NGB Management Inc. Completes Amalgamation with Covington Capital Corporation

    TORONTO, Jan. 11 /CNW/ - New Generation Biotech (Equity) Fund Inc. (the
"Fund") announces that the manager of the Fund, NGB Management Inc.,
amalgamated with Covington Capital Corporation, and three other affiliates of
Covington Capital Corporation, on January 1, 2008 to continue and carry on
business as Covington Capital Corporation. Effective as of the date of
amalgamation, Covington Capital Corporation became the manager of the Fund by
assuming all of the rights and obligations of NGB Management Inc. under the
management agreement with the Fund by operation of law.
    Covington Capital Corporation and NGB Management Inc. were affiliates and
the amalgamation was undertaken as a matter of administrative convenience to
facilitate the management of the Fund. The head office and principal place of
business of the Covington Capital Corporation is at 200 Front Street West,
Suite 3003, P.O. Box 10, Toronto, Ontario M5V 3K2.
    Genesys Capital Partners Inc. ("Genesys") remains the Fund's Investment
Specialist. As Investment Specialist, Genesys assists in developing and
refining the Fund's investment strategy and criteria as well as the
implementation of that investment strategy. The Fund's venture portfolio
consists primarily of investments in Canada's biotechnology and health care
related sectors.

    About Covington Group of Funds

    Founded in 1995, Covington Group of Funds is one of Canada's largest and
most experienced venture capital fund providers. Covington Group of Funds
manages close to $400 million in venture capital assets on behalf of 140,000
retail investors. These funds invest in small-and-medium businesses
diversified throughout a number of industry sectors. The Covington Group of
Funds, headquartered in Toronto, is an affiliate of Affiliated Managers Group
Inc. ( AMG is an asset management company with equity interests
in a diverse group of boutique investment management firms. AMG provides
centralized assistance to its Affiliates in strategic matters, marketing,
distribution, product development and operations. AMG's affiliated investment
management firms managed approximately $286 billion in assets at September 30,

For further information:

For further information: Fiona Robertson, Vice President Marketing
Communications, Covington Group of Funds,

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