Algonquin Power Venture Fund Board of Directors approves proposed conversion plan

    OAKVILLE, ON, Jan. 31 /CNW/ - The Board of Directors of the Algonquin
Power Venture Fund Inc. ("the Fund") is pleased to announce that it has
unanimously approved a plan, subject to regulatory and shareholder approval,
to restructure the Fund from its current status as a Labour Sponsored Venture
Capital Corporation ("LSVCC") to that of an exchange listed public
corporation. As a result of this decision by the Board of Directors, Algonquin
Power Venture Management Inc. (the "Manager") has provided the Ontario
Ministry of Finance with a notice of its intention pursuant to section
27(2.2)(b) of the Community Small Business Investment Funds Act (Ontario) (the
"Act") that it intends to dissolve or wind up subject to regulatory and
shareholder approval.
    In accordance with section 27.2(4) of the Act, the Manager has
voluntarily suspended all purchases of the Fund and wishes to advise
shareholders that redemptions from the Fund remain subject to the full
provincial and federal tax credit clawback until such time as the Fund
receives approval of the proposed form of restructuring by the Ontario
Ministry of Finance and the outcome of the special meeting of the shareholders
of the Fund described below.
    Shareholders will receive an information circular disclosing details of
the restructuring for their consideration in connection with a special meeting
of shareholders of the Fund which the Fund anticipates will take place on or
about May 8th, 2007. In the event that the Fund does not receive the required
regulatory and shareholder approvals for the proposed restructuring the Fund
will continue operations as a Labour Sponsored Venture Capital Corporation.
    "Algonquin Power Venture Management Inc. is extremely pleased by the
Board's decision as it fulfills the dual purpose of serving the best interests
of the Fund's shareholders while broadening the mandate of our business
model," commented Jeff Norman, President of Algonquin Power Venture Fund.

    The Algonquin Power Venture Fund invests in small and mid sized Canadian
businesses engaged in electrical power generation, distribution and
infrastructure sectors providing individual investors in Ontario a unique
opportunity to participate in the growth of independent electrical power

For further information:

For further information: Jeff Norman, President, (905) 465-4547; or Greg
Owttrim, Executive Vice President, (905) 465-4535

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