Axis Investment Fund Inc.

August 25, 2010 15:02 ET

Axis Investment Fund Inc. Announces That Shareholders Approve Sale of Portfolio Assets and Wind-Up

TORONTO, ONTARIO--(Marketwire - Aug. 25, 2010) - Axis Investment Fund Inc. (the "Fund") announced today that at the special meeting of the Fund's shareholders, the Class A shareholders and Class B shareholder approved: (i) the special resolution authorizing the sale of the Fund's portfolio assets to NorthStar Bancorp Limited pursuant to a portfolio asset purchase agreement dated as of July 23, 2010, constituting a sale of all or substantially all of the assets of the Fund (the "Portfolio Asset Sale") and the sale of the Fund's remaining assets (the "Sale Resolution"); and (ii) the resolution authorizing the voluntary liquidation and dissolution of the Fund (the "Wind-Up") pursuant to the provisions of the Canada Business Corporations Act (the "Wind-Up Resolution"). The Sale Resolution and the Wind-Up Resolution both received unanimous support with 100% of the Class A shareholders and the Class B shareholder voting at the meeting having voted in favour of both the Sale Resolution and the Wind-Up Resolution.

Subject to regulatory and third party approvals the Portfolio Asset Sale is expected to occur on or before September 30, 2010. The Fund will continue to price its net asset value per share daily. 

Further information regarding the Portfolio Asset Sale and the Wind-Up can be found in the Fund's management information circular dated July 26, 2010 which is available at www.sedar.com

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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