Approval Sought for Manager Change to Mavrix on Two Northern Rivers Funds

    TORONTO, Feb. 23 /CNW/ - Mavrix Fund Management Inc. ("Mavrix") (TSX:
MVX) today announced that Northern Rivers Capital Management Inc. ("Northern
Rivers") is seeking unitholder approval to change the manager on two of its
mutual funds to Mavrix: the Northern Rivers Monthly Income and Capital
Appreciation Fund ("Monthly Income Fund") and the Northern Rivers Monthly
Income and Capital Appreciation Trust Pool ("Monthly Income Pool"). Upon
approval, the Monthly Income Fund's name will be changed to the Mavrix Tax
Deferred Income Fund and the Monthly Income Pool's name will be changed to the
Mavrix Tax Deferred Income Trust Pool.
    "We look forward to working with Northern Rivers on the smooth transition
of these mandates," said Mal Spooner, President and CEO of Mavrix. "These
funds fit nicely in our niche-fund oriented line-up, and we believe they will
benefit from our broad distribution capability, sales and marketing expertise
and increased scale."
    Current assets under management in the Monthly Income Fund are
approximately $11 million. The investment manager of the Monthly Income Fund
and the Monthly Income Pool, Cassels Investment Management Inc. ("CIM"), will
continue to act as the advisor to the funds. "CIM's expertise is selecting
equity securities that provide both yield and the prospect for growth, while
the bond component is sub-advised by Brookfield Investment Funds Management
Inc." says Mr. Rob Cassels. The funds' innovative product structure is
designed to largely re-characterize income as return of capital and capital
gains for tax purposes.

    About Mavrix Fund Management Inc.

    Mavrix Fund Management Inc. (TSX: MVX) is an asset management company
founded and operated by experienced portfolio managers. The company offers a
focused lineup of concentrated, actively managed funds that aim to complement
mainstream funds. Mavrix supports its products by providing financial advisors
with regular and direct access to portfolio managers and unbiased commentary,
which has enabled the company to become a trusted advisor to its clients.
Mavrix is headquartered in Toronto with offices in Halifax, Montreal and
Winnipeg. Additional information about Mavrix can be found at

    %SEDAR: 00020385E

For further information:

For further information: Raymond M. Steele, Chief Financial Officer,
Mavrix Fund Management Inc., (416) 365-4071,; Craig
Armitage, Investor Relations, The Equicom Group, (416) 815-0700,

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