Mavrix Fund Management Inc.

Mavrix Fund Management Inc.

November 11, 2009 11:01 ET

Mavrix Fund Management Inc. Announces Staff Complement Changes and Proposed New Sub-Advisory Relationships

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2009) - Mavrix Fund Management Inc. ("Mavrix" or the "Company"), a leading niche asset manager, today announced some changes in its staff complement and proposed new sub-advisory relationships for two of its mutual funds.

To better align costs and staffing levels with current assets under management, the Company has reduced its staff complement by ten positions. This is in keeping with an industry trend over the past number of months.

As a result, the sales and marketing teams of Mavrix and GrowthWorks (which acquired Mavrix earlier this year) will now work collaboratively selling both the Mavrix suite of specialty mutual funds and flow-through funds and GrowthWorks retail venture capital funds. Mavrix senior management remains the same and will continue to focus on delivering high levels of service to unitholders and their investment advisors.

The Company also proposes to retain SEAMARK Asset Management Ltd. as sub-advisor to the Mavrix Dividend and Income Fund and the Mavrix Strategic Bond Fund, and intends to obtain a review of this proposal by Mavrix's Independent Review Committee prior to the satisfaction of applicable regulatory requirements. SEAMARK has a strong reputation and track record in both the bond and dividend/income paying equities areas. Mal Spooner President and CEO of Mavrix commented "we see some exciting new opportunities flowing from the proposed business combination* of GrowthWorks and SEAMARK."

About Mavrix (www.mavrixfunds.com)

Mavrix Fund Management Inc. is an asset management company founded and operated by experienced portfolio managers. The company offers a focused line-up of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Montreal.

About GrowthWorks (www.growthworks.ca)

GrowthWorks(TM) manages venture capital funds and owns Marvrix Fund Management Inc. It currently has $1 billion in assets under management.

GrowthWorks refers to affiliates of GrowthWorks Ltd. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

*As announced, GrowthWorks Ltd and SEAMARK Asset Management Ltd. have entered into a business combination agreement. See the press release dated October 29, 2009 for more information.

This news release contains certain "forward-looking statements" and "forward-looking information" which include but are not limited to statements in respect of GrowthWorks' and (assuming the approval of the business combination) Matrix's future operations, performance, business prospects and opportunities. Words like "believe", "may", "expect", "will", and other similar expressions are intended to identify forward-looking statements. A number of factors could cause actual results to differ materially from those projected in our forward-looking statements.

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