(January 31 – 11:30 ET) – Working Ventures is launching Working Ventures II Technology Fund Inc.

This new labour sponsored investment fund and will raise capital only in Ontario. The fund is RRSP eligible and investors qualify for a 30% tax credit on investments up to $5,000 per year.

Ron Begg, president and CEO of Working Ventures, confirmed that the new fund will focus on earlier stage private technology related companies that inherently represent somewhat higher risk but with corresponding potentially higher rates of return.

The target sectors for the new fund are Internet and E-commerce, semiconductors, communications and software, and services. Working Ventures said the new fund will be managed by the same seasoned venture investment professionals that have achieved excellent returns in those investment sectors for the Working Ventures Canadian Fund.

Jim Whitaker, senior vice president, investments, expressed his conviction that the new focussed fund is timed well to take advantage of the correction in the technology markets. “We believe that Working Ventures II Technology Fund is positioned to ‘buy well’ in the current market environment where early stage technology companies with outstanding prospects are starved for cash and unable to access funds through public markets.”

The $700 million Working Ventures Canadian Fund will remain open for investment for both existing and new shareholders and will continue to implement its successful broadly diversified investment strategy. “Investors will be able to choose between the core Working Ventures Canadian Fund, which offers a somewhat lower risk due to broad diversification and a maturing portfolio, or the new highly focussed technology fund” Begg added.

Both Working Ventures funds are distributed exclusively by AGF Management Ltd., through its wholly owned subsidiary AGF Funds Inc.
-IE Staff