The Business, Engineering, Science & Technology Discoveries Fund Inc. Announces Final Court Approval of Arrangement

26 June 2009

THE BUSINESS, ENGINEERING, SCIENCE & TECHNOLOGY DISCOVERIES FUND INC. ANNOUNCES FINAL COURT APPROVAL OF ARRANGEMENT

TORONTO, June 26, 2009 /CNW/ – The Business, Engineering, Science & Technology Discoveries Fund Inc. (the “Fund”) today announced that the Ontario Superior Court of Justice has issued a final order approving the Fund’s plan of arrangement under the Canada Business Corporations Act which, once effective will allow the Fund’s Class A shareholders to receive for their existing Class A shares (the “Class A Shares”) either (i) a new class of Class A Shares of the Fund and/or (ii) a new class of listed shares to be known as “Class L Shares”.

Subject to regulatory approval, the expected effective date of the Arrangement is July 24, 2009. On the effective date, the Fund will issue a further press release confirming the completion of the Arrangement and information concerning the net asset value used to determine the number of new shares issued.

Further information regarding the Arrangement can be found in the Fund’s management information circular dated May 25, 2009 which is available at www.sedar.com.

About The Business, Engineering, Science & Technology Discoveries Fund Inc.

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 www.sedar.com.

For more information please contact:

The Business, Engineering, Science & Technology Discoveries Fund Inc.
416-203-7331 ext. 228 / 1-800-795-BEST
info@bestfunds.ca

Kingsdale Communications Inc.
Janet Craig, Managing Director
(416) 867-2315

Comments are closed.