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OceanRock Investments Inc. Announces Fund Mergers, Proposed Fixed Administration Fees and Other Changes to its Mutual Fund Lineup

Zoltan Tundik

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TORONTO, July 06, 2018 (GLOBE NEWSWIRE) — OceanRock Investments Inc. (the “Manager”), the manager of the OceanRock and Meritas SRI Funds (collectively, the “Funds”), today announced proposals to merge a number of its Funds, to change the method of charging operating expenses to a number of Funds to increase fee predictability and transparency, and certain other changes, all described below.  A special meeting of unitholders (the “Special Meeting”) will be held in Vancouver on or about August 31, 2018 to consider certain of the proposed changes.

“With the formation of Aviso Wealth, our goal is to always offer advisors and investors compelling and competitive investment solutions under the NEI name”, said Fred Pinto, SVP, Head of Asset Management at Aviso Wealth. “These proposed mergers will help us meet that objective and strengthen NEI’s position as Canada’s leading provider of responsible investment solutions.”

In addition, effective July 12, 2018, the management fee charged to Series A of Meritas International Equity Fund will be reduced from 2.25% to 1.95%.

Fund Mergers

Provided the mergers receive the required unitholder and regulatory approvals, each Terminating Fund will merge into the corresponding Continuing Fund (as listed below). Northwest & Ethical Investments L.P. (“NEI”), an affiliate of the Manager, is the manager of each Continuing Fund other than Meritas International Equity Fund and, in the case of Meritas International Equity Fund, NEI will, subject to unitholder and regulatory approval, become the manager of that Fund (as described in more detail below).  The proposed fund mergers are outlined in the table below:

Terminating Fund Continuing Fund
OceanRock Canadian Equity Fund NEI Canadian Equity Fund
OceanRock Growth Portfolio NEI Select Growth Portfolio
OceanRock Income & Growth Portfolio NEI Select Income & Growth Portfolio
OceanRock International Equity Fund Meritas International Equity Fund
OceanRock Maximum Growth Portfolio NEI Select Maximum Growth Portfolio
Meritas Canadian Bond Fund NEI Canadian Bond Fund
Meritas Growth Portfolio NEI Select Growth RS Portfolio
Meritas Income Portfolio NEI Select Income RS Portfolio
Meritas Income & Growth Portfolio NEI Select Income & Growth RS Portfolio
Meritas Strategic Income Fund NEI Conservative Yield Portfolio
Meritas U.S. Equity Fund NEI U.S. Equity RS Fund
OceanRock Balanced Portfolio NEI Select Balanced Portfolio
Meritas Balanced Portfolio NEI Select Balanced RS Portfolio
Meritas Monthly Dividend and Income Fund NEI Canadian Equity RS Fund

The Independent Review Committee for the Terminating Funds will consider the mergers and the result of their assessment as well as full details about the proposed merger will be set out in the Management Information Circular that will be sent in July to unitholders of record as at July 13, 2018.  If approved, it is anticipated that each proposed merger will be implemented on or about October 26, 2018.  All costs and expenses associated with the mergers will be borne by the Manager.

Suspension of New Purchases

New purchases of securities of a Terminating Fund will be suspended effective September 1, 2018.  In most cases, pre-authorized contribution plans and automatic withdrawal plans which have been established with respect to a Terminating Fund will be re-established with respect to the corresponding Continuing Fund following the mergers.  More particulars regarding these matters will be set out in the Management Information Circular.

INVESTMENT OBJECTIVES, FUND NAME & MANAGER CHANGES

As well, the Manager today announced, with respect to the funds listed in the chart below (the “Selected Funds”), proposals to: (i) replace the Manager of the Selected Funds with NEI; (ii) modify the language in the investment objectives of the Selected Funds; and (iii) rename the Selected Funds.  The first two proposals will be considered at the Special Meeting.  If the first two proposals are approved at the Special Meeting then all three proposals will be implemented effective on or about October 26, 2018.  The Manager believes that the interests of unitholders of the Selected Funds will be better served by modifying the language in the investment objectives of those Selected Funds.  Appendix A contains a summary of the current proposed modifications to the investment objectives of the Selected Funds.  The proposed name changes of the Selected Funds are as follows:

