TORONTO, Aug. 16, 2018 (GLOBE NEWSWIRE) --

This press release is not for dissemination in the United States or for distribution to U.S. news wire services.

Purpose Investments Inc. (“Purpose”) is pleased to announce that the special meetings relating to the approval of the following previously announced mergers (the “Mergers”) were held today. These Mergers are a continuation of Purpose’s efforts to enhance and improve its product lineup, and ensure investors have access to the best solutions to help drive better portfolio outcomes. Accordingly, the following Mergers will take effect on or about August 27, 2018:

TERMINATING FUND CONTINUING FUND
Redwood Unconstrained Bond Fund→Purpose Floating Rate Income Fund
Redwood Unconstrained Bond Class→Purpose Floating Rate Income Fund
Redwood Global Infrastructure Income Fund→Purpose Diversified Real Asset Fund
Limited Duration Investment Grade Preferred Securities Fund→Purpose US Preferred Share Fund
   

In accordance with applicable legal requirements, securityholders of each of the Terminating Funds and of Purpose Floating Rate Income Fund (formerly Redwood Floating Rate Income Fund) and Purpose Diversified Real Asset Fund (collectively, the “Voting Funds”) were required to approve the Mergers.

At the special meetings, each of the Voting Funds approved special resolutions to authorize the Mergers. 

Complete details regarding the Mergers and the matters considered at the special meetings were outlined in the management proxy circular dated July 4, 2018 sent to securityholders of the Voting Funds of record as of July 3, 2018.

About Purpose Investments

Purpose Investments is an asset management company with approximately $5.7 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 Financial, an independent technology-driven financial services company.

For further information please contact:

Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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.