Covington Fund II Shareholders Approve Acquisition of The VenGrowth
Investment Funds And New Generation Biotech (Equity) Fund

TORONTO, Nov. 25 /CNW/ - Covington Capital Corporation ("Covington") announced today that as part of the Covington Fund II Inc.'s ("Fund II) Annual and Special Meeting, shareholders of Fund II approved the acquisition of the assets of The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., The VenGrowth Advanced Life Sciences Fund Inc., The VenGrowth Traditional Industries Fund Inc., (collectively the " VenGrowth Funds"/the "Funds") and the New Generation Biotech Equity Fund Inc., ("NGBE") whereby Fund II has agreed to acquire all of the assets of each of the VenGrowth Funds and the NGBE Fund in exchange for Class A Shares of Fund II.  VenGrowth Asset Management Inc. also announced that shareholders of the VenGrowth Funds approved the sale of the Funds' assets at the VenGrowth Funds Annual and Special Meeting also held today.  The transaction remains subject to a plan of arrangement and regulatory approvals.

About Covington Group of Funds
Established in 1994, Covington Capital Corporation is one of Canada's largest providers of venture capital investment funds.  Managing over $200 million in assets, Covington provides Canadians with the ability to access venture capital investment opportunities via their suite of retail venture capital product offerings.  www.covingtonfunds.com.

For further information:

Fiona Robertson
EVP Sales and Marketing
Covington Group of Funds
416-365-9155
[email protected]