XS Cargo Income Fund

XS Cargo Income Fund

December 05, 2007 20:01 ET

XS Cargo Income Fund Announces Appointment of New Chief Financial Officer

EDMONTON, ALBERTA--(Marketwire - Dec. 5, 2007) - XS Cargo Income Fund (the "Fund")(TSX:XSC.UN) today announced that Chief Financial Officer, Mr. Jeff Rootman, who is also a Director of the Company, will be leaving the Fund effective January 22, 2008 to pursue another opportunity with a private company in Edmonton.

Mr. Michael McKenna, the CEO of the Company stated: "Jeff joined the Fund in 2005 and has done an excellent job in assisting in the completion of the IPO and in the subsequent implementation of our governance, reporting and disclosure policies. We are sorry to see Jeff leave and wish him continued success in his new position"

Mr. Butch Agnew, C A, ARM (Associate in Risk Management) has been appointed and will assume the role of CFO upon Mr. Rootman's departure. Mr. Agnew recently joined the Company with a view to taking over the role of CFO in due course and therefore the Company anticipates that a smooth transition will occur in the change at this position. Prior to joining XS Cargo, Mr. Agnew was employed with AON Insurance in their professional risk management and assessment division in London, UK and prior to that with their captive management practice division in the Cayman Islands.

For the interim period the Company will carry on with its remaining Board members while we engage in a search for a permanent replacement for Mr. Rootman on the Board of Directors.

Business of the Fund

The Fund commenced business operations on May 17, 2005, when it completed an initial public offering (the "IPO") of 6,106,000 trust units at a price of $10 per unit, for aggregate gross proceeds of $61,060,000. Concurrent with the closing of the IPO, the Fund acquired a 51% indirect interest in XS Cargo LP and XS Cargo LP acquired the net assets (the "Acquired Business") of Famous Brands (Edmonton) Inc. (the "Vendor"). XS Cargo LP operates 40 closeout retail stores in Alberta, British Columbia, Manitoba, Saskatchewan, Ontario, Newfoundland, Nova Scotia and New Brunswick.

Contact Information

  • XS Cargo Income Fund
    Jeff Rootman, CA
    Vice-President, Finance and Chief Financial Officer
    (780) 732-2112
    Website: www.xscargo.com