The Consumers' Waterheater Income Fund
TSX : CWI.UN

The Consumers' Waterheater Income Fund

June 05, 2009 08:21 ET

The Consumers' Waterheater Income Fund Announces Appointment of David Clarke as a Trustee

TORONTO, ONTARIO--(Marketwire - June 5, 2009) - The Consumers' Waterheater Income Fund (the "Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust (the "Trust") today announced that effective July 1, 2009 David Clarke, Chief Financial Officer of Direct Energy Marketing Limited ("Direct Energy"), will succeed Deryk I. King as Direct Energy's appointee to the boards of trustees of the Fund, the Trust and their subsidiaries. Mr. Clarke previously served as a Direct Energy appointee to the boards of trustees of the Fund and the Trust from May 2005 to June 2006.

Mr. King, who will be retiring as Chairman and Chief Executive Officer of Direct Energy on June 30th, has been a trustee of the Fund since its inception in 2002. "On behalf of my fellow trustees and management of the Fund, I would like to thank Deryk for his years of service to the Fund and great counsel to the board," said Jim Pantelidis, chair of the boards of trustees of the Fund and Trust.

Mr. Clarke has more than 30 years of experience with Direct Energy and its affiliates, which included serving on the board of Consumers Gas in the early 1990's. Mr. Clarke holds a MA from Peterhouse, Cambridge University as well as a M.Sc. from Sussex University, both in the United Kingdom. He is also a Fellow of the Chartered Association of Certified Accountants.

Under the Fund's declaration of trust, Direct Energy is entitled to appoint one trustee to the boards of trustees of the Fund and the Trust so long as it services the Fund's assets.

About The Consumers' Waterheater Income Fund

The Fund owns a portfolio of approximately 1.4 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon Inc., a leading "smart" sub-metering company, with metering contracts for condominium and apartment suites in Alberta, Ontario and elsewhere in Canada.

Additional information regarding the Fund, including its current Annual Information Form is available on SEDAR at www.sedar.com. Additional information on the sub-metering business is available at www.stratacon.ca.

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