Clarke Inc. announces investment in Cinram International Income Fund



    TSX: CKI; CKI.DB; CKI.DB.A

    HALIFAX, March 20 /CNW/ - Clarke Inc. ("Clarke") announces that it has
acquired 25,000 units of Cinram International Income Fund ("Cinram") bringing
its total holdings in Cinram to 5,418,100 units representing approximately
9.67% of the total outstanding units of Cinram and approximately 9.49% of the
voting rights attached to all issued and outstanding securities of Cinram.
    The Cinram units held by Clarke and Michael Andlauer, a director of
Clarke, together total 5,607,226 units, representing approximately 10% of the
total outstanding units of Cinram and approximately 9.82% of the voting rights
attached to all issued and outstanding securities of Cinram.
    The purchase of the Cinram units by Clarke was made through the
facilities of the Toronto Stock Exchange for investment purposes. Clarke may,
from time to time, acquire additional units of Cinram, dispose of some or all
of the existing or additional units of Cinram, or continue to hold the units
of Cinram in the normal course of Clarke's investment activities.
    The issuance of this news release does not constitute an admission by
Clarke that it is acting jointly or in concert with Mr. Andlauer with respect
to units of Cinram.

    About Clarke

    Halifax-based Clarke Inc., led by an entrepreneurial team of investment
professionals, is an activist and catalyst investment company that creates
shareholder value by identifying businesses with the potential for improved
performance, and working actively to uncover the value.
    Clarke's securities trade on the Toronto Stock Exchange (CKI, CKI.DB,
CKI.DB.A); for more information about Clarke Inc., please visit our website at
www.clarkeinc.com.
    %SEDAR: 00009934E




For further information:

For further information: Melinda Lee, Vice President Investments, Clarke
Inc., (902) 442-3420, Fax: (902) 423-4001


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