AlphaNorth Asset Management Launches New Mutual Fund: AlphaNorth Growth Fund

TORONTO, May 5 /CNW/ - AlphaNorth Asset Management (the "Manager") is pleased to announce that it has filed a preliminary simplified prospectus for a new open-ended mutual fund: AlphaNorth Growth Fund (the "Fund"), a class of shares of AlphaNorth Mutual Funds Limited. The Fund will employ a similar investment methodology as the AlphaNorth Partners Fund and will seek to generate industry leading long term returns by providing investors with exposure to Canadian companies.  The Fund is expected to have an initial closing date in late May 2011 pending the issue of a receipt for the final simplified prospectus.

The Fund will be managed by Steve Palmer and provided that AlphaNorth Mutual Funds Limited qualifies as a "mutual fund corporation" under the Income Tax Act (Canada) (the "Tax Act"), shares of the Fund will be qualified investments under the Tax Act for trusts governed by registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, registered disability savings plans, tax free savings accounts and registered education savings plans. The Fund will launch at $10 per share and with a minimum subscription amount of $1,000.  FundSERV codes for Series A and F shares are AAM400 and AAM401 respectively. After the initial closing, the Fund will be available for purchase on a daily basis at the prevailing net asset value per share of the Fund.

About AlphaNorth Asset Management

AlphaNorth Asset Management is a Toronto-based investment management firm with over $150 million in assets under management. It also manages the AlphaNorth Partners Fund, the AlphaNorth 2010 Flow-Through Limited Partnership and the AlphaNorth 2011 Flow-Through Limited Partnership.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated.

A preliminary prospectus relating to the Fund has been filed with securities commissions or similar authorities in Ontario, British Columbia and Alberta. You cannot buy shares of the Fund until the relevant securities commissions or similar authorities issue receipts for the simplified prospectus of the Fund.

SOURCE AlphaNorth Asset Management

For further information:

For more information on AlphaNorth Asset Management, please visit www.alphanorthasset.com or contact Skye Collyer, Vice President, Sales and Marketing, at (416) 506-0776 x227 or Skye@alphanorthasset.com

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AlphaNorth Asset Management

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