Toromont Industries Ltd.

Toromont Industries Ltd.
Enerflex Systems Income Fund

Enerflex Systems Income Fund

February 28, 2010 13:00 ET

Toromont Completes Acquisition of Remaining Enerflex Trust Units

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2010) - Toromont Industries Ltd. ("Toromont") (TSX:TIH) announced today that it has completed the acquisition of all of the remaining trust units of Enerflex Systems Income Fund ("Enerflex") (TSX:EFX.UN) pursuant to its earlier announced "Tax Efficient Subsequent Acquisition". Toromont now owns all of the outstanding trust units of Enerflex.

"Integration planning efforts are well advanced," said Robert M. Ogilvie, Chairman and Chief Executive Officer of Toromont Industries Ltd. "Our natural gas and process compression business is now combined under the Enerflex banner, we have the senior management team in place and our planning phase is essentially complete. I am pleased with the progress seen to date."

For each trust unit transferred pursuant to the Tax Efficient Subsequent Acquisition, the holder was permitted to elect to receive either $14.25 in cash or 0.5382 of a Toromont common share plus $0.05 in cash, in each case subject to pro ration. Former trust unitholders who elected the cash alternative will receive $14.25 in cash for each trust unit and those who elected the share alternative will receive .2776 of a Toromont common share and $6.926 in cash for each trust unit. Former trust unitholders will be sent the consideration to which they are entitled only after the depositary for the Tax Efficient Subsequent Acquisition has received from them a properly completed and executed letter of transmittal with the certificate(s) representing their trust units and any other documents required by the letter of transmittal. Any trust unitholder that failed to make these deliveries prior to 5:00 p.m. (Calgary time) on February 26, 2010 will be deemed to have elected the share alternative.

The Enerflex trust units ceased to be listed for trading on the Toronto Stock Exchange at the close of markets on February 26, 2010. Toromont intends to wind-up Enerflex and Enerflex Holdings Limited Partnership and, as a result, each of Enerflex and Enerflex Holdings Limited Partnership will cease to be a reporting issuer.


Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. The Compression Group is a Global leader specializing in the design, engineering, fabrication, and installation of compression systems for natural gas, coal-bed methane, fuel gas and carbon dioxide in addition to process systems and industrial and recreational refrigeration systems. Both Groups offer comprehensive product support capabilities. This press release and more information about Toromont can be found on the Web at


This press release does not constitute an offer to buy any securities or a solicitation of any vote or approval or a solicitation of an offer to sell any securities.

Contact Information

  • Toromont Industries Ltd.
    Paul R. Jewer
    Vice President Finance & Chief Financial Officer
    (416) 667-5501