Arriscraft International Income Fund

Arriscraft International Income Fund

March 16, 2007 16:19 ET

Arriscraft International Income Fund Announces Dates for Payment of Additional Special Distribution and Release of Amended and Restated Financial Statements

CAMBRIDGE, ONTARIO--(CCNMatthews - March 16, 2007) - Arriscraft International Income Fund (the "Fund") (TSX:AIN.UN) announced today that the payment date for the additional special distribution of $1.2 million, or $0.1712 per unit (payable as to $0.0856 in cash and $0.0856 in additional units) as described in the Fund's press release of March 13, 2007 will be made on March 23, 2007 to unitholders of record on December 29, 2006. Upon the payment of the additional units there will be an automatic consolidation such that each unitholder will hold after the consolidation the same number of units as the unitholder held before the distribution of additional units subject to applicable withholding tax, if any.

The Fund also announced that its amended and restated audited consolidated financial statements and accompanying notes for the year ended December 31, 2006 along with the amended and restated management's discussion and analysis for the three and twelve month periods ended December 31, 2006 will be released today. The amended and restated consolidated financial statements and management's discussion and analysis reflect the additional special distribution which affected only certain balance sheet items.

The reason for the special distribution was that the Fund reconsidered its determination of taxable income subsequent to the completion and issuance, on March 7, 2007, of the Fund's fiscal 2006 consolidated financial statements and determined that its taxable income exceeded the distributions that were declared payable by the Fund in 2006. As such, under the Fund's constating documents, this excess in taxable income automatically became payable as at the end of 2006 to unitholders of record on December 29, 2006.

Arriscraft International Income Fund

The Fund owns the Arriscraft International manufactured stone, brick and natural stone masonry products business conducted through Arriscraft International Limited Partnership, Arriscraft International LLC and certain affiliates in Canada and the United States. Arriscraft produces manufactured stone masonry products in Canada and the United States using its proprietary The Natural Edge ® manufacturing process. Arriscraft also produces brick, cast stone and natural stone masonry products and distributes its masonry products across Canada and most of the United States.

The Fund's Consolidated Financial Statements for the year ended December 31, 2006 and Management's Discussion and Analysis are available on the Fund's web site at and on SEDAR at

This press release contains forward-looking statements. The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. An example of such statement is the payment of the additional special distribution. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect. While the Fund anticipates that subsequent events and developments may cause the Fund's views to change, the Fund specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Fund's views as of any date subsequent to the date of this press release. Although the Fund has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the Fund. Additional factors are noted in Amended and Restated Management's Discussion and Analysis of the Fund for the quarter and year ended December 31, 2006 under "Risks and Uncertainties".

Contact Information

  • Arriscraft International Limited Partnership
    David Boles
    President and CEO
    (519) 653-3275
    Arriscraft International Limited Partnership
    Randy Henderson
    Senior Vice President and Chief Financial Officer
    (519) 653-3275