TORONTO, ONTARIO--(Marketwire - May 8, 2010) - Mavrix Fund Management Inc. ("Mavrix") today announced changes associated with consolidating and streamlining operations. Effective immediately, David Levi has been appointed Chief Executive Officer and President of Mavrix, the manager of the Mavrix managed funds (the "Mavrix Funds"), and Murray Munro has been appointed Senior Vice-President, National Sales of Mavrix.

"GrowthWorks' acquisition of Mavrix gave us a unique opportunity to build on the strengths of our companies. These changes reflect some consolidation of executive management of GrowthWorks and Mavrix as part of a plan to streamline operations" said David Levi.

Mr. Levi is the President and Chief Executive Officer of GrowthWorks Ltd., which acquired Mavrix in June 2009. Mr. Levi is also President and Chief Executive Officer of Matrix Asset Management Inc. ("Matrix"), the new TSX-listed parent company of both GrowthWorks and Mavrix.

Mr. Levi has over 25 years of investment management and securities industry experience. He is a past two term Chair of Vancity Credit Union, Canada's largest credit union, where he created the original Ethical Growth Fund. Mr. Levi has also held senior positions with investment dealers, including CM Oliver and Global Securities. Mr. Levi has launched, grown and developed a number of investment companies and funds in his career. In 1992, Mr. Levi launched BC's Working Opportunity Fund, the largest venture capital fund in western Canada. In late 1998, he founded GrowthWorks, which manages a number of venture capital funds. He is also a past director of the Canadian Venture Capital Association. Mr. Levi has been on the Board of Directors of Mavrix since its acquisition by GrowthWorks in June 2009. 

Mr. Munro has held senior sales and marketing positions at GrowthWorks since 1998.

Mr. Levi takes on the CEO position from Mal Spooner, and Mr. Munro takes on the SVP, National Sales position from Mario Arra, both of whom have departed the company as a result of these streamlining measures.

Mal was the CEO of Mavrix since its creation in 1999 and was instrumental in creating the lineup of specialty mutual funds that have become Mavrix's hallmark. "As a founder of Mavrix, we thank Mal for his vision in developing a solid platform of specialty mutual funds and we wish him continued success in the future" said David Levi. "As a co-founder of Mavrix, we also thank Mario for his work in developing the firm over many years and wish him well."

The timing of these changes coincide with the fact that Mavrix has itself ceased to be a public company, and its new top parent company, Matrix Asset Management, has been listed and established its own comprehensive governance and oversight structure. In connection with this new structure, the Mavrix Board was also reduced in size.

Mr. Levi will also be appointed as CEO of Mavrix's subsidiaries, including Mavrix Multi Series Fund Ltd. and the general partners of the Mavrix flow-through limited partnerships.

Concurrent with the changes in management personnel, Mavrix and GrowthWorks propose to consolidate registrant services provided to the Mavrix and GrowthWorks Funds. Currently, the Mavrix Funds' management services are performed by Mavrix, which is registered as a portfolio manager in Ontario. It is proposed that management and other services currently provided by Mavrix be assigned to Mavrix Management (a division of GrowthWorks Capital Ltd.) ("Managementco") a subsidiary of GrowthWorks and an affiliate of Mavrix, which has a variety of registrations in multiple provinces. Portfolio management for the Mavrix Funds will continue to be carried out by Mavrix personnel engaged by Mavrix Management. In connection with these changes, it is also proposed that the trustee of those Mavrix Funds structured as trusts be changed to Managementco or another affiliate of Mavrix.

"We are looking to streamline a variety of functions given the bringing together of the companies" explained David Levi. The assignment and transfer of management services and appointment of a new trustee of the Mavrix Funds is subject to certain regulatory, Independent Review Committee and other approvals. It is anticipated that the transfer will occur prior to the end of May, 2010.

About Mavrix Fund Management Inc.

Mavrix Fund Management Inc. is an asset management company founded and operated by experienced portfolio managers. The company offers a focused lineup of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Montreal. Mavrix is a subsidiary of Matrix Asset Management Inc. (TSX:MTA). Matrix manages combined assets of approximately $3 billion through three operating divisions - institutional asset management, conventional and specialty mutual funds, and venture capital/private equity.

Forward-Looking Statements

This news release contains forward-looking statements, including statements about plans, expectations and opinions or other statements that are not statements of fact, for example, statements about changes to fund management operations at Mavrix and GrowthWorks and changes to the mutual fund products offered by Mavrix. These forward-looking statements are based on management's beliefs and assumptions related to the business conditions under which Mavrix and GrowthWorks currently operate, including beliefs and assumptions with respect to levels demand for particular specialty and core mutual funds, economic and market conditions and the impact of such conditions and other factors on fund performance, sales and redemptions. No assurance can be given that such beliefs and assumptions will prove to be correct. Accordingly, actual results may differ significantly from those expressed or implied by such statements due to many factors, including, but not limited to, risks associated with mutual fund sector generally, market, economic and other risks affecting portfolio performance and fund sales and redemptions and changes to regulatory requirements and tax laws. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of May 7, 2010. None of Mavrix or GrowthWorks intends to revise or provide updates on these forward-looking statements except as required by applicable securities regulations.