Benvest New Look Income Fund

Benvest New Look Income Fund

November 15, 2006 16:19 ET

Benvest New Look Income Fund: Announcement

MONTREAL, QUEBEC--(CCNMatthews - Nov. 15, 2006) - Benvest New Look Income Fund (TSX:BCI.UN) announces the resignation of Mr. Rock Daneau Senior Vice President Finance and Chief Financial Officer of New Look Eyewear Inc. Mr. Daneau is leaving the Fund to pursue other interests and we thank him for his contribution to the Fund and wish him success in his future endeavours.

Mr C. Emmett Pearson, President and C.E.O. of New Look, will assume the additional responsibilities of chief financial officer. He is a chartered accountant and has extensive experience as chief financial officer of Canadian public and private enterprises.

On May 1, 2005, Benvest Capital Inc. was converted into an income trust named the Benvest New Look Income Fund, the purpose of which is to hold securities of New Look Eyewear Inc. ("New Look"). New Look is a leading enterprise in the eye care industry in Eastern Canada, with growth opportunities based on demographic trends and the consolidation of the industry in Canada. As of September 30, 2006, 5,496,395 units of the Fund were issued and outstanding and listed for trading on the TSX. In addition, 4,153,804 exchangeable shares of New Look were also issued and outstanding. These shares, which are not listed or freely tradable, have been exchangeable on a one-for-one basis into units of the Fund since May 1st, 2006.

This press release may contain certain forward-looking statements that reflect the current views and / or expectations of Benvest New Look Income Fund with respect to its performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions. Actual results and events may vary.

Contact Information

  • Benvest New Look Income Fund
    Lise Melanson
    514-877-4299, ext. 2234