Current Name of Selected Fund Proposed Name of Selected Fund
Meritas Jantzi Social Index® Fund NEI Jantzi Social Index® Fund
Meritas International Equity Fund NEI International Equity Fund
OceanRock Growth & Income Portfolio NEI Select Growth & Income Portfolio
OceanRock US Equity Fund NEI U.S. Equity Fund
Meritas Growth & Income Portfolio NEI Select Growth & Income RS Portfolio
Meritas Maximum Growth Portfolio NEI Select Maximum Growth RS Portfolio
OceanRock Income Portfolio NEI Select Income Portfolio

Full details about these proposals will be set out in the Management Information Circular that will be sent in July to unitholders of record.

FIXED RATE ADMINISTRATION FEE

In addition to the proposals outlined above, the Manager today also announced a proposal to change the method of charging operating expenses to the Selected Funds to increase fee predictability and transparency.  If the proposal is approved by unitholders of a Selected Fund then effective on or about October 26, 2018 NEI will pay for all of the operating expenses of the Selected Fund other than those operating expenses listed below. In return for paying the operating expenses, NEI will receive a fixed rate administration fee from the Selected Fund. The operating expenses that each Selected Fund will continue to pay are costs and expenses relating to the independent review committee of the Selected Fund, new government or regulatory requirements, taxes, borrowing and interest and portfolio transaction costs.

Currently, each Selected Fund pays all of its own operating expenses, which comprise a portion of the management expense ratio of the Selected Fund.  This change will provide investors with increased predictability and transparency in fees as components of the management expense ratio for the Selected Funds will become fixed rather than varying from year to year as they do presently.

Under the proposal, the fixed rate administration fee will range from 0.20% to 0.40% of the respective Selected Fund’s assets under management, depending on the Selected Fund. The fixed rate administration fee for each series of a Selected Fund will be lower than or equal to the actual operating expenses paid by such series of the Selected Fund during its most recently completed financial year on a pre-absorption basis. Similar fixed rate administrative fee proposals have been adopted by unitholders at a number of Canada’s largest mutual fund companies, including NEI.

Full details about this proposal will be set out in the Management Information Circular that will be sent in July to unitholders of record.

About OceanRock Investments Inc.

OceanRock Investments Inc. is a Canadian Responsible Investment leader, managing $2 billion on behalf of Canadian investors. OceanRock offers a comprehensive range of managed portfolio solutions and individual funds to meet the needs of individual and institutional investors. OceanRock is dedicated to offering disciplined, risk-controlled and diversified investment solutions to Canadian individual and institutional investors and has a core commitment to Responsible Investing through its Meritas SRI Funds. OceanRock Investments Inc. is a wholly owned subsidiary of Aviso Wealth Inc.

Media Contact

Connie Burke
infinitycomm
connie@infinitycomm.ca
Office: 905-257-5555

Appendix A

Meritas Jantzi Social Index® Fund (to be renamed NEI Jantzi Social Index® Fund)
Current Fundamental Investment Objective Proposed Fundamental Investment Objective
The fundamental investment objective of the Meritas Jantzi Social Index® Fund (the “JSI®”) is to seek capital appreciation with current income being a secondary investment objective. The Fund will invest primarily in Canadian equity securities which comprise the JSI®. The Fund may not track the returns of the JSI® perfectly as we have implemented certain additional features which will affect the Fund’s performance relative to the JSI®.

  • The JSI® does not currently screen out companies involved in the following areas: alcohol, gambling and pornography. We have chosen to overlay these screens on the companies in the index.
  • The JSI® is a market-weight index and we have chosen to cap the individual weighting of any one company at 10% of the value of the Fund based on a market test.
  • We will also be committing up to 2% of the assets of the Fund towards “Impact Investing” which are outlined on page 25 of its prospectus.
  • Where a security is eliminated from the portfolio or reduced based on the above guidelines, we will redistribute the assets that would have been in that security on a pro rata basis to the remaining securities in relation to the representation on the index.

Should the additional screens mentioned above result in the removal of more than five securities from the portfolio, we will be required to change the name of the Fund.

As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose.

The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies in Canada.

The Fund follows a responsible approach to investing, as described in this prospectus.

Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives.

