Pender Growth Fund Portfolio Company, D-Wave, Lists Publicly on NYSE

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VANCOUVER, British Columbia, Aug. 12, 2022 (GLOBE NEWSWIRE) —  (TSXV: PTF) Pender Growth Fund Inc. (the “Company” or “PTF”) is pleased to report that long time holding D-Wave Systems Inc. (“D-Wave”) has recently announced the completion of its previously announced intention to list publicly via a business combination with DPCM Capital, Inc. (“DPCM Capital”), a publicly traded special purpose acquisition company. On August 8, 2022, D-Wave began trading on the New York Stock Exchange under the symbol QBTS. PTF holds 199,411 shares of D-Wave directly and owns approximately 98% of Pender Private Investments Inc. which holds 548,427 shares of D-Wave.

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The merger enables public investors to invest in a quantum computing company and enhances D-Wave’s position as a center of Canadian quantum computing innovation and technology.

D-Wave is a leader in quantum computing systems, software, and services, and the only provider building both annealing and gate-model quantum computers. The company plans to use the proceeds raised to accelerate the adoption of innovative commercial quantum solutions for enterprises in key segments, including manufacturing, logistics, pharmaceuticals, finance, and government.

D-Wave Quantum’s CEO, Alan Baratz, was quoted as saying, “Through this Business Combination, we are well-positioned to accelerate our growth strategy, using capital raised through the Business Combination along with our new access to the public markets to advance the production of our quantum computing solutions and continue to unlock the power of quantum computing to benefit business and society. The era of commercial quantum computing is here.”

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David Barr, CEO of PTF said, “This is a new chapter for D-Wave. We believe this transaction highlights the value of D-Wave’s innovative technologies and eagerly anticipate the proposed acceleration in growth and commercialization of the company’s pioneering quantum computing technologies.”

A news release issued by D-Wave provides further information and can be found at the following link:
https://www.dwavesys.com/company/newsroom/press-release/dpcm-capital-inc-and-d-wave-systems-inc-announce-completion-of-business-combination/

About Pender Growth Fund Inc.
The Company’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 NAV on its website, generally within five business days of each month end.

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Please visit www.pendergrowthfund.com.

About Pender Private Investments Inc.
Pender Private Investments Inc. is an investment entity with a portfolio of technology companies that was acquired by PTF through the acquisition of another venture capital fund.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.