Gatehouse Capital Inc.

Gatehouse Capital Inc.
Global Credit Pref Corp.
TSX : GPA.PR.A

Global Credit Pref Corp.

August 11, 2008 16:41 ET

Global Credit Pref Corp., Global Credit Trust and TIS Preservation & Growth Fund-Proposed Change of Control of Manager

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2008) - Gatehouse Capital Inc. ("Gatehouse"), the manager of Global Credit Pref Corp. (TSX:GPA.PR.A), Global Credit Trust and TIS Preservation & Growth Fund, announces that it and its shareholders have entered into a share purchase agreement with Bycke Asset Management Ltd. ("Bycke") whereby Bycke will purchase all the issued and outstanding common shares of Gatehouse. The proposed change of control of Gatehouse is subject to regulatory approvals, consents and standard closing conditions, and is expected to be completed by the end of October.

Bycke will be owned as to 51% by Birkenshaw & Company Ltd., and 49% by Clearview Capital Inc. The indirect owners of Bycke, David Birkenshaw, Neil Simon and Alan Huycke, have extensive combined experience with respect to the management and distribution of investment funds and have been officers and directors of a number of public companies.

Effective today, David Birkenshaw has joined Gatehouse as a director, Chief Financial Officer and Vice-President, replacing David Reese who is stepping down from his position as an officer and director of Gatehouse. It is anticipated that on closing of the transaction, Alan Huycke and Robert Kidd will remain directors of Gatehouse and Mr. Kidd will continue to be involved in the operations of Gatehouse in a consulting capacity. Mr. Huycke will assume the roles of Chief Executive Officer and Chair of Gatehouse, with a new director, Mr. Neil Simon, appointed as President of Gatehouse.

There are no day-to-day changes anticipated to the operation of the funds, as all the current service providers are expected to continue in their current roles.

Global Credit Pref Corp. is a mutual fund corporation that issued 10-year redeemable, retractable cumulative preferred shares. The company used the proceeds to gain exposure, by way of an equity forward sale agreement, to a structured credit linked note held by Global Credit Trust that now offers exposure to the credit performance of 127 reference entities. The preferred shares are listed for trading on the Toronto Stock Exchange under the symbol GPA.PR.A.

The TIS Preservation & Growth Fund is a mutual fund trust, sub-advised by the TIS Group, Inc., whose investment objective to provide investors with the opportunity for capital preservation and capital appreciation by investing on a global basis in a diversified portfolio of securities, consisting primarily of international equity securities and cash.

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