Commitment to STI Coincides with Record Quarterly Results
HALIFAX, May 10, 2012 /CNW/ - GrowthWorks Atlantic Venture Fund is pleased to announce the conversion of its debenture investment in Halifax-based STI Technologies Limited, into common shares of the company.
"Our decision to convert at this time speaks volumes about the potential we continue to see in STI," said Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. "STI has become a leading healthcare IT company in Canada and we are proud to have backed the company from the early days."
GrowthWorks Atlantic Venture Fund originally invested a total of $2 million in STI across two rounds, the first being in April of 2006 and the second in January of 2009.
The decision to convert the debenture comes on the heels of STI closing its first quarter of 2012, with record revenue and transactions. STI has recently launched numerous patient assistance, market access, patient benefit, and alternative sampling programs to the market, including those announced for blockbuster drugs Plavix®, Nexium®, and Crestor®.
"Having pioneered card-based reimbursement programs in Canada, its nice to see the market taking off," said Steve Nicolle, CEO of STI. "Our cards are now redeemed thousands of times each day in pharmacies across Canada, providing physicians and patients greater choice and broader access to essential medications, without burdening the healthcare system with incremental costs."
STI was first launched in 2002 on card-based alternative sample programs, reinventing how the pharmaceutical industry thought about sampling. In the decade following, the company has seen exponential growth in both their employee base and the breadth of programs they provide to the Canadian healthcare system.
"The support of GrowthWorks Atlantic Venture Fund and our loyal individual angel investors has given STI the opportunity that we are now capitalizing on," said Bill Adams, Vice-President, Strategic Relations and a founder of STI. "We are now a major employer in the region and are helping to shape the future of the Canadian pharmaceutical industry."
About STI Technologies Limited
Back in 2001, on a napkin at a local diner, three pharmaceutical marketers had one innovative idea. There must be a better way. A simple idea - bridge the four distinct worlds of pharma, physicians, patients and pharmacy with one little card. First, we revolutionized the way pharmaceutical companies sample their medications, by involving pharmacy. Then, we invented new marketing solutions - empowering physicians and patients with choice and affordable access to medication. All with measurable results. Now, STI is way more than just a card. Our technology, solutions, and people have made us the largest transactional marketing company in Canada. Innovative ideas come from Halifax, Nova Scotia.
About GrowthWorks* (www.growthworks.ca)
GrowthWorksTM managed funds provides investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks is part of the Matrix Asset Management Inc. (TSX:MTA) group of companies and manages over $431 million in venture capital assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Clean Tech sectors. Building on more than 18 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.
*GrowthWorks refers to GrowthWorks Ltd. and other companies within the venture capital operating division of Matrix Asset Management Inc. including: GrowthWorks Capital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd.
GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Please read GrowthWorks Atlantic Venture Fund's prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. On December 16, 2005, the fund completed a merger by purchasing the assets of Workers Investment Fund Inc. in exchange for Class A shares distributed to former shareholders of that fund.
Image with caption: "www.smartsti.com. (CNW Group/STI Technologies Inc.)". Image available at: http://photos.newswire.ca/images/download/20120510_C6422_PHOTO_EN_13545.jpg
Image with caption: "GrowthWorks Atlantic Ltd. (CNW Group/STI Technologies Inc.)". Image available at: http://photos.newswire.ca/images/download/20120510_C6422_PHOTO_EN_13544.jpg
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