Impax Funds Management Inc. announced on Monday that, further to information released on Nov. 1, 2006, Jovian Capital Corp. has completed a transaction in which JovFunds Management Inc. indirectly acquired the remaining issued and outstanding shares of Impax, and Jovian, through a wholly-owned subsidiary, indirectly acquired the remaining issued and outstanding shares of JovFunds.

Impax, the manager of Horizons Advantaged Equity Fund Inc., is now an indirect wholly owned subsidiary of JovFunds and, therefore, as a result of these transactions, JovFunds and the Manager are now indirect wholly owned subsidiaries of Jovian.