The New River Funds have been acquired by a Tennessee asset manager. SouthernSun Asset Management, based in Memphis, acquired the funds from Third Security, LLC, a private equity firm.

Two funds involved in the transaction are; the New River Small Cap Fund and the New River Core Equity Fund. SouthernSun already served as a sub-advisor for the Small Cap Fund.

Michael W. Cook, SouthernSun's CEO and chief investment officer said in the release that the firm plans to launch complementary mutual funds in the coming months.

SouthernSun does not currently directly manage any mutual funds of its own but has $1.5 billion in AUM through various managed account strategies.

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Company Press Release

MEMPHIS, Tenn., June 17, 2008 (PRIME NEWSWIRE) -- SouthernSun Asset Management, a research-driven investment management firm with approximately $1.5B in assets, today announced that it has acquired an investment adviser from Third Security, LLC. The acquired adviser manages the New River Funds, which includes the New River Small Cap Fund, for which SouthernSun already serves as sub-advisor, as well as the New River Core Equity Fund. Terms of the transaction were not disclosed.

Michael W. Cook, SouthernSun's CEO and Chief Investment Officer, commented, "Our Firm has seen tremendous growth over the last several years, and taking over the management of the New River Funds provides the latest step in our evolution. Specifically, the funds provide an ideal platform from which we may expand our traditional managed accounts offerings in the small and mid-cap markets. Our management of the New River Small Cap Fund, for example, provides us with flexibility to enhance that product in the future, while we simultaneously pursue the rollout of complementary mutual funds in the coming months.

"Finally, I also want to thank R.J. Kirk and his team at Third Security, LLC for fostering the development of the two funds we are now managing, and facilitating their introduction into the marketplace."

About SouthernSun Asset Management

SouthernSun Asset Management, established in 1989, is a research-driven investment management firm implementing Small Cap, Mid Cap, Focused U.S. and Focused Global investment strategies. The Firm's investment philosophy emphasizes critical reasoning, attention to detail, revealing query, hard work, and patience. For more information about SouthernSun, please call 901.333.6980 or visit http://www.southernsunam.com.

About New River Funds

The New River Funds are a family of no-load mutual funds sponsored and managed by New River Advisers LLC in Radford, Virginia.

Investors should carefully consider the investment objectives, risks, charges and expenses of New River Funds. This and other information about the New River Funds is contained in your prospectus and should be read carefully. The prospectus can be obtained by calling toll free 1-866-NRA-FUND (1-866-672-3863) or by visiting us on the web site at www.newriverfunds.com. The New River Funds are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. 

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