OceanRock Growth & Income Portfolio (to be renamed NEI Select Growth & Income Portfolio)
Current Fundamental Investment Objective Proposed Fundamental Investment Objective
The fundamental investment objective of the OceanRock Growth & Income Portfolio is to achieve long term capital growth along with preservation of capital while providing for current income by investing primarily in a combination of OceanRock Mutual Funds (the “underlying funds”).

For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose.

The Portfolio’s investment objective is to provide long-term capital growth, and generate some income by investing primarily through exposure to equity and fixed income securities.

To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments.

Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives.

OceanRock U.S. Equity Fund (to be renamed NEI U.S. Equity Fund)
Current Fundamental Investment Objective Proposed Fundamental Investment Objective
The fundamental investment objective of the OceanRock U.S. Equity Fund is to achieve long-term capital growth primarily through investing directly or indirectly in equity securities, ETFs and mutual funds with exposure to U.S. equity markets.

For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose.

The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies in the United States.

Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives.

Meritas Growth & Income Portfolio (to be renamed NEI Select Growth & Income RS Portfolio)
Current Fundamental Investment Objective Proposed Fundamental Investment Objective
The fundamental investment objective of the Meritas Growth & Income Portfolio is to seek capital appreciation with some emphasis on current income. The Fund will invest primarily in units of other Meritas SRI funds (“underlying funds”).

As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose.

The Portfolio’s investment objective is to provide long-term capital growth, and generate some income by investing primarily through exposure to equity and fixed income securities.

To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments.

The Portfolio follows a responsible approach to investing, as described in this prospectus.

Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives.

Meritas Maximum Growth Portfolio (to be renamed NEI Select Maximum Growth RS Portfolio)
Current Fundamental Investment Objective Proposed Fundamental Investment Objective
The fundamental investment objective of the Meritas Maximum Growth Portfolio is to seek strong growth and capital appreciation. The Fund will invest primarily in units of other Meritas SRI Funds, but also may invest in units of other socially responsible investing funds managed by the Manager (“underlying funds”).

As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose.

The Portfolio’s investment objective is to provide long-term capital growth by investing primarily through exposure to equity securities.

To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments.

The Portfolio follows a responsible approach to investing, as described in this prospectus.

Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives.

OceanRock Income Portfolio (to be renamed NEI Select Income Portfolio)
Current Fundamental Investment Objective Proposed Fundamental Investment Objective
The fundamental investment objective of the OceanRock Income Portfolio is to seek current income with a small emphasis on capital appreciation. The Fund will invest primarily in units of other OceanRock Mutual Funds and Meritas SRI Funds (the “underlying funds”).

For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose.

Investment Objectives 

The Portfolio’s investment objective is to generate income, and provide some long-term capital growth by investing primarily through exposure to equity and fixed income securities.

To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments.

Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives.

Meritas International Equity Fund (to be renamed NEI International Equity Fund)
Current Fundamental Investment Objective Proposed Fundamental Investment Objective
The fundamental investment objective of the Meritas International Equity Fund is to seek capital appreciation with current income as a secondary objective. The Fund will invest primarily in equity securities of companies outside North America.

As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose.

The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies outside of Canada and the United States.

Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives.

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

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eSports

LucidSound Brings Gaming Audio to ‘The Wall’, Announcing an eSports Partnership with Caesars Entertainment

George Miller

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LucidSound Brings Gaming Audio to 'The Wall', Announcing an eSports Partnership with Caesars Entertainment
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Newly Supercharged LS25 eSports Gaming Headset Drives Gaming Audio at The Wall Gaming Lounge, Taking Competitive eSports To New Heights at The Rio All-Suite Hotel & Casino

 

LucidSound®, the fastest growing brand in gaming headsets, announced today that LucidSound has been selected as the official headset of Caesars Entertainment new eSports venue at the Rio All-Suite Hotel & Casino.

Driven by the growing popularity of eSports and inspired by competitive gamers from across the globe, The Rio All-Suite Hotel & Casino has introduced the first phase of Las Vegas’ newest interactive space by Hybrid One: The Wall Gaming Lounge. Partnering with the leaders in PC gaming, Alienware, powered by NVIDIA GeForce® GTX® GPUs, The Wall is the first permanent eSports venue for Caesars Entertainment. A multi-phased, 24,000 square-foot project, The Wall is now open and boasts ample gaming and lounge space highlighted by 30, high performance Alienware gaming PCs. A number of console gaming stations are also available.

