Impax Venture Fund Inc. and Impax Venture Income Fund Inc. announced today that they intend to amalgamate and continue operations as Impax Venture Fund Inc.

The amalgamation proposal has been approved by the board of directors of each of the funds. The board of directors of each fund believes that the benefits that will result from the amalgamation will be in the best interests of shareholders and therefore, recommends that shareholders approve the proposed merger.

The amalgamation is subject to regulatory approval and approval by the shareholders of each fund. Shareholder meetings for the funds are scheduled to be held on November 16.

The proposal contemplates a merger transaction whereby, among other things, shareholders of Class A shares of the funds will be entitled to receive, in exchange for those shares, series of Class A shares of the amalgamated fund having substantially similar attributes and an equivalent value, all as determined on the effective date of the amalgamation.

Provided shareholders of the funds approve the merger, the amalgamated fund will have a new investment objective and investment strategy, and a different fee structure, among other things. For its investment objective, the amalgamating fund will aim to achieve superior long term capital appreciation by investing primarily in a diversified portfolio of equity and equity related securities of public companies in compliance with both the Community Small Business Investment Funds Act (Ontario), as amended and with the Income Tax Act (Canada). The manager and investment advisor will attempt to find growth opportunities at reasonable values and will use a mix of investment strategies to select portfolio investments for the fund.

Impax Venture Fund Inc. and Impax Venture Income Fund Inc. are labour sponsored investment fund corporations registered under Ontario’s Community Small Business Investment Funds Act.