The Business, Engineering, Science & Technology Discoveries Fund Inc. announces final court approval of arrangement



    TORONTO, June 26 /CNW/ - The Business, Engineering, Science & Technology
Discoveries Fund Inc. (the "Fund") today announced that the Ontario Superior
Court of Justice has issued a final order approving the Fund's plan of
arrangement under the Canada Business Corporations Act which, once effective
will allow the Fund's Class A shareholders to receive for their existing Class
A shares (the "Class A Shares") either (i) a new class of Class A Shares of
the Fund and/or (ii) a new class of listed shares to be known as "Class L
Shares".
    Subject to regulatory approval, the expected effective date of the
Arrangement is July 24, 2009. On the effective date, the Fund will issue a
further press release confirming the completion of the Arrangement and
information concerning the net asset value used to determine the number of new
shares issued.
    Further information regarding the Arrangement can be found in the Fund's
management information circular dated May 25, 2009 which is available at
www.sedar.com.

    
    About The Business, Engineering, Science & Technology Discoveries Fund
    Inc.
    

    The Business, Engineering, Science & Technology Discoveries Fund Inc.,
established in 1996 is registered as a labour sponsored investment fund
corporation in Ontario. The Fund's investment focus is primarily on companies
capitalizing on the innovative uses of engineering, science and technology.
    The Fund invests in eligible companies that are in differing stages of
development in a variety of high growth industries which may include
telecommunications, information technology, computers and life sciences.

    Certain statements contained in this press release may include
forward-looking information with respect to the Fund's operations and future
financial results. Such statements are based on current expectations, are
subject to a number of uncertainties and risks, and actual results may differ
materially from those contained in such statements. Further information can be
found in the disclosure documents filed by the Fund at www.sedar.com.





For further information:

For further information: The Business, Engineering, Science & Technology
Discoveries Fund Inc., (416) 203-7331 ext. 228, 1-800-795-BEST,
info@bestfunds.ca; Kingsdale Communications Inc., Janet Craig, Managing
Director, (416) 867-2315

Organization Profile

THE BUSINESS, ENGINEERING, SCIENCE & TECHNOLOGY DISCOVERIES FUND INC.

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