The gaming station at The Wall is equipped with the all-new LucidSound LS25 eSports Gaming Headset. Featuring the signature LucidSound control scheme, gamers can adjust their audio simply by turning their ear-cup, an innovative solution, vital to competitive play, that allows gamers to remain focused on the action.

Driving innovation in eSports audio, the LS25 is designed to offer even greater audio performance. Improved 50mm drivers offers substantially better audio fidelity, allowing gamers to pinpoint team-mates and opponents during tournament play. A re-engineered headband provides increased strength to survive extended gaming sessions, and new, easily interchangeable ear-cups actively resist sweat and provide memory-foam comfort to the gamer.

“The team at Caesars Entertainment have designed an innovative new space to support competitive play that can be enjoyed by gamers of all levels,” said Chris Von Huben, CEO of LucidSound. “LucidSound is delighted to be part of this trailblazing experience, drawing gamers into the action with unparalleled audio provided by our LS25 headsets.”

Available now at GameStop, Amazon and other leading gaming retailers, the LS25 delivers advanced technology designed for tournament play. Key features include:

  • A remarkably clear sound stage so that gamers can easily identify teammates, opponents and audio cues providing the difference between victory and defeat
  • Powerful 50mm High-Fidelity speakers with Neodymium magnets, specifically engineered for gaming
  • Designed for long-play sessions the LS25 uses advanced memory foam ear cushions that conform to the individual user and offer superior comfort
  • Dual mics allowing players the option of using the integrated discrete mic (Ideal for phone calls and casual chat) or the unidirectional, flexible boom mic for intense gaming sessions
  • Direct to PC connection via a 3.5mm audio jack, ensuring a simple connection to any gaming rig
  • Proprietary control system, allowing gamers to adjust volume simply by twisting the ear cup
  • Fully compatible with PC, Xbox One (including Xbox One X), PlayStation®4, Nintendo® Switch and mobile platforms

The LS25 is available now at www.lucidsound.com and participating retailers for a MSRP of $79.99.

 

About LucidSound

LucidSound is committed to designing premium quality audio products for gamers. Every team member of LucidSound hails from a gaming audio background with a vision to deliver world-class audio to the interactive entertainment sector. Uncompromising in its insistence for audio excellence, the Company crafts audio products specifically for the needs of gamers and everyday life. Strikingly different in appearance from traditional gaming hardware, the LucidSound family of products unlocks the emotion and intensity of modern gaming audio, elevating the experience for gamers everywhere.

 

Source: LucidSound

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Industry News

Groove Gaming enlarge content portfolio with Evoplay games

George Miller

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Groove Gaming enlarge content portfolio with Evoplay games
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Leading aggregator Groove Graming has signed a content deal with innovative games maker Evoplay Entertainment, who is shortlisted in the ‘Best Gaming Innovation’ category at the SBC Awards 2018.

Evoplay Entertainment is a leading iGaming supplier and an international vendor of high-quality gaming products. The company manufactures online games that offer Full HD (FHD) resolution, bringing animation and video effects to a whole new level.

Some of their exciting games titles include recent releases such as Elven Princesses, Ace Round, Jewellery Store, Fruitburst and Chinese New Year, while other games include Syndicate, Charming Queens, Epic Gladiators, The Great Conflict and Candy Dreams.

Evoplay Entertainment is well known for advanced games such as Robots, Energy Conflict and Syndicate, and has also launched a 3D/VR slot called Necromancer, the first of-a-kind in-browser VR game which requires no downloads or extra steps for players to enjoy the immersive VR experience.

At the heart of Groove Gaming’s expertise is selecting the highest-quality content to differentiate their offering and to drive player-engagement for clients. Groove Gaming has established a world-class portfolio of over 1500 HTML5 slots and other games from leading games makers including Wazdan, Leap Games Studios, Iron Dog, Play’nGo, Betsoft, Playson, Extreme Live Gaming, Merkur, Spinomenal, Habanero, Fugaso and now Evoplay, amongst others.

