WINNIPEG, Manitoba – Crocus Investment Fund today announced that Laurie Goldberg, Chief Operating Officer and President of Crocus Capital Inc. has resigned from the Fund. Mr. Goldberg joined Crocus in January 2004. The Fund also announced the appointment of Mr. Delmore Crewson as Special Advisor.

Mr. Crewson is a Chartered Accountant, and has been in public practice in Winnipeg for the past 30 years. He retired in August 2004 from Deloitte & Touche LLP where he served as a senior partner and Canadian Vice Chair. Mr. Crewson will assume immediate responsibility for leading Crocus in the completion of its voluntary valuation and organizational reviews, in cooperation with the Manitoba Securities Commission and the Office of the Auditor General.

On the departure of Mr. Goldberg, Alfred Black, Interim CEO of Crocus said, "We value Laurie’s contributions and are disappointed to see him go." Mr. Black went on to say, "He brought a commitment to operational excellence and played an important role in launching the reviews now underway, as well as leading other key corporate initiatives during his time at Crocus."

Mr. Goldberg said, "While my service with Crocus was relatively short, I feel satisfied to be part of the Fund’s recent proactive initiatives which will help ensure fair treatment to all shareholders and improve corporate governance," He added, "Although this was a difficult decision for me given the important initiatives underway, I leave with the knowledge that the Board has embarked on the correct course of action in the interest of all stakeholders."

Mr. Goldberg and Mr. Crewson will transition responsibilities for the ongoing internal initiatives at Crocus in the days ahead. "We are certainly pleased to have Del Crewson join us at this important juncture," said Alfred Black. "Del brings depth and experience that will be of tremendous benefit, both in conducting our ongoing reviews and also as we look to implement go forward plans for the future."

John Pelton, Chief Investment Officer added, "Del will be a superb resource for our investment team. He has been involved in a number of sectors of the Manitoba economy and we look forward to working with him as we continue forward."

The portfolio valuation review is expected to be complete at the end of January, as planned.