Meritas Financial Inc. Announces Efforts to Relieve Clients of ABCP Uncertainty

    CAMBRIDGE, ON, Aug. 22 /CNW/ - Meritas Financial Inc., a leading provider
of socially responsible investments (SRI), announced today that it intends to
take actions that are designed to relieve investors of uncertainties related
to the liquidity problems with the asset-backed commercial paper (ABCP) held
within Meritas Mutual Funds.
    Meritas Financial Inc. has announced today that it intends to buy all of
the ABCP held within its mutual funds at 100% of the purchase price plus
accrued interest to offer a solution to the current ABCP liquidity crisis.
This will be done in an expeditious manner once all regulatory and other
approvals, consents and authorizations have been obtained.
    "We have had very few inquiries about our fund's exposure to the ABCP
market and most of our funds, including the Meritas Money Market Fund have
experienced net sales over the past month," said Gary Hawton, CEO of Meritas
Financial Inc. "Our investors and their advisors have managed this market
turbulence quite well and taken the events of the past month in stride."
    The total amount of ABCP that is anticipated to be purchased under this
announcement is less than $2 million. These measures are being undertaken
despite having no legal or contractual obligation to do so.

    About Meritas Mutual Funds

    Meritas is devoted solely to creating and marketing socially responsible
investments. For individual investors, these are available under the brand
name Meritas Mutual Funds through investment advisors across Canada. Committed
to all three aspects of socially responsible investing, Meritas uses positive
and negative screening guidelines, shareholder activism and community
development investments to help people align their investments with their
social, ethical and environmental concerns.

For further information:

For further information: Gary Hawton, Chief Executive Officer, Meritas
Mutual Funds, Tel: (519) 624-6767, E-mail:

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