Highground Capital Corp. Provides Listing and Financial Update

    OAKVILLE, ON, Oct. 30 /CNW/ - Highground Capital Corp. (TSXV - HCC) is
pleased to be the first listed public company to evolve from an Ontario
registered labour sponsored venture capital corporation. The listing of
Highground Capital Corp. on the TSX Venture Exchange resulted from a special
resolution passed by 95.29% of the Class A shares voted at the annual and
special meeting of shareholders of Algonquin Power Venture Fund Inc. (the
predecessor issuer to Highground Capital Corporation) which was held on
September 27, 2007.
    The listing of Highground Capital Corp. on the TSX Venture Exchange
creates a platform for shareholder liquidity. In addition, Highground Capital
Corp. shareholders who received tax credits in connection with their purchase
of shares of Algonquin Power Venture Fund Inc. are not subject to the 30% tax
clawback that is typically applied to the early redemption of a labour
sponsored venture capital corporation investment. The preservation of the tax
credits received directly by individual investors results in $10.6 million in
off-book shareholder value or an average of $3.38 per share for shareholders
of record of Algonquin Power Venture Fund Inc. as of September 30, 2007.

    Balance Sheet Update

    As at October 1, 2007 the balance sheet of Highground Capital Corp.
includes $4.88 per share in cash and marketable securities, and $4.98 per
share in private investments, bringing the per share value of the company's
cash, marketable securities and private investments to $9.86 per share.
    Highground Capital Corp. has also exercised its call right in respect of
a $3 million loan which is currently recorded as a private investment.
Pursuant to the call right, the borrower has agreed to repay the outstanding
principal and interest on November 10, 2007. This transaction will increase
the $4.88 per share in cash and marketable securities as at October 1, 2007 by
$0.95 per share and decrease the private investments by $0.95 per share.

    Trading Update

    As at October 29, 2007, Highground Capital Corp. has traded in a range of
$5.01 to $6.50, closing at $5.10 on October 29, 2007.

    About Highground Capital Corp.

    Highground Capital Corp. invests in growth opportunities in the renewable
power, energy and infrastructure sectors. The common shares of Highground
Capital Corp. trade on the TSX Venture Exchange under the trading symbol HCC.

    This press release contains forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements.
Actual results may differ materially from those indicated by these
forward-looking statements as a result of risks and uncertainties impacting
the company's business including the ability of the company to find suitable
investments, to attract and retain qualified professionals, general economic
conditions; and other risks detailed from time to time in the Company's

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

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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