The Business, Engineering, Science & Technology Discoveries Fund Inc. announces annual and special meeting of shareholders

    TORONTO, May 22 /CNW/ - The Business, Engineering, Science & Technology
Discoveries Fund Inc. (the "Fund") announced that it has called an annual and
special meeting of the Fund (the "Annual and Special Meeting") to consider a
proposed arrangement (the "Arrangement") which will provide shareholders with
liquidity options. The meeting is expected to occur on June 24, 2009. The
Arrangement must be approved by the Fund's Class A shareholders at the Annual
and Special Meeting and is subject to regulatory and final court approvals.
    The Fund proposes to effect the Arrangement by way of statutory plan of
arrangement under the Canada Business Corporations Act (the "CBCA"). The
Fund's Board of Directors approved the Arrangement and the Fund has obtained
an interim order from the Ontario Superior Court of Justice (the "Court") with
respect to the meeting.
    The Arrangement will provide the shareholders with liquidity options for
the Fund's shares. Redemptions and subscriptions of shares of the Fund were
suspended after careful consideration by the Board of Directors of the best
interests of all of the shareholders, the Fund's liquidity situation, market
conditions and the anticipated requests for redemptions by holders of the
Fund's Class A Shares.
    The Fund is currently preparing an information circular in connection
with the Annual and Special Meeting which will disclose details of the
Arrangement and will be distributed to shareholders for their consideration in
due course.

    About The Business, Engineering, Science & Technology Discoveries Fund

    The Business, Engineering, Science & Technology Discoveries Fund Inc.,
established in 1996 is registered as a labour sponsored investment fund
corporation in Ontario. The Fund's investment focus is primarily on companies
capitalizing on the innovative uses of engineering, science and technology.
The Fund invests in eligible companies that are in differing stages of
development in a variety of high growth industries which may include
telecommunications, information technology, computers and life sciences.

    Certain statements contained in this press release may include
forward-looking information with respect to the Fund's operations and future
financial results. Such statements are based on current expectations, are
subject to a number of uncertainties and risks, and actual results may differ
materially from those contained in such statements. Further information can be
found in the disclosure documents filed by the Fund at

For further information:

For further information: Janet Craig, Managing Director, Kingsdale
Communications Inc., (416) 867-2315

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