TORONTO, October 22, 2009 – The Board of Directors’ for the VenGrowth Advanced Life Sciences, VenGrowth Traditional Industries and VenGrowth III Funds (referred to as ‘the Funds’) announce that the Funds will no longer be raising new capital through the sale of Class A shares as of November 6th, 2009.

In 2005, a decision was made by the Ontario Government to phase out the provincial tax credit program associated with Labour Sponsored Investment Funds (LSIFs). Following this announcement, the Ontario LSIF industry has witnessed a steady decline in new funds raised in each and every year, to the point where nominal amounts are now being raised by the industry. Accordingly, the Board of Directors of each Fund have concluded that cost to the Funds of renewing the prospectus and associated filing fees outweigh the benefit of limited fund raising.

About VenGrowth Asset Management

Founded in 1982, VenGrowth is a premier Canadian private equity firm, managing assets on behalf of over 150,000 individual investors as well as leading pension funds, banks and family foundations. Since 1982, VenGrowth has invested over $1.3 billion in almost 200 Canadian companies. For more information, please visit www.vengrowth.com

Media Inquiries:
Wesley Ollson
Director, Product Management and Communications
VenGrowth Asset Management Inc.
(416) 628-9263
wollson@vengrowth.com

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.