Apr 5, 2023

Toronto, Ontario, CANADA TORONTO, April 05, 2023 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (“Purpose”), in a joint decision with Black Diamond Asset Management (“Black Diamond”), announced today that it will terminate Black Diamond Distressed Opportunities Fund (TSX Ticker: BDOP) (the “Fund”) and will redeem all of the issued and outstanding ETF units, Class A units, Class F units and Class I units (collectively, the “Units”) of the Fund in accordance with applicable securities law and the terms of the Fund’s amended and restated declaration of trust. It is anticipated that the termination will occur on or about June 12, 2023 (the “Termination Date”). It is also anticipated that the ETF units of the Fund will be voluntarily delisted from the Toronto Stock Exchange (the “TSX”) on or about June 7, 2023, at the close (the “Delisting Date”). Purpose is the trustee and manager of the Fund. The decision to close the Fund was a mutual decision by Black Diamond and Purpose, driven primarily by Black Diamond’s conclusions regarding the Fund’s relatively low assets under management and the costs associated with maintaining a fund of this size. Such factors have made it difficult to efficiently manage the Fund in accordance with its intended investment objectives. As a result, the termination, in the view of Purpose, is in the best interests of unitholders. Effective as of the market close on the date hereof, Units of the Fund will no longer be available for purchase, including any purchases made through a pre-authorized purchase plan. Holders of ETF units of the Fund may continue to trade such units on the TSX unit on the Delisting Date. The redemption price payable for the Units will be an amount equal to the net asset value per unit of the applicable class on the Termination Date and will be payable to unitholders on or before June 12, 2023. As stated above, the effective date of termination of the Fund is expected to be on or about June 12, 2023. If you still hold a position in the Fund at 4:00 pm EST on the Termination Date, your position in the Fund will be liquidated, with the proceeds either deposited into your account or a cheque mailed directly to you or to your dealer, nominee or intermediary, depending on your account registration. If you hold Units, there may also be tax implications to any disposition of your holdings. We strongly urge unitholders to contact their financial advisors to discuss the financial and tax implications associated with the redemption of their units and the termination. About Purpose Investments Purpose Investments is an asset management company with more than $15 billion under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company. For further information, please contact: Keera Hart