Art In Motion Income Fund
TSX : AIM.UN

Art In Motion Income Fund

October 04, 2007 17:34 ET

Art In Motion Announces Change In Trustees and Directors and Cancellation of Special Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2007) - Art In Motion Income Fund (the "Fund") (TSX:AIM.UN) announced today that each of the trustees of the Fund has tendered their resignation as a trustee, and as a director of Art In Motion GP Ltd., the general partner of the Fund's operating subsidiary Art In Motion Limited Partnership. The trustee resignations will be effective November 3, 2007 and the director resignations are effective immediately. George Armoyan, Rob Normandeau, Larry Sullivan and Gary Collins have been appointed as directors of Art In Motion GP Ltd. effective October 4, 2007. Each of them, together with Garry Peters will be appointed as a trustee of the Fund on November 3, 2007. The new trustees and directors were recommended for appointment by a group of significant unitholders of the Fund representing approximately 60% of the voting units of the Fund.

The Fund also announced today that it has cancelled the November 2, 2007 special meeting of the Fund, which had been called for the purposes of electing trustees of the Fund. In light of the agreement among unitholders representing approximately 60% of the voting units of the Fund as to the composition of the board of trustees, the trustees determined that was in the best interest of unitholders to appoint the new board immediately thereby avoiding the time and expense of a special meeting.

George Armoyan is the President and Chief Executive Officer of Clarke Inc., the Halifax-based parent company of a number of wholly-owned operating companies and divisions, and an activist catalyst investor with a diversified portfolio of public and private investments. Mr. Armoyan holds a B.Eng. (Civil) from Dalhousie University and serves on the Boards of General Donlee Income Fund (TSX:GDI.UN), Royal Host REIT (TSX:RYL.UN), Granby Industries Income Fund (TSX:GBY.UN) and TerraVest Income Fund (TSX:TI.UN).

Gary Collins joined Belkorp Industries as the Senior Vice President in April of 2007. He is a member of the Board of Directors of Rogers Sugar and Lantic Sugar, the operating subsidiaries of Rogers Sugar Income Fund (TSX:RSI) Gary is also a director of Catalyst Paper Corporation (TSX:CTL) and Liquor Stores Income Fund (TSX:LIQ). Before joining Belkorp he was President and Chief Executive Officer of Harmony Airways from December 2004 to December 2006. Prior to joining Harmony Airways, Gary spent 13 years in public office as a Member of the British Columbia Legislative Assembly and served as Minister of Finance in British Columbia from June 2001 to December 2004.

Rob Normandeau is the Chief Operating Officer of Clarke Inc. Mr. Normandeau holds a Bachelor of Arts degree from the University of Western Ontario, a Master's of Business Administration from the University of Toronto, and a Bachelor of Laws degree from the University of Toronto. He is admitted to the practice of law in Ontario, Nova Scotia and New York, and serves on the Boards of General Donlee Income Fund (TSX:GDI) and Shermag Inc. (TSX:SMG).

Garry Peters has been involved in the framing and publishing business for over 35 years. He and his wife Vicki co-founded the Art In Motion business in 1985. Mr. Peters is a member of the Board of Directors of Art In Motion GP Ltd., (the general partner of Art In Motion Limited Partnership) as well as a member of the Compensation and Corporate Governance Committee of the Board of the general partner. Garry is committed to the rights of artists and copyright protection issues worldwide and serves on the Board of the ACC (Art Copyright Coalition) of which he is a founding member.

Larry Sullivan is the Chief Executive Officer of Art In Motion. From January, 2006 until his appointment as CEO in August, 2006, Mr. Sullivan acted as Chief Operating Officer of Art In Motion. Prior to joining Art In Motion, Mr. Sullivan was President and Chief Executive Officer of BakeMark, a manufacturer and supplier of fine bakery and food ingredients. He is a Chartered Accountant and earned a Bachelor of Arts (Finance/Economics) from Simon Fraser University. Before serving at BakeMark, Mr. Sullivan held finance, general management and executive positions with companies including Alberta Distillers Limited, Fraser Valley Foods and Labatt Breweries.

The Fund is an unincorporated, open-ended limited purpose trust established under the laws of British Columbia to hold, indirectly, the securities of Art In Motion Limited Partnership. Art In Motion Limited Partnership is a leading global publisher, framer and licensor of images and fine-art reproductions. Art In Motion designs, manufactures and markets fine-art reproductions based on proprietary artwork.

Contact Information

  • Art In Motion Income Fund
    Allan Achtemichuk
    Chief Financial Officer
    1-877-AIM-3233 (1-877-246-3233)