TORONTO, ON, April 15, 2002 - ClaringtonFunds Inc.,
("Clarington"), as manager and Clarington Sector Fund Inc.
announced today that effective the close of business April 15,
2002, it is ceasing distribution of shares of Clarington Digital
Economy Class (the "Fund"). Clarington has determined that since
the assets of the fund have not grown significantly it is not cost
effective to continue to offer the Fund. As a result, Clarington
Digital Economy Class will be terminated on or about July 19, 2002,
following 60 days written notice to existing shareholders of this
Fund.
Existing shareholders of the Fund may switch to another class of
Clarington Sector Fund Inc., switch to a Clarington mutual fund
trust, or redeem their shares. Shareholders who purchased shares
under the deferred sales charge option and switch to another class
or to the corresponding trust fund will continue under the same
deferred sales charge schedule for those new shares/units. On or
about July 19, 2002, Clarington Sector Fund Inc. will take steps to
purchase for cancellation any remaining shares of the Fund,
following which Clarington will provide notice to the securities
regulators regarding the termination of the Fund.