Covington Announces Completion of Sale of Venture Portfolio of Series I-V of Covington Venture Fund to Covington Fund II

TORONTO, May 16, 2014 /CNW/ - Covington Capital Corp. ("Covington") announced today the completion of the previously announced en bloc sale of the venture portfolio of Covington Venture Fund Inc. ("CVF") attributable to the Class A Shares, Series I-V (the "Affected Series") to Covington Fund II Inc.

Following completion of the transaction, CVF intends to complete the amendment to its articles and implement the redemption of mature shares of the Affected Series, all as described in CVF's management information circular dated March 24, 2014 and as approved by shareholders at CVF's special meeting of shareholders held on April 23, 2014.

About Covington Group of Funds
Founded in 1995, Covington Capital Corporation (www.covingtonfunds.com) is one of Canada's largest and most experienced venture capital fund providers.  Managing close to $300 million in venture capital assets on behalf of institutional and retail investors, Covington invests in small-and-medium sized businesses throughout many industry sectors.  Covington Capital Corporation is headquartered in Toronto, Ontario.

SOURCE Covington Group of Funds

For further information:

Wesley Ollson
EVP Business Development
Covington Group of Funds
416-365-5227
wesley.ollson@covingtonfunds.com