Gienow Windows & Doors Income Fund

Gienow Windows & Doors Income Fund

January 26, 2007 07:30 ET

Gienow Windows & Doors Income Fund Announces the Appointment of a New President & CEO and Provides an Update on the Strategic Review Process

CALGARY, ALBERTA--(CCNMatthews - Jan. 26, 2007) -


Gienow Windows & Doors Income Fund (the "Fund") (TSX:GIF.UN) is pleased to announce the appointment of Mr. Mike Lefroy as the new President and CEO of Gienow Management Inc., the administrator of the Fund effective May 1, 2007. Mr. Lefroy has also been appointed to the Board of Directors of Gienow Management Inc effective immediately.

Mr. David Munro, who has been serving as President and CEO, will step down from those responsibilities effective May 1, 2007, but will continue in his role as Chairman of the Board.

Mr. Lefroy has more than 30 years of senior management experience in the manufacturing industry, predominantly in the building products sector. Most recently he was employed by Myers Industries Inc. (NYSE:MYE) as Managing Director of a major plastics manufacturing division. This division generated revenues of $170M (USD) with more than 800 employees and 900,000 sq. ft. of manufacturing and distribution facilities in both Canada and the US.

Prior to joining Myers Industries Inc. in 2001, Mr. Lefroy was President and General Manager of a Canadian manufacturer of windows and doors for 11 years, following an 18-year career with Alcan Aluminum Ltd. where he finished as Vice-President of Alcan Building Products USA.

"The Board is pleased that Mike has decided to join the Gienow team," said Mr. Munro. "His extensive experience in the building products manufacturing arena will add to the depth of our existing executive management team and we look forward to the contributions that he will be able to bring to our organization."

Mr. Lefroy said he was looking forward to adding value and contributing to the Gienow group of companies. "The group has shown impressive historical growth and enjoys a strong position in the market," he said. "I look forward to working with the Directors, the Trustees and the executive management team building unitholder value over both the short and the long-term."

Additionally, the Fund announced today that as a result of its on-going strategic review process, it has divested of its business interest in the Chantecler Windows & Doors operations to 6668925 Canada Inc., whereby 6668925 Canada Inc. acquired certain business and operating assets of the Chantecler Windows & Doors Limited Partnership ("CWDLP").

The Fund is continuing to evaluate other strategic and financial alternatives and will provide further details as they become available.

About Gienow Windows & Doors Income Fund

Gienow Windows & Doors Income Fund is an unincorporated, open-ended, limited-purpose trust established under, and governed by the laws of the Province of Alberta. The Fund indirectly holds a 98% limited partnership interest in the Gienow Windows & Doors Limited Partnership and owns all of the outstanding shares of Farley Windows Inc., a window manufacturer in Alexandria, Ontario. The Fund is one of the largest Canadian window and door manufacturers and one of only two Canadian window and door manufacturers with a national manufacturing and sales presence.

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