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Mavrix Fund Management Inc. special committee update and results of annual meeting

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^{Published in Business and Finance on Wednesday, May 13th 2009 at 13:00 GMT, Last Modified on 2009-11-02 11:57:31 by Market Wire}  

 TORONTO, May 13 /CNW/ - The special committee of the board of directors of Mavrix Fund Management Inc. (TSX:MVX) announced today that it has retained legal advisors and financial advisors to assist the special committee in connection with the proposed offer by GrowthWorks, through a wholly-owned subsidiary, to acquire all of the outstanding common shares of the Corporation at a price of $0.25 per share by way of a Plan of Arrangement. As previously announced, the Corporation has entered into a letter of intent with GrowthWorks in connection with their offer, as more fully described in the press release of the Corporation issued on May 1, 2009. GMP Securities L.P. has been retained as financial advisor to the special committee and Gowling Lafleur Henderson LLP has been retained as legal advisor to the special committee. The Corporation also announced today that at its annual meeting of shareholders held on May 12, 2009 (i) Malvin C. Spooner, Raymond M. Steele, William Shaw, A. Kirk Purdy, Kenneth R. Yurichuk, Martine Guimond and Pierre Saint-Laurent were re-elected as directors of the Corporation to hold office until the next annual meeting of shareholders, and (ii) Smith Nixon LLP was appointed as the auditors of the Corporation to hold office until the close of the next annual meeting of shareholders. About Mavrix Fund Management Inc. Mavrix Fund Management Inc. (TSX: MVX) is an asset management company with a focused lineup of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to advisors and its clients. Mavrix is headquartered in Toronto with offices in Halifax, Montreal, and Winnipeg. Additional information about Mavrix can be found at [ www.mavrixfunds.com ]. Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations and involve known and unknown risks, uncertainties and other factors. Material factors and assumptions that were applied in making the forward-looking statements and that could cause actual results to differ materially from the forward-looking statements in this release include risks and uncertainties relating to: GrowthWorks making the offer contemplated by the letter of intent, satisfaction of the conditions required for GrowthWorks to complete the proposed offer including completion of satisfactory due diligence and receipt of all reqgulatory and required shareholder approvals, and the availability of any superior alternatives to present to shareholders in a timely fashion or at all. Readers are cautioned not to place undue reliance on these statements as the Company's actual results may differ materially from any future results expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company or its business. The Company cannot provide any assurance that forward-looking statements will materialize. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. %SEDAR: 00020385E 

For further information: Martine Guimond, Special Committee Chair, Tel: (514) 392-9583; Raymond Steele, Chief Financial Officer, Tel: (416) 362-3077