New Generation Biotech Equity Fund Inc. Shareholders Approve Sale of Assets
to Covington Fund II Inc.

TORONTO, Nov. 25 /CNW/ - Covington Capital Corporation ("Covington") announced today that as part of the New Generation Biotech Equity Fund Inc's ("NGBE") Annual and Special Meeting, shareholders of NGBE approved the sale of the assets to Covington Fund II Inc. in exchange for Class A Shares of Covington Fund II Inc.  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]