Clarke Inc. announces increased investment in Madacy Entertainment Income Fund


    HALIFAX, July 11 /CNW/ - Clarke Inc. ("Clarke") announces that it has
acquired 868,060 units of Madacy Entertainment Income Fund ("Madacy") bringing
its total holdings in Madacy to 2,670,558 units representing approximately
35.42% of the total outstanding units of Madacy. The acquisition was made
pursuant to an exemption from the takeover bid requirements under applicable
securities laws.
    The Madacy units held by Clarke and George Armoyan, the President and
Chief Executive Officer of Clarke, and members of his immediate family with
whom he resides, together total 2,715,558 units, representing approximately
36.02% of the total outstanding units of Madacy.
    The purchase of the Madacy units by Clarke was made through the
facilities of the Toronto Stock Exchange for investment purposes. Clarke may,
from time to time, acquire additional units of Madacy, dispose of some or all
of the existing or additional units of Madacy, or continue to hold the units
of Madacy in the normal course of Clarke's investment activities.
    The issuance of this news release does not constitute an admission by
Clarke that it is acting jointly or in concert with Mr. Armoyan and members of
his immediate family with whom he resides with respect to units of Madacy.

    About Clarke

    Halifax-based Clarke Inc., led by an entrepreneurial team of investment
professionals, is an activist and catalyst investment company that creates
shareholder value by identifying businesses with the potential for improved
performance, and working actively to uncover the value.
    Clarke's securities trade on the Toronto Stock Exchange (CKI, CKI.DB,
CKI.DB.A); for more information about Clarke Inc., please visit our website at
    %SEDAR: 00009934E

For further information:

For further information: Melinda Lee, Vice President Investments, Clarke
Inc., (902) 442-3420, Fax: (902) 423-4001

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