BENVEST CAPITAL INC.

BENVEST CAPITAL INC.

March 22, 2005 17:05 ET

Benvest Capital Announces Filing of Information Circular


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BENVEST CAPITAL INC.

TSX SYMBOL: BCI

MARCH 22, 2005 - 17:05 ET

Benvest Capital Announces Filing of Information
Circular

MONTREAL, PROVINCE--(CCNMatthews - March 22, 2005) - Benvest Capital
Inc. (TSX:BCI) today announced that it has filed an information circular
pursuant to an interim order granted, on March 18, 2005, by the Quebec
Superior Court (the "Interim Order") in respect of a special meeting of
shareholders of Benvest to consider, among other things, a plan of
arrangement under the Canada Business Corporations Act to convert
Benvest into an income fund structure (the "Arrangement"). In
accordance with the Interim Order, the special meeting will be held on
April 22, 2005.

An information circular describing the reorganization and detailing the
proposed Arrangement has been filed, and will be mailed shortly to
shareholders. A copy of the information circular can be viewed in its
entirety at www.sedar.com.

The Arrangement is subject to the approval of Benvest's shareholders at
the special meeting to be held April 22, 2005. The Board has
unanimously recommended that Benvest shareholders approve the proposed
Arrangement. Directors and senior management of Benvest, who control
approximately 63% of Benvest's issued and outstanding common shares have
indicated that they intend to vote in favour of the Arrangement at the
shareholder meeting.

Until August 31, 2003, Benvest Capital Inc. was a merchant bank with a
diverse portfolio of assets in various service industries. Its new
corporate mission is as an operating public company with Lunetterie New
Look International Inc. at its base. New Look is a leading enterprise
in the eye care industry in Eastern Canada, with growth opportunities
based on demographic trends and the consolidation of the industry in
Canada.

On November 30, 2004, Benvest sold its investment in CMN International
Inc. (real estate services industry) for a consideration of
US$14,995,000. Post-closing of the CMN transaction, Benvest holds one
non-strategic asset: The Fitness Company (82%), a US health and fitness
club company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Benvest Capital Inc.
    Lise Melanson
    (514) 877-4299, ext. 2234