Mavrix Fund Management Inc. Results for Fiscal 2007



    TSX Symbol: MVX

    TORONTO, March 3 /CNW/ - Mavrix Fund Management Inc. today released
audited financial results for the twelve months and unaudited results for the
three months ended December 31, 2007.

    
            REVIEW OF THE 12-MONTH PERIOD ENDED DECEMBER 31, 2007
                                  (Audited)

    -------------------------------------------------------------------------
    ($ - except shares)                                2007          2006
    -------------------------------------------------------------------------
    Mavrix Mutual Funds                            457,522,479   493,163,106
    -------------------------------------------------------------------------
    Specialty Funds                                178,429,473   193,223,889
    -------------------------------------------------------------------------
    Total Assets Under Management (AUM)            635,951,952   686,386,995
    -------------------------------------------------------------------------
    Total Revenues                                  12,780,013    11,836,220
    -------------------------------------------------------------------------
    Total Expenses                                  15,525,155    12,918,830
    -------------------------------------------------------------------------
    Net Loss Before Unusual Item                     2,745,142     1,082,610
    -------------------------------------------------------------------------
    Unusual Item                                      (595,430)            -
    -------------------------------------------------------------------------
    Net Loss                                         3,340,572     1,082,610
    -------------------------------------------------------------------------
    Basic and Diluted Loss Per Share                      0.39          0.13
    -------------------------------------------------------------------------
    EBITDA(*)                                          317,386     1,520,154
    -------------------------------------------------------------------------
    EBITDA(*) Per Share                                   0.04          0.18
    -------------------------------------------------------------------------
    Shares Issued and Outstanding                    8,540,553     8,714,228
    -------------------------------------------------------------------------
    Shares Issued and Issuable(xx)                  10,305,417    11,635,529
    -------------------------------------------------------------------------

    (*)  References to EBITDA are to earnings before interest, income taxes,
         depreciation and amortization. EBITDA is not a standardized earnings
         measure under GAAP. Management believes that in addition to net
         earnings, EBITDA is a useful supplemental measure as it provides
         investors with an indication of cash available for distribution,
         income taxes, working capital needs and capital expenditures.
         Investors should be cautioned, however, that EBITDA should not be
         construed as an alternative measure of liquidity and cash flows. The
         Company's method of calculating EBITDA may differ from other issuers
         and, accordingly, EBITDA may not be comparable to similarly titled
         measures used by other issuers.
    (xx) Shares Issued and Issuable is not a standardized measure under GAAP.
         Management believes that in addition to issued and outstanding,
         Shares Issued and Issuable is a useful supplemental measure as it
         provides investors with an indication of potential dilution of
         existing shareholdings. The Company's method of calculating Shares
         Issued and Issuable may differ from other issuers and, accordingly,
         Shares Issued and Issuable may not be comparable to similarly titled
         measures used by other issuers.
    

    Total AUM at December 31, 2007 was $635.9 million, down 7% from
$686.4 million at December 31, 2006. The year over year decrease is primarily
due to world financial market concerns over a global economic slowdown. At
December 31, 2007, AUM was comprised of $457.5 million of Mavrix Mutual Funds
and $178.4 million of Specialty Funds, compared to $493.2 million and
$193.2 million respectively at December 31, 2006.
    For the year-ended December 31, 2007, revenue totalled $12.8 million
compared to $11.8 million for 2006. The 8% increase was primarily the result
of a 40% increase in the Mavrix LP IPOs in 2007 compared to 2006, and the full
year of fees earned in 2007 from the Funds launched late in 2006.
    EBITDA was $317 thousand for the year-ended December 31, 2007, compared
to $1.52 million for 2006.
    Mavrix reported a loss before unusual items for the year-ended
December 31, 2007 of $2.7 million, compared to a loss before unusual items for
the year-ended December 31, 2006 of $1.1 million.
    On November 27, 2007 the initial public offering of the Mavrix TSX
Venture Graduation Fund was withdrawn from the market. In general, investor
uncertainty negatively affected interest in the Fund. As a result, Mavrix
wrote off a receivable balance of $595,430 from Mavrix Venture Graduation Fund
for the year ended December 31, 2007.
    Mavrix reported a net loss including the unusual item, for the year-ended
December 31, 2007 of $3.3 million or $0.39 per share, compared to a net loss
for the year-ended December 31, 2006 of $1.1 million or $0.13 per share.

    
             REVIEW OF THE 3-MONTH PERIOD ENDED DECEMBER 31, 2007
                                 (Unaudited)

    -------------------------------------------------------------------------
    ($ - except shares)                                2007          2006
    -------------------------------------------------------------------------
    Total Revenues                                   3,124,011     3,134,987
    -------------------------------------------------------------------------
    Total Expenses                                   2,930,530     2,791,471
    -------------------------------------------------------------------------
    Net Loss Before Unusual Item                       680,553       310,617
    -------------------------------------------------------------------------
    Unusual Item                                      (595,430)            -
    -------------------------------------------------------------------------
    Net Loss                                         1,275,983       310,617
    -------------------------------------------------------------------------
    Basic and Diluted Loss Per Share                      0.15          0.04
    -------------------------------------------------------------------------
    EBITDA(*)                                          193,481       343,516
    -------------------------------------------------------------------------
    EBITDA(*) Per Share                                   0.02          0.04
    -------------------------------------------------------------------------
    

    For the three months ended December 31, 2007, revenue remained flat at
$3.1 million compared to 2006. EBITDA was $193 thousand for the three months
ended December 31, 2007, compared to $344 thousand for the three months in
2006.
    Mavrix reported a net loss before unusual item for the three months ended
December 31, 2007 of $681 thousand, compared to a net loss for the
three months ended December 31, 2006 of $311 thousand.
    Mavrix reported a net loss for the three months ended December 31, 2007
of $1.3 million or $0.15 per share, compared to a net loss for the
three months ended December 31, 2006 of $311 thousand or $0.04 per share.
    For detailed financial statements including Management's Discussion and
Analysis please refer to our website at www.mavrixfunds.com, or alternatively,
they can be e-mailed by contacting rsteele@mavrixfunds.com.

    %SEDAR: 00020385E




For further information:

For further information: Raymond M. Steele, Chief Operating Officer &
CFO, Mavrix Fund Management Inc., (416) 365-4071

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MAVRIX FUND MANAGEMENT INC.

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