VenGrowth Asset Management Inc.

VenGrowth Asset Management Inc.

April 18, 2011 17:36 ET

Former Bank of Canada Governor to Join VenGrowth Board

John Crow Appointed as Chair of the Board and Co-Chair of the Special Committee

Special Committee on Track to Present Best Offer in May 2011

TORONTO, ONTARIO--(Marketwire - April 18, 2011) - The Board of Directors of the VenGrowth Funds today announced that former Bank of Canada Governor and corporate director John Crow has been appointed as Chair of the Board of Directors and Co-Chair of the Special Committee of the VenGrowth Funds.

"I am very pleased to be joining the VenGrowth Board and the Special Committee as we work to uncover the best transaction for shareholders," said Mr. Crow. "I am impressed by the undertakings to date by the Special Committee and its independent financial advisors, Crosbie & Company, to solicit and test multiple offers in an open, competitive and rigorous process."

"John Crow is a great addition to our Board and Special Committee as he will bring tremendous experience and financial knowledge to our deliberations," said John Kingston, Co-Chair of the Special Committee of the VenGrowth Funds. "The appointment of someone of Mr. Crow's calibre demonstrates that shareholders' interests are the Board's top priority."

The Board also announced that it has regrettably accepted the resignation of Merdon Hosking from both the Board and the Special Committee of the Board.

"Merdon's health has recently deteriorated which has led him to conclude that he cannot carry on with his duties," said Mr. Kingston. "The Board has benefited from Merdon's thoughtful counsel over many years and we wish him well."

"I had hoped to see the Special Committee's work through to its end and present the best deal to VenGrowth shareholders," said Merdon Hosking. "Unfortunately, ongoing health issues, which I had been successfully managing, are now limiting my ability to give the work of the Special Committee and the Board the time and attention they require."

Special Committee on track to present best offer in May 2011

Mr. Kingston continued: "The Special Committee, assisted by independent financial advisor Crosbie & Company, is actively evaluating proposals obtained through an ongoing competitive process. Multiple offers are currently being reviewed and in a few weeks VenGrowth shareholders will be presented with a transaction that has had the benefit of a competitive process and has gone through a thorough independent financial and legal review."

Biographical note - John W. Crow

Mr. John Crow, a Canadian citizen, was born in London, England in 1937. Upon leaving school he spent two years on national service in the Royal Air Force, qualifying as an interpreter in Russian. He then entered Oxford University, graduating in Philosophy, Politics and Economics in 1961.

Upon leaving university, Mr. Crow joined the International Monetary Fund in Washington, D.C. His initial work at the Fund was concentrated in Latin America. In 1969 he transferred to the North American Division (Canada, United States and Mexico), and in 1970 he was appointed Chief of the Division.

Mr. Crow joined the Research Department of the Bank of Canada in 1973 as Deputy Chief and in subsequent years was appointed to more senior positions in the Bank. In 1987 he was appointed Governor for a term of seven years, which expired on January 31, 1994. In 1993 he was elected Chairperson of the central bank governors of the Group of Ten countries, a position he relinquished when his term as Governor ended.

Mr. Crow now lives in Toronto and engages in a wide range of private and public sector activities. He is an experienced corporate director, including in regard to labour sponsored investment funds, and is also a Senior Fellow of the C.D. Howe Institute, and Chair of the Public Accountants Council for the Province of Ontario. Until June 2004, he was Chair of the Investment Committee of the Canada Council for the Arts, until June 2006, he was Vice-Chair of the Toronto Leadership Centre for Financial Sector Supervision, and until December 2007 he was a member of the investment committee of the Workplace Safety and Insurance Board of Ontario.

In 1999 Mr. Crow chaired a committee of international experts that was commissioned by the Executive Board of the International Monetary Fund to evaluate IMF bilateral, regional, and multilateral surveillance activities, and in 2002 he took part in a high level international mission to advise on monetary problems in Argentina. In 2003 he chaired an international task force commissioned by the International Federation of Accountants to examine the loss of credibility in financial reporting and how to restore it.

Mr. Crow is the author (2002) of Making Money: An Insider's Perspective on Finance, Politics, and Canada's Central Bank.

In July 2009 Mr. Crow was appointed Officer of the Order of Canada.

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