Initiatives launched to advance shareholders' interests; Board appoints interim CEO

WINNIPEG, Manitoba – Crocus Investment Fund announced today that it has initiated an organizational review and comprehensive assessment of the value of its portfolio. Further, Crocus announced it has requested and received regulatory approval to suspend redemptions and to halt sales of its shares during the review. The decision to undertake this work was precipitated by underperformance of the Fund and in light of new developments with key holdings in the portfolio.

"These initiatives are important and necessary steps to advance the interests of our shareholders and investment partners," said Peter Olfert, acting Chair of the Board. "Ultimately, the conclusions will provide all stakeholders with a clear picture on where the Fund stands, and ensure our business is structured soundly for the future."

The Board also announced the appointment of Alfred Black to interim-CEO of Crocus Investment Fund. Mr. Black joins Crocus from Workers Compensation Board where his responsibilities included overseeing the investment portfolio. He replaces Sherman Kreiner, who has announced his retirement and remains available in an advisory capacity to the Board. "The Board recognizes Sherman's efforts and thanks him for his dedication over the years," says Olfert.

Mr. Olfert went on to say, "As we move forward, we are confident that Mr. Black and the management team have the depth and experience to lead Crocus through the next stage of its development." He also said that the review will require significant time commitment and involvement on the part of the Board and management team and noted that David Friesen and Wally Fox-Decent have stepped down from the Board citing time constraints.

Crocus' Board has engaged external professional advisors to assist in the portfolio review. The Fund anticipates the overall initiative to be completed by the end of January.

Upon completion of this initiative Crocus will communicate results to its shareholders and other key stakeholders. The Fund intends to resume trading as soon as possible.