VentureLink Announces Merger Proposal

TORONTO, June 22 /CNW/ - VentureLink LP announced today a proposal (the "Amalgamation Proposal") to merge the four labour-sponsored investment funds it manages into one new fund. VentureLink Financial Services Innovation Fund Inc., VentureLink Diversified Income Fund Inc., VentureLink Brighter Future Fund Inc., and VentureLink Balanced Fund Inc. will be combined into a new fund to be called VentureLink Innovation Fund Inc. VentureLink Innovation Fund Inc will continue to be managed by VentureLink LP.

The Amalgamation Proposal has been approved by the board of directors of each fund. The board of directors of each fund believes that the benefits that will result from the amalgamation will be in the best interests of the shareholders and therefore, recommends that shareholders of each fund approve the Amalgamation Proposal.

"These mergers will create increased scale for the funds, enhance liquidity to shareholders, allow for greater venture portfolio diversification and provide more flexibility for the manager to add value to the venture portfolios," said Jim Whitaker, VentureLink LP Managing Partner.

The amalgamation is subject to regulatory approval and approval by the shareholders of each fund. A meeting of shareholders of the funds is scheduled to be held on July 22, 2010 (the "Annual and Special Meeting"). The shareholders of each fund, voting separately as a class or as a series, as applicable, will be asked to vote on special resolution concerning the Amalgamation Proposal. A special majority of at least sixty-six and two-thirds (66 2/3) per cent of all the votes cast by Class A shareholders and Class B shareholders, voting separately as a class, of the Fund is necessary in order to pass the special resolution approving the Amalgamation Proposal. There can be no assurances that the amalgamation will be completed on the basis proposed or at all.

The Amalgamation Proposal contemplates a merger transaction whereby, among other things, shareholders of Class A series of shares of the Funds will be entitled to receive, in exchange for those shares, series of Class A Shares of the Amalgamated Fund having substantially similar attributes and an equivalent value, all as determined on the effective date.

Further details with respect to terms, conditions, and benefits of the amalgamation will be outlined in the materials that will be provided or made available to shareholders in advance of the Annual, and Special Meeting. Such materials will be available by contacting the Fund's manager, VentureLink LP, at 1 Richmond Street West, Suite 801, Toronto, Ontario, M5H 3W4 or by telephoning the Manager at 416-681-6676 in Toronto or toll free at 1-800-253-1043. As well, copies of all meeting-related materials will be available free of charge on the Internet at www.sedar.com or at www.venturelinkfunds.com.

About VentureLink

With over $230 million under management, VentureLink Funds is a diverse group of labour-sponsored funds ("LSIF"). VentureLink Funds give investors access to well-diversified portfolios of established companies operating in traditional industries such as financial, manufacturing and service industries as well as dynamic industries like alternative energy.

The company maintains a strong relationship with CI Financial Inc., who performs client services and client account administration for the Funds. For more information, please visit: www.venturelinkfunds.com.

SOURCE VENTURELINK FUNDS

For further information: For further information: John Varghese, Managing Partner, VentureLink LP, 416-681-6371 or 1-800-253-1043

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VENTURELINK FUNDS

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