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JovFunds Announces Completion of CMDF Merger and Termination of Management Contracts

^{Published on 2009-05-25 09:29:48, Last Modified on 2009-05-25 09:30:22 - Market Wire}
 

 TORONTO, May 25 /CNW/ - Further to the press release of January 21, 2009, Jovian Capital Corporation ("Jovian") (TSX: JOV) and its subsidiary JovFunds Management Inc. ("JovFunds") announce that JovFunds, Canadian Medical Discoveries Fund Inc. ("CMDF") and GrowthWorks WV Management Ltd. ("GrowthWorks WV") have concluded the termination of the various CMDF related management contracts to which JovFunds and its affiliates are parties (the "CMDF Contracts"). The termination of the CMDF Contracts was concluded as part of the merger transaction whereby CMDF merged into the GrowthWorks Canadian Fund Ltd. ("Canadian Fund") effective as at the close of business on Friday, May 22, 2009. JovFunds and its affiliates received various payments from CMDF and GrowthWorks WV in the approximate aggregate amount of $5.5 million on closing, and may also receive future payments based on the success of the Canadian Fund. About JovFunds Management Inc. ([ www.jovfunds.com ]) JovFunds provides innovative investment solutions for Canadians through the creation, distribution and management of high quality investment products. JovFunds manages and distributes approximately $2.5 billion in client assets and is wholly owned by Jovian Capital Corporation. About Jovian Capital Corporation ([ www.joviancapital.com ]) Jovian acquires, creates and grows financial services companies specializing in wealth and asset management. The Jovian group of companies (AlphaPro Management Inc., BetaPro Management Inc., Horizons Funds Inc., JovFunds Inc., JovFunds Management Inc., JovInvestment Management Inc., Leon Frazer & Associates Inc., MGI Financial Inc., MGI Securities Inc., MGI Securities (USA) Inc., T.E. Wealth and Felcom Data Services Inc.) manages approximately $12.0 billion of client assets ($6.0 billion in assets under administration and $6.0 billion in assets under management). Additional information is available at [ www.joviancapital.com ] and [ www.sedar.com ].

For further information: Steven Hawkins, Managing Partner, JovFunds Management Inc., (416) 601-2442; or Don Sangster, Investor Relations, Jovian Capital Corporation, (416) 933-5744