Arrow Hedge Partners Inc. and Epic Capital Management Inc. Announce Launch of Arrow Epic Capital

Date: Friday, July 19, 2002

TORONTO, July 19 /CNW/ - Jim McGovern, Managing Director and CEO of Arrow Hedge Partners Inc., David Fawcett, founder and Portfolio Manager of Epic Capital, and Tom Schenkel, Partner and Portfolio Manager of Epic Capital Management Inc., announced the launch of the Arrow Epic Capital Fund. The investment objective of the Fund is to generate absolute returns through the purchase and short sale of primarily Canadian listed securities. The managers will select long and short positions on the basis of intensive fundamental research, both at the company and industry level. The managers will also use risk arbitrage to exploit the mis-pricing of securities on company merger or takeover deals. The establishment of the Arrow Epic Capital Fund also represents an exclusive distribution agreement between Arrow Hedge Partners Inc. and Epic Capital Management Inc., both of Toronto, Canada. Arrow Hedge will assist in marketing the Fund to sophisticated high net worth investors and institutional investors, while Epic Capital will advise the portfolio. "Arrow Hedge's mission is to provide clients with access to high quality hedge funds and multi-managers funds that provide superior absolute performance with lower levels of risk. The Epic Capital LP has managed no down months since inception of the Fund in November, 2000 - a testament to their focus on risk management. The addition of Epic Capital's specialized hedge fund expertise is a key addition to our core multi-strategy fund of funds," stated Jim McGovern, Managing Director and CEO. "Epic Capital is very pleased to be allied with Arrow Hedge, a hedge fund leader in Canada. We are confident that its track record in raising assets and the profile of boutique managers such as ourselves will be beneficial for both investors and our firm," added David Fawcett, founder and Portfolio Manager of Epic Capital. In compliance with sophisticated investor regulations, minimum investment levels for the Arrow Epic Capital Fund are CDN$150,000 for all provinces in Canada, with the exceptions of accredited investors in Alberta, British Columbia and Ontario, CDN$25,000.