Mavrix reports Sales and Assets under Management for January 2009

    TORONTO, Feb. 3 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets under Management (AUM) and sales for the month ending January
31, 2009. Total AUM decreased marginally by 0.3% in January to $256.8 million
with a one year decrease of 55.0% compared to January 31, 2008.
    Mavrix reported Net Redemptions of $2.1 million on Gross Sales of $1.9
million for Mavrix Mutual Funds for the month ended January 31, 2009.
    "Improving valuations in the small cap and junior natural resources
markets helped our total AUM remain virtually unchanged for the month," said
David Balsdon, CCO and Secretary-Treasurer. "Gross redemptions for Mavrix in
January have been the lowest reported in over five years and we continue to
see sales strength in our conservative income-oriented mutual funds, such as
the Mavrix Balanced Monthly Pay Fund and the Mavrix Strategic Bond Fund."

                              AUM as at          AUM as at         AUM as at
                             January 31,       December 31,       January 31,
                                   2009               2008              2008
    Mavrix Mutual Funds    $213,904,088       $219,430,243      $413,313,899

    Specialty Funds         $42,864,277        $38,000,417      $157,393,162

    Total Assets Under     $256,768,365       $257,430,660      $570,707,061
     Management (AUM)

    All amounts are expressed in Canadian dollars.

    About Mavrix Fund Management Inc.

    Mavrix Fund Management Inc. (TSX: MVX) is an asset management company
founded and operated by experienced portfolio managers. The company offers 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 its clients.
Mavrix is headquartered in Toronto with offices in Halifax, Montreal and
Winnipeg. Additional information about Mavrix can be found at

    %SEDAR: 00020385E

For further information:

For further information: contact Mavrix Fund Management Inc. at (416)
362-3077, 1-888-964-3533 or

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