Creststreet files final prospectus

    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES./

    Closing date set for November 9th, 2009 for 2009 energy focused
    flow-through fund
    

TORONTO , Oct. 29 /CNW/ - Creststreet Asset Management Limited ("Creststreet") is pleased to announce today that it has filed the final prospectus for its initial public offering of units of Creststreet 2009 Limited Partnership (the "Partnership") at $10.00 per unit to raise up to $20 million for investment in flow-through shares of resource companies engaged in oil and natural gas exploration and development in Canada . An initial closing date has been set for November 9, 2009 .

The Partnership will invest in flow-through shares that: (i) represent good value in relation to the market price and intrinsic value of the resource company's shares; (ii) have experienced and capable management teams; (iii) have a strong exploration or development program or renewable energy project in place; and (iv) offer the potential for future growth.

The Partnership expects investors to receive tax deductions equal to 100% of the amount invested for the 2009 taxation year.

On or about January 21, 2011 , the Partnership expects to transfer its assets into Creststreet Mutual Funds Limited, a public multi-class open-end mutual fund corporation managed by Creststreet, in exchange for mutual fund shares of Creststreet Resource Fund. Creststreet Mutual Funds Limited currently has three classes of mutual fund shares, each of which is a mutual fund with its own investment objectives and strategies, including the Creststreet Resource Fund class which invests primarily in equity securities of Canadian resource issuers and Creststreet Alternative Energy Fund, which invests primarily in securities of North American issuers whose businesses exploit opportunities to generate energy beyond what traditional dependence on carbon-emitting sources supply. This exchange will occur on a tax-deferred "roll-over" basis and will not result in any tax consequences to Limited Partners. Limited Partners will be able to redeem their mutual fund shares or switch to another Creststreet open-end mutual fund at any time on or after March 25, 2011 or such earlier date as may be determined prior to the exchange by Creststreet.

The offering was made through a syndicate of investment dealers led by Scotia Capital Inc. and includes: BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., HSBC Securities ( Canada ) Inc., Canaccord Capital Corporation, GMP Securities L.P., Raymond James Ltd., Macquarie Capital Markets Canada Ltd. and Wellington West Capital Markets Inc.

About Creststreet

Creststreet is an investment management firm that was founded on the premise that energy is an increasingly scarce commodity which will increase in value over time, providing attractive long-term investment opportunities. Since its inception in 2000, Creststreet has raised over $1 billion for energy investments. The firm specializes in structuring and managing high quality energy focused long only, long/short and tax-assisted investment products for Canadian and international institutional and high net worth investors.

For further information: Sheryl Chiddenton, Manager, Compliance and Investment Services, Creststreet Asset Management Limited, Tel: [phone], E-mail: [email protected]