AlphaNorth Partners Fund Off to Stellar Start

    First Seven Months Net 35.6% Return

    TORONTO, July 24 /CNW/ - AlphaNorth Asset Management (formerly AlphaOne
Asset Management), manager of the AlphaNorth Partners Fund ("Fund") returned
19.2% to investors in June 2008. The Fund which was launched December 1, 2007,
extends the premier track record of Steve Palmer and Joey Javier, formerly of
AIG Global Investment Corp. (AIG).
    The AlphaNorth Fund outpaced the majority of generalist funds in the
Canadian equity category in the Globefund database with a year to date return
of 26.3%. Since inception, the Fund, with a gain of 35.6%, has outperformed
the major indices. Over the same period, the TSX Venture Index declined by
3.7% and the TSX Composite Index rose by 7.4%. The Fund focuses on equity
investments in small capitalization Canadian companies.
    "So far we are off to a fabulous start during some volatile times for the
market. If you can compound money at 25%+ on an annual basis, your investment
multiplies quite quickly. The long term returns are what matter," stated
Steven Palmer, President and CEO, AlphaNorth Asset Management. "Small caps
offer the best long term returns versus any other mainstream asset class. Risk
reward favours maintaining a long bias to the portfolio."
    Palmer and Javier left AIG in August 2007 to start AlphaNorth Asset
Management. At AIG, the pair enjoyed an excellent long term track record. "We
hope to extend our track record over the next decade. Volatility in the short
term may be higher investing in small cap companies, but we have found our
strategy to offer significant long term returns," concluded Palmer.

    About AlphaNorth

    AlphaNorth Asset Management is a Toronto-based investment management
firm. AlphaNorth believes that superior long term equity returns are
achievable by exploiting inefficiencies in the Canadian small cap universe
through careful security selection on both a long and short basis. The firm
combines technical analysis with both a bottom-up and top-down strategy in the
selection of investments offering the best reward versus risk opportunities.
AlphaNorth manages the AlphaNorth Partners Fund which is a long biased small
cap focused hedge fund, which was launched in December 2007. The Fund's
objective is to achieve industry leading long term returns. More details about
AlphaNorth and its investment products can be found at the website at

For further information:

For further information: US and Canada Media Contact: Lorelei Luchkiw,
L-oquints Strategic Communications, Phone: (416) 669-8390, Email:

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