TORONTO, Aug. 7 /CNW/ - JovFunds Management Inc. ("JovFunds"), the
manager and trustee of the Long Reserve Life Resource Fund (the "Fund"),
announces that JovFunds has assigned its management and trustee duties in
regard to the Fund to its affiliate and wholly-owned subsidiary 2197039
Ontario Inc. ("TrusteeCo") as part of a transaction that closed yesterday.
JovFunds also announces that Lawrence Asset Management Inc. ("LAMI") has
entered into an agreement with JovFunds to purchase TrusteeCo (the
"Transaction"). The Transaction also closed yesterday.
As previously announced, at a meeting held on June 21, 2007, unitholders
of the Fund approved granting the manager and trustee the authority to convert
the Fund into an open-ended mutual fund trust (the "New Fund"), and
subsequently approved certain changes to the investment restrictions
applicable to the New Fund at a meeting held on October 30, 2008.
LAMI expects that, after completing all necessary filing requirements and
receiving all necessary regulatory approvals, the Fund will be renamed "Navina
Global Resource Fund" and LAMI will convert the Fund into the New Fund.
About JovFunds Management Inc. (www.jovfunds.com)
JovFunds provides innovative investment solutions for Canadians through
the creation, distribution and management of high quality investment products.
JovFunds manages and distributes approximately $3.0 billion of client assets
and is wholly owned by Jovian Capital Corporation.
About Lawrence Asset Management Inc. (www.lawrenceasset.com)
Founded in 2006, Lawrence Asset Management Inc. is a specialized global
asset management firm with interests and investments in Canada and around the
world. Lawrence provides investors with access to niche oriented investment
funds from growth to yield to specific geographic regions and industry
For further information:
For further information: Steve Hawkins, Managing Partner, JovFunds
Management Inc., (416) 601-2442; or Andrew Bentley, Lawrence Asset Management
Inc., (416) 601-2430