increase of approximately 42 per cent in the value of capital raised and available for investment through the program into developing and expanding small businesses in Saskatchewan.

"This growth in investment is a very positive and welcome sign of the economic times in Saskatchewan," Enterprise and Innovation Minister Lyle Stewart said. "It is an indicator of solid and increasing confidence in a program which is one of our important tools for encouraging continued economic growth and job creation in this province."

The two Saskatchewan LSVCC funds - SaskWorks Venture Fund Inc. in Regina and Golden Opportunities Fund Inc. in Saskatoon - have invested a total of $167.3 million in 117 companies or businesses to date.

"Our diversified investment approach to exciting technologies, patents, processes and growth-oriented companies, now complimented by a robust Saskatchewan economy, has enabled Golden Opportunities Fund Inc. to post the largest RSP sales for its Class A shares in its 10-year history," Golden Opportunities Fund Inc. CEO Grant Kook said. "With an asset value in excess of $135 million and a committed shareholder base of over 17,000, we are impacting the future of Saskatchewan."

"We are continuing to see very strong deal flow for the fund," SaskWorks Venture Fund Inc. CEO Randy Beattie said. "The fund's maturing portfolio and solid performance has led to increased investor confidence in investing in SaskWorks and in Saskatchewan." For SaskWorks, this year's total sales were 84 per cent greater than last year.

The province's Invest in Saskatchewan LSVCC Program provides individual investors with up to 35 per cent in tax credits and is eligible for an RRSP deduction. These funds are invested in Saskatchewan businesses and companies to help them create or expand their operations in the province.

Interested investors can contact their financial planners to get more information and purchase LSVCC shares. The shares cannot be purchased directly from the fund managers.

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For more information, contact:

Joanne Johnson
Enterprise and Innovation
Regina
Phone: 306-787-1691