WINNIPEG, Manitoba — Crocus Investment Fund confirmed this morning it is continuing to cooperate fully with the Auditor General of Manitoba (OAG) and indicated it expects the OAG's expanded examination to result in recommendations that will help improve Fund operations in the future.

"The Fund welcomes the continued review being undertaken by the Office of the Auditor General of Manitoba (OAG)," said Alfred Black, Interim CEO at Crocus. "We see this work as complementary to the various initiatives we already have underway and are convinced the OAG's efforts and outcomes will support the Board's commitment to a strong future for the Fund. We have always taken the view that more thinking is better than less, and if the OAG's work results in recommendations that help the Fund improve future operations, that is good news for all stakeholders."

Mr. Black also noted that the Board and the Fund had advised the OAG of concerns related to confidentiality obligations at law owed to its investee companies and other stakeholders. He confirmed that consistent with an opinion received from legal counsel to the Fund, and in accordance with advice received from legal counsel to the Board of Directors, Crocus would be making an application to the Court of Queen's Bench for an interpretation of the legislation as to the OAG's authority to undertake the expanded examination. In the interim Crocus will continue to do everything necessary to assist the OAG in concluding its work as quickly as possible.