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Kaulkin Ginsberg Facilitates Sale of Canada-Based Nor-Don Collection Network

January 7 , 2008: Rockville, MD - Kaulkin Ginsberg is pleased to announce today the sale of Nor-Don Collection Network (“NCN”), a portfolio company of PRIVEQ Capital Funds (PRIVEQ II Limited Partnership Fund) and GrowthWorks Canadian Fund Ltd., to management. The management buyout of NCN was led by the President and CEO Mr. Paul Moraes. Terms of the transaction were not disclosed. Kaulkin Ginsberg served as advisor to PRIVEQ Capital Funds and the other selling shareholders.

Mr. Moraes was recruited as the President and CEO of NCN’s operations in December of 2000 and has over 23 years of accounts receivable management (ARM) industry experience. PRIVEQ and a predecessor fund to GrowthWorks co-led a buyout of NCN from the Hudson's Bay Company in 1999. Under PRIVEQ and GrowthWorks ownership, the company underwent many growth initiatives including landing several major government contracts, adding numerous ‘blue-chip’ clients, and successfully entering the U.S. ARM market.

"The structure of this transaction will allow us to provide our current clients with the quality of service they have come to expect from NCN without interruption, while we continue to strengthen our customer relationship in the Canadian and U.S. markets,” noted Mr. Moraes.

Michael Lamm, Associate of Kaulkin Ginsberg Company added, “By leveraging NCN’s 43 years of service, ‘blue chip’ client relationships in the financial services and government arenas, and national collection licenses in Canada and the U.S., Paul Moraes and his team of seasoned executives are well-positioned to build on the NCN ARM platform in both the Canadian and U.S. markets. This transaction exemplifies that M&A transactions continue to close in the ARM industry in spite of the credit crunch. We expect continued deal activity with ARM companies in 2008.”

“PRIVEQ is delighted with the success of NCN,” stated Brad Ashley, Managing Partner at PRIVEQ Capital Funds. “There were several major initiatives which were undertaken by management while under PRIVEQ’s ownership. PRIVEQ is pleased that the management team stepped up to buy NCN and we wish them great success going forward.”

For additional information, please contact:
Anne Strong, Director of Marketing
Kaulkin Ginsberg Company
Tel. 240-499-3816
Email. astrong@kaulkin.com

About Kaulkin Ginsberg
As the leading strategic advisor for the accounts receivable management industry (ARM), Kaulkin Ginsberg has completed over 125 M&A transactions valued at over $3 billion. For ARM service providers, our value-add services focus on analysis, growth, and exit strategies. For credit grantors, our focus is on optimizing receivables management strategies. Kaulkin Ginsberg's media division is the worldwide leader in providing timely news and insight on the recovery of debt in all industries. Kaulkin Information Systems creates secure and affordable workflow, document, and business process management technologies. Read more about Kaulkin Ginsberg at www.kaulkin.com.

About PRIVEQ Capital Funds
Founded in 1994, PRIVEQ manages private equity portfolios with assets of $85 million. In April 2006, PRIVEQ completed the final closing of PRIVEQ III Limited Partnership, the firm's third private equity fund. Led by BDC Venture Capital, Teachers’ Private Capital and Export Development Canada, total committed capital for PRIVEQ III Limited Partnership is $57 million.

PRIVEQ provides tailor-made equity solutions to profitable and growing companies through a highly expedited investment approach coupled with real value-added assistance post-investment. PRIVEQ invests initial equity capital of $3 million – $7 million for expansion capital purposes as well as to facilitate management buy-outs and buy-ins. For more information about PRIVEQ Capital Funds please visit www.priveq.ca.

About GrowthWorks* (www.growthworks.ca )
GrowthWorksTM managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks* manages more than $800 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on more than 15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

* GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: 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.

About Nor-Don Collection Network
Founded in 1964, NCN is a leading provider of contingency collection and accounts receivable management outsourcing services to Canadian and U.S. credit grantors in the financial services, government, cable, telecommunications and utility sectors. NCN is one of the six largest Canadian-based collection agencies. Headquartered in Toronto, Ontario, the Company is a National Collection Agency in Canada, with branch locations in Toronto, Montreal, Vancouver, Edmonton, Calgary and Winnipeg. NCN has over 250 employees throughout Canada and has expertise in managing inventory in excess of $500 million (CAD). For more information about Nor-Don Collection Network please visit www.ncn.ca.