Coast Wholesale Appliances Income Fund

Coast Wholesale Appliances Income Fund

April 09, 2008 16:15 ET

Coast Wholesale Appliances Income Fund Appoints New Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 9, 2008) - Coast Wholesale Appliances Income Fund (TSX:CWA.UN) today reported the appointment of Donald J.A. Smith to the board of trustees and the board of Coast Wholesale Appliances GP (Coast), effective immediately. Mr. Smith replaces Ian F. Thomas, who has stepped down due to the time demands of other commitments. Mr. Smith will assume the position of Chair of the Audit Committee.

"We extend our sincere appreciation to Ian for his significant contribution since the Fund's inauguration in 2005. His insight and wise counsel will be greatly missed," said Ken Crump, chairman of the board of trustees. "We are pleased to officially welcome Don Smith to our board and look forward to benefiting from his extensive business background."

Mr. Smith brings significant and relevant experience in the wholesale and retail industries, including corporate finance, corporate governance and business planning. He is Vice President and Chief Financial Officer of Holey Soles Holdings Ltd., named as Canada's top emerging growth company in 2006. His business career also includes serving as Chief Financial Officer for domestic and international distribution and retail companies, including Windsor Building Supplies Ltd. and Raiso Chemicals, Americas. Mr. Smith has provided consulting services to a number of corporate boards on corporate governance structures and related matters.

He is a past President of the Simon Fraser University (SFU) Alumni Association, a past Chair of the SFU Chancellor Nominating Committee and currently serves on the SFU University Senate. Mr. Smith received an MBA from SFU and is a Member of the Institute of Chartered Accountants of B.C.

Fund profile

Coast Wholesale Appliances Income Fund is an unincorporated, open-ended limited purpose trust launched on June 23, 2005 with the completion of an initial public offering of 6,525,000 trust units. The Fund was created to acquire and hold a 65% indirect interest in Coast Wholesale Appliances LP. Cash distributions to unitholders, currently paid monthly, are entirely dependent on the performance of Coast.

Company profile

Coast Wholesale Appliances is a leading independent supplier of major household appliances to developers and builders of multi-family and single-family housing and to retail customers in Western Canada. Founded in 1978, Coast currently operates 15 locations and four warehouse distribution centres across the four western provinces.

Forward-looking statements

This news release may contain forward-looking statements relating to expected future events and financial and operating results of Coast that involve risks and uncertainties. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed from time to time in Coast's prospectus filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, Coast disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

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