Kate Romanenko, Chief Business Officer at Evoplay Entertainment said: “We are happy to join the great games offering that Groove Gaming provides to its customers. It’s an amazing opportunity for us to get to more exposure and work with a trusted partner at the same time. We believe that Groove Gaming will boost access to our titles and we look forward to working closely together to capitalize on market opportunities.”

Rebecca Sotomora, Head of Sales at Groove Gaming said: “We are delighted to welcome Evoplay Entertainment to our platform, the addition of their unique suite of games will allow our players to experience some of the most innovative games in the global iGaming market. We have a deep and unwavering commitment to high-quality customer service and exceptional innovation so we are thrilled to be partnering with a like-minded company such as Evoplay Entertainment.”

Meet Groove Gaming at SiGMA by emailing rebecca@groovegaming.com For further information visit www.groovegaming.com

 

ABOUT GROOVE GAMING:
Offering an extensive game library of over 1500 HTML5 slots, table games and video pokers, Groove Gaming is headquartered in Israel and holds licenses issued by the UKGC and the MGA. Groove Gaming was founded in 2016 by a group of professionals who all had the dream of creating an exclusive service so entrepreneurs could meet the growing gaming needs of the world. Expert managers control financial transactions with accuracy and foresight, and Groove Gaming’s top-notch customer service rivals, and in most cases beats, most multinational companies operating today. With integrated multiple streams from today’s top providers Groove Gaming powers market access with industry heavyweights.

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Gambling in the USA

Wisconsin resident hits jackpot at O’Sheas Casino at The LINQ Hotel & Casino

Niji Ng

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Wisconsin resident hits jackpot at O’Sheas Casino at The LINQ Hotel & Casino
Photo Source: visitlasvegas.com
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Jon Oelke, an unknown gambler from Kenosha, Wisconsin, has become an instant millionaire after hitting the jackpot at O’Sheas Casino at The LINQ Hotel & Casino. He played Three Card Poker Progressive with his family and friends and hit a royal flush to win the jackpot of more than $1.3 million.

Located at the centre of the Las Vegas Strip, The LINQ Hotel & Casino is often referred to as the luckiest casino. It offers 2,253 rooms including 244 suites with two unique penthouses and 25 cabana rooms with direct access to the pool. O’Sheas Casino hosts 11 table games. This is the third time that somebody hitting the million-dollar jackpot in the last three years at the casino. Byron Neel, a resident of Virginia, hit the jackpot $1 million with a royal flush on Three Card Poker in July 2015. James Orr, a resident of In Nov. of 2016, Wyoming, repeated the feat in November of 2016. Now, Jon Oelke joined the lucky gambling millionaire club.

 

About The LINQ Hotel & Casino:
As the social hub at the center of the Las Vegas Strip, The LINQ Hotel & Casino offers a total of 2,253 newly renovated rooms including 244 suites with two unique penthouses and 25 cabana rooms with direct access to the pool. Positioned between Flamingo Las Vegas and Harrah’s Las Vegas, guests experience one distinctive destination with The LINQ Promenade and High Roller, the world’s tallest observation wheel. Designed with the modern traveler in mind, the resort launched the first fully integrated self check-in program on the Las Vegas Strip in 2015. Enjoy celebrated chef Guy Fieri’s first Las Vegas restaurant, Guy Fieri’s Vegas Kitchen & Bar, award-winning Hash House a Go Go and direct access to O’Sheas Casino, Off The Strip and Chayo Mexican Kitchen + Tequila Bar. Entertainment and nightlife experiences include 3535, a unique take on the lobby bar, as well as magician Mat Franco, “America’s Got Talent” Season Nine winner. The brand-new race and sports book experience, The Book, offers unique fan caves and innovative technology. The LINQ Hotel & Casino also offers a reimagined pool deck featuring two pools, the new 15,000-square-foot Spa at The LINQ and fitness center, The Silver Sky Chapel for intimate weddings and 63,000 square feet of meeting space. The LINQ Hotel & Casino is operated by a subsidiary of Caesars Entertainment Corporation (NASDAQ: CZR).

About Caesars Entertainment:
Caesars Entertainment is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment.

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