Ms. Melanie Moore reports

PENDER GROWTH FUND INCREASES ITS EQUITY STAKE IN PENDER SOFTWARE HOLDINGS LTD. AS IT COMPLETES ITS ACQUISITION

Pender Growth Fund Inc.'s holding, Pender Software Holdings Ltd. (PSH), has completed its acquisition of BroadCare Solutions Ltd., as announced in PSH's press release referenced below.

BroadCare Solutions operates a suite of patient management software products, including BroadCare, CareTrack and other tools, alongside its financial assurance managed services offering. Trusted by the National Health Service for over 15 years, BroadCare Solutions serves approximately 75 per cent of the integrated care boards in the United Kingdom and supports every stage of the All Age Continuing Care patient pathway, from referral and assessment through to care placement and financial review. BroadCare Solutions will continue to operate under its existing management team, led by managing director Umer Shariff.

PSH is currently Pender Growth's largest holding. Concurrently with PSH completing its acquisition of BroadCare Solutions, PTF made an additional investment in PSH, injecting additional cash and converting its outstanding promissory note from PSH into PSH equity. Prior to this additional investment, Pender Growth held approximately 87.7 per cent of the outstanding equity of PSH, and Pender Growth now holds approximately 94.6 per cent of the outstanding equity of PSH. The cost base of Pender Growth's total investment in PSH is now approximately $20-million.

At Pender Growth Fund, the company continues to see significant long-term value in PSH's strategy of acquiring and growing software businesses for the long term. Pender Growth's increased equity stake reflects the company's continued conviction in PSH's business model and in the quality of its expanding portfolio of software companies. The BroadCare acquisition adds a well-established, mission-critical software platform with deep customer relationships and a strong recurring revenue profile, characteristics Pender Growth looks for in PSH's investments.

This is PSH's third acquisition. Last year, PSH generated approximately $13-million of revenue with EBITDA (earnings before interest, taxes, depreciation and amortization) margins greater than 30 per cent. Following this acquisition, PSH expects to generate pro forma revenue in excess of $20-million while maintaining similar EBITDA margins.

About Pender Growth Fund Inc.

Pender Growth Fund's objective is to achieve long-term capital appreciation for its investors. The company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The company trades on the TSX Venture Exchange under the symbol PTF. The company posts its reporting NAV (net asset value) on its website, generally within five business days of each month-end.

About Pender Software Holdings Ltd.

PSH is a Vancouver-based investment firm dedicated to acquiring and growing software businesses for the long term. PSH partners with portfolio companies by providing strategic support and growth capital, while empowering management teams to retain operational autonomy. Backed by Pender Growth Fund, PSH invests with permanent capital to provide a lasting home for software companies.

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