Avenue Financial Corporation

Avenue Financial Corporation

March 01, 2005 11:49 ET

Avenue Financial Corporation Appoints Anthony H. Millo to Board


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AVENUE FINANCIAL CORPORATION

TSX VENTURE SYMBOL: AFC

MARCH 1, 2005 - 11:49 ET

Avenue Financial Corporation Appoints Anthony H. Millo
to Board

TORONTO, ONTARIO--(CCNMatthews - March 1, 2005) - Avenue Financial
Corporation (TSX VENTURE:AFC) is pleased to announce today the
appointment of Mr. Anthony H. Millo to the Board of Directors.

Mr. Millo currently serves as Vice President Finance of a Toronto based
securities dealer. He served as Senior Examiner/Manager and Director of
the Toronto Stock Exchange where he developed, introduced and
administered an updated examination program for the Toronto Stock
Exchange to ensure a more consistent and equitable application of
industry rules for all members. In addition, he investigated complaints
from clients of brokers; arbitrated settlements and monitored the
financial well being of brokerage firms ensuring that firms in the areas
of credit granting and collections were placing appropriate focus. Over
the past twenty-five years, Mr. Millo has held senior finance and
compliance positions in several IDA Member firms including work in
forensic accounting.

"We are pleased to have Tony joining the board of Avenue Financial
Corporation. Tony's extensive Bay Street experience combined with his
knowledge of control procedures and record keeping will add value and
comfort as Avenue Financial executes its growth strategy delivering
innovative new products and services to the financial community,"
commented Mr. Robin Ross, Chairman & CEO of Avenue Financial
Corporation. "We believe that it is essential in today's business
environment for public investors and corporate clients to know that the
Board of Directors has the collective experience and integrity necessary
to provide strong corporate governance - especially to rapidly growing
companies such as Avenue Financial."

Stock Option Grant

Avenue Financial Corporation announces that it has granted to directors
and consultants of Avenue stock options for a total of 650,000 shares
under its Stock Option Plan. The exercise price of the options is $0.10
per share and the options are for a five-year period expiring February
28, 2010.

The grant of options is subject to regulatory approval.

Further Closing of Brokered Private Placement

Avenue Financial Corporation is pleased to announce it has closed on a
further 1,207,774 of its proposed offering of 20,000,000 units being
sold at $0.10 per unit, each unit consisting of one common share and one
share purchase warrant entitling the holder to purchase one common share
at a price of $0.10 per share for a two year period. Avenue has now
closed on 19,300,224 of the proposed 20,000,000 units being offered for
sale and is closing this financing off at this level. Avenue did not
proceed with a previously announced increase to this offering.

About Avenue Financial Corporation

Avenue Financial Corporation is a TSX Venture listed company which
designs and develops innovative investment products for high net worth
investors and select institutions. Through its international affiliates
Avenue Financial Corporation plans to be a global administrator of both
segregated and pooled managed fund products and services.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Avenue Financial Corporation
    Mr. Robin Ross
    Chairman & CEO
    (416) 362-1800
    rross@avenuefinancialcorp.com
    www.avenuefinancialcorp.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy of this release.