Avenir Diversified Income Trust
TSX : AVF.UN

Avenir Diversified Income Trust

May 15, 2006 17:05 ET

Avenir Diversified Income Trust Confirms May Distribution and the Effective Date of the Energy Services Division Spin Out

CALGARY, ALBERTA--(CCNMatthews - May 15, 2006) - Avenir Diversified Income Trust (the "Trust" or "Avenir Trust") (TSX:AVF.UN) confirms its May 2006 distribution. The cash distribution will be $0.12 per Trust Unit, which is consistent with the previous monthly distribution. The distribution will be paid on June 15, 2006, to unitholders of record on May 31, 2006. The ex-distribution date is May 29, 2006.

Additionally, we confirm the effective date of the Energy Services division spin out from the Avenir Trust will be May 31, 2006. All Avenir Trust unitholders of record May 31, 2006 will receive one (1) unit of the new Essential Energy Services Trust (the "New Trust" or "Essential Trust") for every two (2) units of the Avenir Trust held. The "ex-distribution" date for the spin out will be May 29, 2006.

We anticipate that the trust units of Essential Trust will begin trading on the Toronto Stock Exchange under the symbol ESN.un on or about May 31, 2006. It is expected that Essential Trust will initially pay a distribution of $0.083 per unit per month beginning with the June 2006 distribution payable July 17, 2006.

Forward-Looking Statements: Certain information set forth in this press release, including a discussion of future plans and operations, contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ materially from those expressed in or implied by these forward-looking statements.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Avenir Diversified Income Trust
    William Gallacher
    Chief Executive Officer
    (403) 237-9949
    or
    Avenir Diversified Income Trust
    Gary Dundas
    Chief Financial Officer
    (403) 237-9949
    (403) 237-0903 (FAX)
    or
    Avenir Diversified Income Trust
    Suite 300, 808 - 1st Street S.W.
    Calgary, Alberta T2P 1M9