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Press release from CNW Group

Proventure Income Fund to Sell Property to Cervus Equipment Corporation

Tuesday, May 29, 2012

Proventure Income Fund to Sell Property to Cervus Equipment Corporation12:24 EDT Tuesday, May 29, 2012Symbol: PVT (TSX-V)CALGARY, May 29, 2012 /CNW/ - Proventure Income Fund ("Proventure") (TSX-V: PVT) today announced that they have agreed to complete a sale from Proventure to Cervus Equipment Corporation ("Cervus") of a Calgary, Alberta condominium for aggregate consideration of approximately $254,500. The condominium was purchased by Proventure for the use of Cervus and its employees and is currently being rented to Cervus on a cost recovery basis. The sale from Proventure to Cervus is conditional upon receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.About ProventureProventure is an open-ended mutual fund trust established under laws of the Province of Alberta. Proventure is in the commercial property development business and leases real estate to various parties. The units of Proventure are listed on the TSX Venture Exchange and trade under the symbol "PVT.UN".Forward Looking InformationThis news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the completion of the sale to Cervus. The forward-looking statements and information are based on certain key expectations and assumptions made by Proventure, including the ability to obtain the various approvals required. Although Proventure believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Proventure can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Proventure being unable to obtain any required approvals. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Proventure undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For further information: Peter Lacey - President & CEOof Proventure Income Fund Telephone: (403) 567-2095 Fax: (403) 567-0392 Email: placey@cervuscorp.comRandy Muth - Chief Financial Officerof Proventure Income Fund Telephone: (403) 567-0339 Fax: (403) 567-0392 Email: