The Business, Engineering, Science & Technology Discoveries Fund Inc. announces Class A shareholders approve arrangement

    TORONTO, June 24 /CNW/ - The Business, Engineering, Science & Technology
Discoveries Fund Inc. (the "Fund") is pleased to announce that today at the
Fund's annual and special meeting the Fund's Class A shareholders approved the
arrangement (the "Arrangement") the Fund had proposed which provides the
Fund's shareholders with liquidity options. The Arrangement received strong
support with over 95% of the Class A shareholders' voting at the meeting
having voted in favour of the Arrangement.
    The Fund proposes to effect the Arrangement by way of statutory plan of
arrangement under the Canada Business Corporations Act. Once effective, the
Fund's Class A shareholders will receive, for their existing Class A shares,
either (i) a new class of Class A Shares of the Fund and/or (ii) a new class
of shares to be known as "Class L Shares" which will be listed on a recognized
stock exchange. The Canadian National Stock Exchange (the "CNSX") has provided
conditional approval for the listing of the Class L Shares of the Fund subject
to the completion of required documentation. The Fund has also received the
advance income tax ruling it had been seeking in connection with the
    Subject to regulatory and final court approval of the Arrangement, the
expected effective date of the Arrangement is July 24, 2009.
    Further information regarding the Arrangement can be found in the Fund's
management information circular dated May 25, 2009 which is available at

    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: The Business, Engineering, Science & Technology
Discoveries Fund Inc., (416) 203-7331 ext. 228, 1-800-795-BEST,; Kingsdale Communications Inc., Janet Craig, Managing
Director, (416) 867-2315

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