Axis Investment Fund Inc.

December 23, 2009 16:00 ET

Axis Investment Fund Inc. Announces Annual Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - Axis Investment Fund Inc. (the "Fund") announced today that it has called an annual meeting of the Fund. The annual meeting is expected to occur on February 24, 2010.

The board of directors of the Fund (the "Board of Directors") continues to explore strategic options for the Fund to maximize returns for all of the Fund's shareholders which may be subject to regulatory and/or shareholder approvals.

On November 6, 2009, the Board of Directors suspended the redemption and subscriptions of shares of the Fund in order to ensure all shareholders are treated fairly with respect to redemption proceeds following careful consideration by the Board of Directors regarding the best interests of all of the Fund's shareholders, the Fund's current asset size and liquidity situation, the present market conditions, the Fund's inability to make adequate follow-on investments in its venture investments and the anticipated requests for redemptions by holders of the Fund's Class A shares.

About Axis Investment Fund Inc.

Axis Investment Fund Inc., established in 2001 is registered as a labour sponsored investment fund corporation in Ontario. The Fund invests in eligible businesses engaged in the information technology sector, particularly in small and medium-sized eligible information technology businesses, with the objective of achieving long-term capital appreciation.

Certain statements contained in this press release may include forward-looking information with respect to the Fund's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. Further information can be found in the disclosure documents filed by the Fund at www.sedar.com.

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