NewGrowth Corp. Retains Financial Advisor



    TORONTO, Feb. 6 /CNW/ - NewGrowth Corp. (the "Company") announced today
that its Board of Directors has retained Scotia Capital to advise the Company
on a possible extension and reorganization of the Company. There is no
guarantee that after such review an extension will be proposed or if proposed,
will be approved by shareholders.

    NewGrowth Corp. is a mutual fund corporation whose investment portfolio
consists of publicly-listed securities of selected Canadian chartered banks
and utility issuers. The Capital Shares and Preferred Shares of NewGrowth
Corp. are both listed for trading on The Toronto Stock Exchange under the
symbols NEW.A and NEW.PR.B respectively.

    %SEDAR: 00002585E




For further information:

For further information: Investor Relations, NewGrowth Corp., (416)
862-3931, E-mail: mc_newgrowth@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com


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