Avenue Financial Corporation

Avenue Financial Corporation

August 29, 2005 10:40 ET

Avenue Hires Robert Thompson-So

TORONTO, ONTARIO--(CCNMatthews - Aug. 29, 2005) - Avenue Financial Corporation (TSX VENTURE:AFC) is pleased to announce it has entered into an agreement (the 'agreement') through its subsidiary Avenue Global Administrators Inc. with Mr. Robert Thompson-So whereby he will act as an independent sales representative to market and promote the Avenue Global Asset Management Inc. ('AGAM') series share product line-up. Mr. Thompson-So will immediately assume the title 'Managing Director Sales and Distribution'.

Robert comes to Avenue Financial Corp. with fifteen years of experience working with high net worth investors and their investment advisors. During the course of his advisory career, Robert consulted and assisted in the management of over $150 million in investment assets for value conscious investors.

In 2002 Robert, along with partners, created Independent Hedge Inc., an independent company specializing in furthering the education and awareness in the Canadian marketplace about hedge funds and alternative investments while helping product manufacturers increase their distribution. Since that time, Robert has worked closely with some top-tier alternative strategy product manufacturers, his most recent post being the V.P. Sales, Alternative Strategies with the distribution subsidiary of a large publicly traded financial services company.

A graduate of the Canadian Investment Management Course (CIM) and a Fellow of the Canadian Securities Institute (FCSI), Robert has frequently been heard as a guest on CFRB 1010's Money Talks as an authority on the investment planning process. He has also appeared on Investment Television hosted by financial authority Garth Turner as well as having appeared on the multi episode series Money Blues hosted by financial planning commentator Jerry White. Robert is also a Certified Hedge Fund Specialist (CHFS) having graduated from the inaugural class in 2003.

Commented Robin Ross Chairman of Avenue, "As a managing director with Avenue Financial Corp, Robert will be responsible for the strategic planning and corporate direction for sales and distribution. Robert's main focus will be to educate investment advisors via face-to-face meetings, workshops, and due diligence meetings on the importance of strategy diversification and the use of alternative investment strategies in professionally managed investment portfolios. He will be instrumental in achieving the penetration we feel our products deserve in the Canadian marketplace and we are looking forward to his success".

Under the agreement Mr. Thompson-So will receive $10,000 monthly payable in cash and common shares of Avenue. The common shares will be subject to a four-month regulatory hold.

Clarification on closing of Private Placement

Avenue wishes to clarify its previous July 26, 2005 press release announcing the closing on 11,746,500 units of its proposed offering of 20,000,000 units being sold at $0.05 per unit. The purpose of the clarification is to identify the portion of the closing that represented Shares for Debt under TSX Venture Exchange Policy 4.3. 5,954,000 units ($297,700) of the 11,746,500 closing were in cash. The balance of 5,792,500 units ($289,625) were issued in lieu of debt which consisted of principal and interest on outstanding debentures owed by the Company. It is anticipated that the balance of the offering will be used for further debt conversions.

About Avenue Financial Corporation

Avenue Financial Corporation is a TSX Venture listed company, which designs and administers world-renowned alternative investment products. Avenue's tax advantaged platform provides Canadian Investors access to the best alternative investment products in the world while investment returns compound tax-free. Access is provided through an investment in (Avenue Global Asset Management Inc. 'AGAM').

The Toronto Venture Exchange ("TSX-V") does not accept responsibility for the adequacy or accuracy of this press release.

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