Canadian Equipment Rental Fund Limited Partnership

October 04, 2010 13:10 ET

Canadian Equipment Rental Fund Limited Partnership Completes Reorganization

CALGARY, ALBERTA--(Marketwire - Oct. 4, 2010) - CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership (TSX VENTURE:CFL.UN) ("CERF LP" or the "Partnership"), is pleased to announce that the transactions provided for in the asset purchase and sale agreement dated as of October 1, 2010 between the Partnership, as vendor, and 4-Way Equipment Rentals Corp. ("4-Way"), as purchaser, have closed and the Partnership has now sold, assigned and transferred to 4-Way, all of the Partnership's right, title, estate and interest in and to the entirety of its assets and undertaking including all property, assets, rights and undertaking relating to the business of the Partnership, in consideration for the issuance of 10,000,000 Class "A" Common shares in the capital of 4-Way to the Partnership and 4-Way is a wholly-owned subsidiary of the Partnership (the "Reorganization"). The Reorganization does not result in a change of control of or otherwise affect the ownership of the equity interests in the Partnership. The Partnership will continue to own, through its wholly-owned subsidiary 4-Way, all of its assets and business.

The Partnership has retained its listing on the TSX Venture Exchange and unitholders will continue to hold their units in the Partnership.

The Partnership anticipates that the dividends to be paid to it by 4-Way, will, in turn, be distributed by the Partnership to its unitholders, on a quarterly basis, in a manner substantially similar to the quarterly distributions which the Partnership has been making to its unitholders since December 2005.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" under applicable securities laws. These statements relate to future events or future performance and are based on the Partnership's current expectations, estimates, projections, assumptions and beliefs. Although the Partnership believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, undue reliance should not be placed on these forward-looking statements. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking information pertaining to the anticipated payment of dividends and the distribution thereof to unitholders. All such forward-looking statements involve known and unknown risks and uncertainties, certain of which are beyond the control of the Partnership. The forward-looking statements contained in this press release are made as of the date hereof and the Partnership does not intend, and does not assume any obligation, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

CERF LP is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF LP trades on the TSX Venture Exchange under the symbol "CFL.UN" and has 6,096,450 Units issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • CERF GP Corp., general partner of CERF LP
    Wayne Wadley
    President and CEO
    (403) 850-4095
    CERF GP Corp., general partner of CERF LP
    Ken Stephens
    (403) 298-8695
    (403) 269-3540 (FAX)