Toronto, April 29, 2005 - The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., The VenGrowth Advanced Life Sciences Fund Inc. and The VenGrowth Traditional Industries Fund Inc. (the "VenGrowth Funds") today announced that they have decided to terminate their administration agreements with Mackenzie Financial Corporation and appoint their respective fund managers as administrators. The fund managers, each of which is an affiliate of VenGrowth Asset Management Inc., have indicated that they will provide VenGrowth Funds with administrative services on substantially the same terms as the existing contracts with Mackenzie, such that there will be no increase in fees to shareholders. The managers have advised that they intend to appoint International Financial Data Services ("IFDS") as a subcontractor to assist in providing administrative services to the VenGrowth Funds in such areas as shareholder reporting, registrar and transfer agency and call centre services. Mackenzie will continue to administer the VenGrowth Funds until the completion of the transition, which is scheduled to be on or before October 8, 2005, but which may be extended for up to three months.
The decision to change administrator has been made as investment strategies and new product platforms are leading VenGrowth Asset Management and Mackenzie into more direct competition. VenGrowth last year launched Criterion Investments, a retail structured products affiliate dedicated to providing Canadians with value-added structured investment products. Mackenzie also provides products in this asset class.
For more information, please visit www.vengrowth.com,
About VenGrowth Funds
A family of labour sponsored investment funds ("LSIFs"), the VenGrowth Funds invest in eligible small and medium sized Canadian companies in industry sectors that include technology, life sciences and traditional industries. Since 1982, VenGrowth's accomplished private equity managers have invested over $1.1 billion in 180 companies, building a strong track record of successful portfolio transactions. Portfolio companies benefit from VenGrowth's substantial experience, resources, and hands-on investment style. The VenGrowth Funds had collective assets of over $1 billion and over 180,000 individual investors as of March 31, 2005.
About VenGrowth Asset Management
Founded in 1982, VenGrowth Asset Management Inc. and its affiliates ("VenGrowth") is dedicated to providing Canadians with superior, value-added investment alternatives through its affiliates VenGrowth Private Equity Partners Inc. and Criterion Investments Limited. Today, VenGrowth manages over $1.1 billion in private equity and structured product assets on behalf of over 180,000 individual investors and leading pension funds, banks, insurance companies and family foundations. VenGrowth's offices are located in Toronto (Corporate Headquarters) and Ottawa. For more information, please visit www.vengrowth.com.
About IFDS
IFDS is a 50/50 joint venture between Boston-based State Street Corporation, a world leader in financial services providing investment servicing, investment management, trading services and investment research, and DST Systems Inc, a Kansas City-based leading provider of shareholder accounting services and proprietary systems.
IFDS is today recognised as one of the world's leading provider of ASP (Application Service Provision) and BPO (Business Process Outsourcing) solutions to the global collective investment industry, supporting over 13 million accounts for over 70 organizations, and with over 1,700 experienced staff based in three locations (Canada, Luxembourg & United Kingdom).
For further information:
Angus Fisher
Media Relations
VenGrowth Asset Management Inc.
(416) 628 9255
afisher@vengrowth.com
