Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund
Dominion Citrus Limited
TSX : DMN.PR.A

Dominion Citrus Limited

June 22, 2009 18:37 ET

Dominion Citrus Announces Closing of Asset Purchase Transaction

TORONTO, ONTARIO--(Marketwire - June 22, 2009) - Dominion Citrus Income Fund (the "Fund") (TSX:DOM.UN) and Dominion Citrus Limited ("Dominion" or the "Company") (TSX:DMN.PR.A) are pleased to announce today the closing of the previously announced asset sale by Dominion and its wholly owned limited partnership, Apple Valley Juice LP ("Apple Valley"), of substantially all of the assets, property and undertaking relating to the business of Apple Valley (excluding, among other things, accounts receivable, cash and cash equivalents owned by Apple Valley) to A. Lassonde Inc. ("Lassonde"). The sale was completed in accordance with an asset purchase agreement entered into between the parties dated March 23, 2009. Apple Valley has received gross proceeds of $1,535,821.79, including cash of $1,385,821.79 and a short-term promissory note for $150,000, subject to certain post-closing adjustments. Apple Valley has been engaged in the business of extracting and processing the juice of apples and selling apple juice to industrial and corporate customers. Lassonde has purchased the name Apple Valley and Apple Valley Juice LP is in the process of changing its name to an unrelated name.

About Dominion

Dominion is a diversified food company supplying fresh produce and premium juices to a wide variety of customers in retail, foodservice and food distribution businesses. The Company provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Quebec. The Company also supplies products to customers in the United States. Dominion is a subsidiary of the Fund. The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. The trust units are listed on the TMX under the symbol DOM.UN.

Dominion's website may be accessed at www.dominioncitrus.com.

About Lassonde

Lassonde is a Canadian leader in the development, manufacture and marketing of an innovating and distinctive range of fruit and vegetable juices and drinks. Lassonde has numerous trademarks that have acquired an enviable reputation, including Rougemont, Oasis, Fruite, Everfresh and Fairlee.

Please refer to www.lassonde.com for further information.

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

Contact Information

  • Investors:
    Dominion Citrus Income Fund and Dominion Citrus Limited
    Jason Fielden
    VP Finance, CFO & Corporate Secretary
    (416) 242-8341 Ext 250
    or
    Media:
    Dominion Citrus Income Fund and Dominion Citrus Limited
    Winston Ash
    President & COO
    (416) 242-8341 Ext 249
    www.dominioncitrus.com