BFI Canada Income Fund

BFI Canada Income Fund

June 07, 2005 08:30 ET

BFI Canada Income Fund Announces Completion of Exchange by IESI Capital

TORONTO, ONTARIO--(CCNMatthews - June 7, 2005) - BFI Canada Income Fund (the "Fund") (TSX:BFC.UN) announced that, effective June 6, 2005, IESI Capital LLC has exchanged its retained interest in the Fund's subsidiary, IESI Corporation, for units of the Fund. IESI Capital represents certain original equity investors of IESI Corporation, including the former non-executive Chairman. BFI Canada understands that, on June 1st, 2005, the exchanged units were offered through a wide distribution pursuant to Rule 4-103 of the Toronto Stock Exchange. None of the units offered in the wide distribution were held by the operating management of BFI Canada or IESI Corporation.

After giving effect to this exchange, the Fund will have 49,875,424 units issued and outstanding, with a further 15,512,144 units issuable on the exchange of retained interest held by other investors in IESI Corporation. The governance and other rights held by these investors, as described in the Fund's continuous disclosure materials, will not be affected as a result of this exchange.

BFI Canada Income Fund, through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services for municipal, commercial, industrial and residential customers in five provinces and nine U.S. states. Its two brands, IESI and BFI Canada, are leaders in their respective markets and service almost 1 million customers with vertically integrated collection and disposal assets. The Fund's units are listed on the Toronto Stock Exchange under the symbol BFC.UN.

To find out more about BFI Canada Income Fund (TSX:BFC.UN), visit our website at

This document may contain forward-looking statements relating to the Fund's operations or to the environment in which it operates, which are based on the Fund's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the Fund's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the Fund's renewal Annual Information Form for the period ended December 31, 2004. Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions the Fund cannot assure unitholders that actual results will be consistent with these forward-looking statements, and the Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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