Creststreet Mutual Fund Shareholders Approve Change of Manager to Brompton Funds Limited, Merger of Creststreet Alternative Energy Class into Creststreet Resource Class and Move to Daily Valuations

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TORONTO, Nov. 9, 2012 /CNW/ - Creststreet Asset Management Limited ("Creststreet") is pleased to announce that shareholders of Creststreet Resource Class, Creststreet Dividend & Income Class and Creststreet Alternative Energy Class (the "Funds") have voted at a special meeting on November 8, 2012 (the "Meeting") to:

(i)  change the manager of the Funds from Creststreet to Brompton Funds Limited ("Brompton") (the "Change of Manager");
   
(ii)  merge Creststreet Alternative Energy Class into Creststreet Resource Class (the "Merger"); and
   
(iii)  increase the frequency with which the net asset value ("NAV") of each of the Funds is calculated such that beginning in 2013 the NAV of the Funds is calculated on every day that the Toronto Stock Exchange is open for business ("Daily Valuations").


In connection with the Merger, holders of shares of each series of Creststreet Alternative Energy Class will receive shares of the equivalent series of Creststreet Resource Class, determined on a dollar-for-dollar basis. Additionally, the move to Daily Valuations will benefit shareholders of the Funds by providing more frequent opportunities to subscribe for, redeem or switch investments in the Funds.

Each of the Change of Manager, the Merger and the move to Daily Valuations is being proposed in connection with the previously announced agreement between Creststreet and Brompton pursuant to which Brompton will acquire, among other things, the rights to provide management and administration and portfolio management services to the Funds on or about November 30, 2012.

Creststreet is also in the process of seeking regulatory approval for the Change of Manager.  If the remaining requisite approvals are obtained, it is expected that the Merger will be implemented effective on or about November 23, 2012 and that the Change of Manager will be implemented on or about November 30, 2012.  The anticipated effective date of the Merger has been moved up from on or about November 29, 2012 to on or about November 23, 2012 at the request of the Funds' custodian in order to facilitate the implementation of the Merger and the Change of Manager.  Following the Merger, Creststreet Alternative Energy Class will be terminated.

Shares of Creststreet Alternative Energy Class are no longer available for sale.  Shareholders of Creststreet Alternative Energy Class will have the right to redeem or switch their shares up to the close of business on the effective date of the Merger.

Following the Merger, all pre-authorized chequing plans that had been established with respect to Creststreet Alternative Energy Class will be re-established with Creststreet Resource Class, unless an investor advises otherwise. Investors may change or cancel any pre-authorized plan at any time.

Brompton currently manages 12 closed-end and flow-through funds with assets under management of over $1.3 billion. Brompton launched its first closed-end investment fund in February 2002 and currently offers a range of monthly income and growth products, all of which trade on the TSX, as well as flow-through limited partnerships. Brompton is focused on meeting the needs of investors by offering innovative products with client friendly terms and supported by strong corporate governance.

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Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to Creststreet, the Funds, Brompton, the Change of Manager, the Merger and the move to Daily Valuations. The forward-looking statements are not historical facts but reflect Creststreet's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, the receipt of requisite regulatory approvals for the Change of Manager. Although Creststreet believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Creststreet undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. For a complete disclosure record of the Funds, including Creststreet Alternative Energy Class and Creststreet Resource Class, please visit their profiles at www.sedar.com.

SOURCE: Creststreet Mutual Funds Limited

For further information:

For further information please contact: Robert Toole, Chief Executive Officer, Creststreet Asset Management Limited, (416) 862-7018; Mark Caranci, Chief Executive Officer, Brompton Funds Limited, (416) 642-6004.