Citadel Diversified Investment Trust
TSX : CTD.UN

Citadel Diversified Investment Trust
Citadel S-1 Income Trust Fund
TSX : SDL.UN

Citadel S-1 Income Trust Fund
Citadel HYTES Fund
TSX : CHF.UN

Citadel HYTES Fund
Citadel SMaRT Fund
TSX : CRT.UN

Citadel SMaRT Fund
Citadel Premium Income Fund
TSX : CPF.UN

Citadel Premium Income Fund
Series S-1 Income Fund
TSX : SRC.UN

Series S-1 Income Fund
Income & Equity Index Participation Fund
TSX : IEP.UN

Income & Equity Index Participation Fund
Energy Plus Income Trust
TSX : EPF.UN

Energy Plus Income Trust
Citadel Stable S-1 Income Fund
TSX : CSR.UN

Citadel Stable S-1 Income Fund
Sustainable Production Energy Trust
TSX : SPU.UN

Sustainable Production Energy Trust
Equal Weight Plus Fund
TSX : EQW.UN

Equal Weight Plus Fund
Financial Preferred Securities Corporation
TSX : FPR.PR.A

Financial Preferred Securities Corporation

October 10, 2007 12:25 ET

Citadel Group of Funds: Update on Status of Independent Review Committee

CALGARY, ALBERTA--(Marketwire - Oct. 10, 2007) - The Citadel Group of Funds (TSX:CTD.UN) (TSX:SDL.UN) (TSX:CHF.UN) (TSX:CRT.UN) (TSX:CPF.UN) (TSX:SRC.UN) (TSX:IEP.UN) (TSX:EPF.UN) (TSX:CSR.UN) (TSX:SPU.UN) (TSX:EQW.UN) (TSX:FPR.PR.A) provides an update on the status of its Independent Review Committee established under National Instrument 81-107 - Independent Review Committee for Investment Funds ("NI 81-107") for each investment fund that is a member of the Citadel Group of Funds from time to time.

The initial members of the Citadel Group of Funds' Independent Review Committee were appointed on May 1, 2007. Following the initial appointment of the Independent Review Committee, one of the initial members resigned and was replaced.

Since being formed, the Independent Review Committee has met to:

- familiarize itself with the structure and individual nature of the investment funds comprising the Citadel Group of Funds,

- formally review and adopt its charter,

- pass organizational resolutions, and

- complete such other preparations necessary to become fully operational as of November 1, 2007.

The Citadel Group of Funds' Independent Review Committee consists of the following members:

J. Stephens Allan, FCA, CFE, CMC - Chairman - Partner of RSM Richter Inc., an accounting, business advisory and consulting firm. Mr. Allan's 37 years as a Chartered Accountant have included extensive experience in corporate restructuring, corporate bankruptcies, receiverships, and complex corporate litigation.

John D. Watson, FCA - Businessman. Formerly Executive Vice-President and Chief Financial Officer of EnCana Corporation. Member of the Audit Committee of the Province of Alberta, past Chair of the Calgary Police Commission.

Duane Keinick - Businessman. Formerly Senior Vice-President and Managing Director of CIBC World Markets Inc. (Calgary) from 1996 to December 2005.

NI 81-107 requires that each investment fund complete the appointment of the initial members of its Independent Review Committee by May 1, 2007 and requires full compliance with NI 81-107 by November 1, 2007. The Citadel Group of Funds have been, and will remain, in compliance with all requirements of NI 81-107.

Contact Information

  • Citadel Group of Funds
    Joe MacDonald
    Executive Vice President, Sales and Marketing
    1-877-261-9674
    Website: www.citadelfunds.com