January 22, 2007 09:42 ET

Granby Industries Income Fund Announces Agreement With Roth Industries, Inc.

GRANBY, QUEBEC--(CCNMatthews - Jan. 22, 2007) - Granby Industries Income Fund (TSX:GBY.UN) ("Granby" or "the Fund") announced today that it has reached an agreement with Roth Industries, Inc. ("Roth") to distribute Double-Wall oil storage tanks for residential and commercial use manufactured by Roth under the Granby brand label in Watertown, New York.

"The partnership between Granby and Roth brings together two leading manufacturers of residential oil tanks and maintains our presence in the Double-Wall tank market," said Pierre Fournier, President and Chief Operating Officer of the Fund. "Granby is the leading North American manufacturer of steel residential oil tanks and Roth is a leading brand in the double-wall polyethylene/steel residential oil tank market. There is a natural fit between the companies and products that will benefit Granby, Roth and our customers."

About Granby Industries Income Fund

Granby Industries Income Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario, which indirectly holds an 80 % interest in Granby Industries Limited Partnership ("Granby Industries"). Granby Industries is a leading North American manufacturer of high quality tanks for the residential and light commercial storage of heating oil and other petroleum-based products and is also a leading manufacturer of coated copper tubing. Granby Industries has been operating in the heating oil storage tank industry for more than 50 years and its primary business is manufacturing replacement residential tanks with operations in Granby, Quebec and Oakville, Ontario.

About Roth Industries, Inc.

Roth Industries, Inc. is a wholly owned subsidiary of Roth Werke GmbH in Germany, a market leading manufacturer of Double-Wall Oil Storage Tanks, Radiant Heating Systems, Pex-c Plumbing Systems and various other products. 2006 marked the 30th anniversary of the Roth Double-Wall Oil Storage Tank with approximately 3 million installations worldwide. Roth entered the US market in 1996 and this month, began manufacturing its tanks at its new manufacturing facility in Watertown, New York.

Forward-Looking Statements

This press release may contain forward-looking statements, which reflect management's expectations regarding the Fund's future growth, results of operations, performance, business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and accordingly, the Fund assumes no obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • Granby Industries Income Fund
    Mr. Paul Antoniadis CA
    Vice President, Finance & CFO
    450-378-2334 ext. 225