Energy Savings Income Fund
TSX : SIF.UN

Energy Savings Income Fund

December 21, 2007 07:27 ET

Energy Savings Income Fund Unitholders Approve the Amendments to the Fund's Declaration of Trust and Unit Appreciation Rights Plan

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2007) - Energy Savings Income Fund (the "Fund") (TSX:SIF.UN) announced that at a special meeting held yesterday the holders of Units of the Fund and Class A Preference Shares of Ontario Energy Savings Corp. ("OESC") approved amendments to the Fund's Declaration of Trust (99% in favour) so that units of the Fund to be issued in 2008 as part of the $0.38 special distribution announced December 18, 2007 will not be consolidated. The special meeting also approved several amendments to the Fund's UAR Plan (96% in favour) including a prohibition on the Fund's ability to grant unit appreciation rights to the directors of OESC.

The Fund

Energy Savings' business, which is conducted in Ontario, Manitoba, Alberta, Quebec, British Columbia, Illinois, New York, Indiana and Texas, involves the sale of gas and electricity to residential, small to mid-size commercial and small industrial customers under long term fixed price contracts. By fixing the price of natural gas or electricity under its fixed price or price protection program contracts for a period of up to five years, Energy Savings' customers offset their exposure to changes in the price of these essential commodities. Energy Savings, which commenced business in July of 1997, derives its margin or gross profit from the difference between the fixed price at which it is able to sell the commodities to its customers and the fixed price at which it purchases the matching volumes from its suppliers.

Forward-Looking Statements

The Fund's press releases may contain forward-looking statements including statements pertaining to customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, distributable cash and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, levels of customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition and dependence on certain suppliers. Additional information on these and other factors that could affect the Fund's operations, financial results or distribution levels are included in the Fund's annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com or through the Fund's website at www.esif.ca.

The Toronto Stock Exchange has neither approved nor disapproved of the contents of this release.

Contact Information

  • Energy Savings Income Fund
    Ms. Rebecca MacDonald
    Executive Chair
    (416) 367-2872
    or
    Energy Savings Income Fund
    Mr. Brennan Mulcahy
    Chief Executive Officer
    (905) 795-4200
    or
    Energy Savings Income Fund
    Mr. Ken Hartwick C.A.
    President
    (905) 795-3557
    Website: www.esif.ca