Benvest New Look Income Fund

Benvest New Look Income Fund

September 27, 2007 14:30 ET

Benvest New Look Income Fund Continues to Grow in Ottawa While Increasing Unitholder Distributions for the Fourth Time

MONTREAL, QUEBEC--(Marketwire - Sept. 27, 2007) - Benvest New Look Income Fund (TSX:BCI.UN)(the "Fund") announced that its operating subsidiary, New Look Eyewear Inc., has successfully continued its expansion into the Ontario market with the recent opening of a store in the Train Yards power centre located in the eastern area of downtown Ottawa. This is the sixth New Look Eyewear store in the Ottawa-Gatineau region. The addition of at least three other stores in this area is also planned for 2008. As a result of the continued expansion New Look now has 56 stores in Quebec and Ontario.

The Fund increased its monthly unitholder distributions last August from the annualized rate of $0.60 per unit to $0.625 per unit. This was the fourth increase in distributions since the inception of the Fund in May 2005 and represents an increase of 39% over the original distribution rate.

Mr. Emmett Pearson, C.E.O. of New Look, commented "that due to the sustained operating and financial success of our company, we have been able to continue to expand our store network in Ontario and Quebec at the same time as increasing the level of distributions to our unitholders and we expect this to continue as we more forward".

On May 1, 2005, Benvest Capital Inc. was converted into an income trust named the Benvest New Look Income Fund, the purpose of which is to hold securities of New Look Eyewear Inc. This subsidiary is a leading enterprise in the eye care industry in Eastern Canada, with growth opportunities based on demographic trends and the consolidation of the industry in Canada. As of August 31st, 2007, 5,784,795 units of the Fund were issued and outstanding. In addition, 3,870,404 exchangeable shares (on a consolidated basis) of the subsidiary were also issued and outstanding.

This press release may contain certain forward-looking statements that reflect the current views and / or expectations of Benvest New Look Income Fund with respect to its performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions. Actual results and events may vary. The statements contained in this release are not to be construed as tax advice and holders of units and exchangeable shares should seek their own independent tax advice.

Contact Information

  • Benvest New Look Income Fund
    Lise Melanson
    514-877-4299, ext. 2234