Covington Venture Fund Inc. and New Generation Biotech Equity Fund Inc.
Announce That Class A Shares Will No Longer Be Offered For Subscription

TORONTO , Nov. 16 /CNW/ - Covington Capital Corporation and the boards of directors of each of Covington Venture Fund Inc. and New Generation Biotech Equity Fund Inc. (the "Funds") today announced that effective December 1, 2009 the Funds will no longer offer Class A shares for sale to either new or existing investors.

Given the changes in Canada's retail venture capital industry and the stage of the respective portfolios, each of the Funds believe that now is the right time to close to new investments - allowing their respective portfolios to further mature and seek out appropriate exit opportunities. The Funds remain open to redemptions by shareholders.

The closure of the Funds to purchases is reflective of the finite life of venture funds whereby mature funds shift their focus from making new investments and building their venture portfolios to seeking exit opportunities and facilitating a return of capital to investors.

About Covington Capital Corporation

Founded in 1995, Covington Capital Corporation (www.covingtonfunds.com) is one of Canada's largest and most experienced venture capital fund providers. Managing approximately $300 million in venture capital assets on behalf of institutional and retail investors, Covington invests in small-and-medium businesses throughout many industry sectors. Covington Capital Corporation is headquartered in Toronto , Ontario.

For further information: Fiona Robertson, EVP Sales and Marketing, Covington Group of Funds, [phone], [email protected]