Golden Opportunities Increases Ownership In Two Leading Biotech Firms

May 26, 2004

Release Date: May 26, 2004
Golden Opportunities Fund Inc. is pleased to announce a follow-on investment into two of Saskatchewan’s leading, growth-oriented biotechnology companies, Philom Bios Inc. and Phenomenome Discoveries Inc. The Fund’s investment confirms continued commitment to Saskatchewan biotechnology, and the positive growth both of these companies have had since the Fund’s initial investment.

Golden Opportunities Fund Inc. purchased 231,167 Class A Common Shares in Philom Bios from individual shareholders at a purchase price of $2.50 per share for a total investment of $577,918 taking the Fund’s total ownership position in the company to 740,517 Common Shares or 22.5% to become the largest shareholder of the Company. Philom Bios Inc. is one of Canada’s leading inoculant companies manufacturing products like Jumpstart, TagTeam and N-Prove, designed to enhance fertility efficiency, increase yields and improve producer profitability. Despite difficult growing conditions in Western Canada, Philom Bios has continued to maintain strong sales and has made great inroads in penetrating the United States market.

Mr. John Cross, Chairman/CEO of Philom Bios Inc. indicates “We are pleased to have an institutional investor with a strong Saskatchewan-base of shareholders, as our major shareholder.” Mr. Grant Kook, CEO/Chairman of Golden Opportunities Fund indicates, “With a continued commitment towards research and development for new products, stable sales history and increased market penetration into the United States, Golden Opportunities believed it was an opportune time to acquire an additional equity position into this growth-oriented biotechnology company.” Golden Opportunities Fund has acquired the shares of Philom Bios Inc. for investment purposes, and does not have any present intention to acquire any additional shares; however, this may change in the future.

Golden Opportunities Fund exercised its warrants in Phenomenome Discoveries Inc. resulting in the purchase of 25,000 Class B Common Shares at a purchase price of $11.68 per share for a total investment of $292,000. Employing over 20 highly technical people in Saskatchewan, Phenomenome Discoveries Inc. has developed an innovative metabolic profiling technology that is currently being applied in preclinical and clinical drug research development programs to identify drug targets and risk factors.

Grant Kook, CEO/Chairman states “Our investment of $1,000,000 in 2002 through a convertible debenture has performed to our expectation, and the company has since shown exciting growth potential. It was an ideal time to exercise our existing warrants.” John Hyshka, CFO of Phenomenome Discoveries says “With Golden Opportunities exercising their warrants it confirms we are on the right track and have the support of our investors.”

Golden Opportunities Fund is Saskatchewan’s First and Largest Labour-sponsored Fund. The Fund has grown to approximately $45 million with a shareholder base of approximately 8,000 shareholders located across Saskatchewan. The Fund has made investments in 30 Saskatchewan companies, in 11 strategic industries affecting thousands of jobs in the province. If you have any questions regarding the above please feel free to contact Mr. Grant Kook, CEO/Chairman of Golden Opportunities Fund Inc. at (306) 652-5557.

Saskatchewan Financial Services Commission has neither approved nor disapproved the information contained herein.