iPerformance Fund Inc. is selling the administrative management contracts of the Hirsch Canadian Growth Fund, the Hirsch Balanced Fund, the Hirsch Natural Resource Fund and the Hirsch Fixed Income Fund to Burgeonvest Securities Ltd.

iPerform will receive from Burgeonvest cash on closing and deferred consideration based on assets under management in respect of the Hirsch Funds and any other mutual funds managed by Burgeonvest.

Effective on closing, iPerformance Fund Corp., a wholly owned subsidiary of iPerform, will enter into a 10-year portfolio management agreement with Burgeonvest with respect to the Hirsch funds.

The closing of the transaction is subject to the approval of the unitholders of the Hirsch Funds at meetings expected to take place in November and receipt of all necessary regulatory approvals.

It is intended that the funds will be renamed as follows: Hirsch Opportunistic Canadian Fund (from the Hirsch Canadian Growth Fund), Hirsch Opportunistic Resource Fund (from the Hirsch Natural Resource Fund), Hirsch Opportunistic Tactical Allocation Fund (from the Hirsch Balanced Fund) and CEO Canadian Demographic Fund (from the Hirsch Fixed Income Fund).

Veronika Hirsch, president of Hirsch Asset Management Corp. and the investment manager of the Hirsch Funds since their inception, will remain the investment manager.

Hirsch said, “This transaction will increase the choices available to investors of the Hirsch Funds by allowing them the opportunity to participate in a broader family of funds. I look forward to a long working relationship with Burgeonvest”. Hirsch also manages two iPerform funds.

Toreigh Stuart, president and CEO of iPerform, said, “In our continuing effort to focus our attention on our iPerform hedge fund products, we are very pleased to have found a partner in Burgeonvest that shares our vision and aspirations in developing the full potential of the Hirsch Funds”.

The Hirsch Funds are intended to be the cornerstone of a range of mutual funds to be introduced by Burgeonvest. In announcing the transaction, Mario Frankovich, president and CEO of Burgeonvest, said, “We are looking forward to marketing the exceptional investment talents of Veronika Hirsch, one of Canada’s leading portfolio managers. We see this transaction as the first important launch of Burgeonvest’s new mutual fund product offerings.”

As at September 28, 2001, assets under administration of the Hirsch Funds were approximately $22.5 million.