Triax Capital Management Inc., manager of Triax Growth Fund Inc. has announced that on July 2, 2002, Covington Capital Corporation will assume portfolio advisory responsibilities for the Fund from Altamira Management Ltd.

“We believe we are at a turning point in the technology sector and with existing low valuations, Triax Growth and the two other Covington funds are well positioned to take advantage of a rebounding IPO/equity market, through some of their current holdings and through new investments made going forward,” says Grant Brown, president, CEO and founding partner of Covington.

Triax also announced a strategic alliance with Covington Marketing Group Inc., expanding Triax’s LSIF distribution and marketing operations. This alliance will result in the third largest LSIF distributor in the Canadian marketplace with approximately $475 million in assets under management. Triax-Covington will oversee marketing and administration of six Triax-Covington LSIFs.

Covington Fund II joins the family of five other Triax LSIFs to offer Canadian investors a basket of established, long-term venture investment opportunities. In addition to RRSP tax savings, these Funds provide an additional 30 – 35% in tax credits, increased foreign content limits and broad diversification across the fastest growing sectors of the economy.

“Through this alliance, we are able to expand and reinforce our LSIF and venture capital investment offerings,” says Barry Gordon, president and CEO of Triax Capital Corporation. “This alliance brings significant venture investment expertise to the table as well as economies of scale in sales and marketing efforts. This should help achieve lower costs for the Triax- Covington Funds — good news for our investors.”