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Proposed Change of Manager of Clearpoint Short Term Income Fund

TORONTO, July 10, 2019 (GLOBE NEWSWIRE) -- Caldwell Investment Management Ltd. (“Caldwell”) and Cortland Credit Group Inc. (“Cortland”) are pleased to announce that they have entered into an agreement pursuant to which the trustee and manager of the Clearpoint Short Term Income Fund (the “Fund”) is proposed to be changed from Caldwell to Cortland (the “Change of Manager”), subject to the receipt of all necessary unitholder and regulatory approvals.

Upon the Change of Manager, Cortland will replace Caldwell as the portfolio manager of the Fund and will  appoint KPMG LLP to replace Deloitte LLP as the auditor of the Fund effective September 20, 2019.  No other material changes to the Fund (including to the fees and expenses of the Fund) are contemplated at this time.

The proposed Change of Manager will be subject to approval by the unitholders of the Fund at a special meeting to be held on August 15, 2019. Prior to the meeting, a management information circular and form of proxy will be mailed to unitholders. If approved, the proposed Change of Manager is expected to become effective on or about August 19, 2019.

Caldwell Investment Management Ltd. is a Toronto-based portfolio manager and investment fund manager that offers mutual fund and pooled fund products to Canadian investors.

For further information:

Brendan Caldwell, President and Chief Executive
Officer Caldwell Investment Management Ltd.
tel: (416) 593-0353
Sean Rogister, Chief Executive Officer
Cortland Credit Group Inc.
tel: (416) 274-9992

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to
U.S. news wire services.

This news release contains certain “forward-looking statements”. The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.