Newport Partners Income Fund

Newport Partners Income Fund

June 04, 2009 15:10 ET

Newport Partners Income Fund Announces New CEO for NPC, Golosky and Titan Supply

TORONTO, ONTARIO--(Marketwire - June 4, 2009) -


Dean MacDonald, President and CEO of Newport Partners Income Fund (TSX:NPF.UN) is pleased to announce the following changes in responsibility as of June 1, 2009.

Paul Gour, currently President and CEO of Titan Supply, will assume Tom Rechenmacher's responsibilities, and has been appointed CEO of NPC, Golosky and Titan Supply, effective June 1, 2009. Paul will report directly to the Board of Directors of NPC.

Paul joined Titan Supply in July 2007 as VP Sales and Marketing. He holds an MBA from the University of Alberta and has over 25 years of experience in the equipment, parts and services industry, with senior roles in sales, customer service and asset management. He has excellent knowledge and understanding of business challenges in the oil and gas, heavy construction, forestry and mining industries. Paul has a proven track record in strategic planning, business streamlining, restructuring, capital planning and financial resources management.

Tom Rechenmacher, Director and NPC Board Member, will work closely with Paul to provide guidance and oversight. Tom's 29 years of knowledge and experience in the oil and gas services industry will continue to play a significant role in the company's future success.

"Today's announcement supports our first steps toward the evaluation of our business units and realignment of certain functions within NPC, Golosky and Titan Supply," said Mr. MacDonald. "The new organizational structure will accelerate our ability to leverage synergies across our business units and deliver superior customer solutions in all our key markets."

About Newport Partners Income Fund

Newport Partners Income Fund is an unincorporated, open-ended trust created to hold, through its investment in Newport Partners Commercial Trust, interests in Newport Private Yield LP, a limited partnership established under the laws of the Province of Ontario. NPF began trading on the TSX on August 8, 2005 under the symbol NPF.UN.

Newport Partners Income Fund is a publicly-traded diversified fund that invests in successful Canadian private businesses run by proven entrepreneurs at reasonable prices. We target above-average rates of return by putting our money to work behind talented entrepreneurs who have a record of success in their business and a growth opportunity for the future. The Fund currently has $552 million invested in 17 companies representing a diverse cross-section of the Canadian economy.

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