The Business, Engineering, Science & Technology Discoveries Fund Inc.

August 19, 2009 17:40 ET

The Business, Engineering, Science & Technology Discoveries Fund Inc. Announces Approval by CNSX of Listing of Class L Shares

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2009) - The Business, Engineering, Science & Technology Discoveries Fund Inc. (the "Fund") announced today that the Fund's Class L shares (the "Class L Shares") issued under the plan of arrangement of the Fund under the Canada Business Corporations Act (the "Plan of Arrangement") which was effective as of July 24, 2009 (the "Effective Date") have been approved for trading on the Canadian National Stock Exchange (the "CNSX").

The Fund will issue share certificates representing the Class L Shares, Series I, for the number of Class A Shares, Series I held on the Effective Date by each shareholder of the Fund that elected or was deemed to have elected to receive Class L Shares, Series I in accordance with the Plan of Arrangement. These share certificates will be issued only to registered shareholders of the Fund. The number of Class L Shares, Series I issued to each shareholder on the Effective Date was determined by the conversion proceeds calculation set out in the Plan of Arrangement.

The Class L Shares are expected to be listed and posted for trading on the CNSX on or about August 21, 2009. Equity Transfer & Trust Company will act as the registrar and transfer agent for the Class L Shares. Registration of interests in and transfers of the Class L Shares are eligible for the book-based system administered by CDS Clearing and Depository Services Inc. ("CDS"). The Class L Shares may then be purchased and transferred through a participant in CDS and all payments to which shareholders are entitled would be delivered by CDS or the participant in CDS.

It is important that shareholders that hold Class L Shares, Series I through the facilities of a mutual fund dealer contact their investment representative as soon as possible in order to ensure their account(s) will facilitate the trading of such Class L Shares.

Shareholders that hold Class L Shares, Series I in a B.E.S.T. RRSP must transfer such Class L Shares to a self-directed RRSP at a qualified investment dealer with access to the book-based system administered by CDS in order to trade their Class L Shares, Series I and should immediately contact their investment representative for guidance with respect to how to proceed with such transfer.

About The Business, Engineering, Science & Technology Discoveries Fund Inc.

The Business, Engineering, Science & Technology Discoveries Fund Inc., established in 1996 is registered as a labour sponsored investment fund corporation in Ontario. The Fund's investment focus is primarily on companies capitalizing on the innovative uses of engineering, science and technology.

The Fund invests in eligible companies that are in differing stages of development in a variety of high growth industries which may include telecommunications, information technology, computers and life sciences.

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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