Mavrix Fund Management Inc. special committee update and results of annual meeting

    TORONTO, May 13 /CNW/ - The special committee of the board of directors
of Mavrix Fund Management Inc. (TSX:MVX) announced today that it has retained
legal advisors and financial advisors to assist the special committee in
connection with the proposed offer by GrowthWorks, through a wholly-owned
subsidiary, to acquire all of the outstanding common shares of the Corporation
at a price of $0.25 per share by way of a Plan of Arrangement. As previously
announced, the Corporation has entered into a letter of intent with
GrowthWorks in connection with their offer, as more fully described in the
press release of the Corporation issued on May 1, 2009.
    GMP Securities L.P. has been retained as financial advisor to the special
committee and Gowling Lafleur Henderson LLP has been retained as legal advisor
to the special committee.
    The Corporation also announced today that at its annual meeting of
shareholders held on May 12, 2009 (i) Malvin C. Spooner, Raymond M. Steele,
William Shaw, A. Kirk Purdy, Kenneth R. Yurichuk, Martine Guimond and Pierre
Saint-Laurent were re-elected as directors of the Corporation to hold office
until the next annual meeting of shareholders, and (ii) Smith Nixon LLP was
appointed as the auditors of the Corporation to hold office until the close of
the next annual meeting of shareholders.

    About Mavrix Fund Management Inc.

    Mavrix Fund Management Inc. (TSX: MVX) is an asset management company
with 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 advisors and its clients. Mavrix is headquartered in Toronto with offices
in Halifax, Montreal, and Winnipeg. Additional information about Mavrix can be
found at

    Certain statements contained herein constitute "forward-looking
statements". These forward-looking statements are based on current
expectations and involve known and unknown risks, uncertainties and other
factors. Material factors and assumptions that were applied in making the
forward-looking statements and that could cause actual results to differ
materially from the forward-looking statements in this release include risks
and uncertainties relating to: GrowthWorks making the offer contemplated by
the letter of intent, satisfaction of the conditions required for GrowthWorks
to complete the proposed offer including completion of satisfactory due
diligence and receipt of all reqgulatory and required shareholder approvals,
and the availability of any superior alternatives to present to shareholders
in a timely fashion or at all. Readers are cautioned not to place undue
reliance on these statements as the Company's actual results may differ
materially from any future results expressed or implied by such
forward-looking statements if known or unknown risks, uncertainties or other
factors affect the Company or its business. The Company cannot provide any
assurance that forward-looking statements will materialize. Except as required
by law, the Company assumes no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events or any other reason.

    %SEDAR: 00020385E

For further information:

For further information: Martine Guimond, Special Committee Chair, Tel:
(514) 392-9583; Raymond Steele, Chief Financial Officer, Tel: (416) 362-3077

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