Merger of BPI Global Balanced RSP Fund completed

TORONTO, Dec. 14 /CNW/ - BPI Mutual Funds announced today that it has completed the merger of the BPI Global Balanced RSP Fund into the BPI Income & Growth Fund.

The merger was effective at the close of business on Dec. 11, 1998. Units of BPI Global Balanced RSP Fund are no longer offered for sale and the Fund has been terminated.

Unitholders of BPI Global Balanced RSP Fund have now become unitholders of BPI Income & Growth Fund. Over 95 percent of the votes cast at a special unitholder meeting on Dec. 4, 1998, were in favour of the merger. Securities regulators in each province and territory of Canada also approved the merger.

BPI Financial Corporation is absorbing all costs associated with implementing the merger, including calling and holding the special unitholder meeting.

BPI Financial Corporation (TSE:BPF), through its wholly owned subsidiary BPI Capital Management Corporation, is the sponsor, manager and distributor of BPI Mutual Funds.

BPI Mutual Funds is one of Canada's leading independent mutual fund companies, managing over $3.5 billion in assets on behalf of more than 250,000 Canadians. Now in its 11th year of operation, BPI manages a variety of funds to suit individual investment needs.

THE TORONTO STOCK EXCHANGE NEITHER AGREES NOR DISAGREES WITH THE INFORMATION CONTAINED HEREIN.

-0- 12/14/1998

For further information: John Cook, Executive Vice-President Sales& Marketing, BPI Mutual Funds, (416) 216-2222

News release courtesy Canada NewsWire.

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