Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund
Dominion Citrus Limited
TSX : DMN.PR.A

Dominion Citrus Limited

March 24, 2009 12:43 ET

Dominion Citrus Announces Signing of Asset Purchase Agreement

TORONTO, ONTARIO--(Marketwire - March 24, 2009) - Dominion Citrus Income Fund (the "Fund") (TSX:DOM.UN) and Dominion Citrus Limited ("Dominion" or the "Company") (TSX:DMN.PR.A) are pleased to announce that Dominion and its wholly owned limited partnership, Apple Valley Juice LP ("Apple Valley"), entered into an agreement today to sell substantially all of the assets, property and undertaking of Apple Valley to A. Lassonde Inc. ("Lassonde") for an estimated purchase price of $1,350,000 plus the value of the inventory (the "Transaction"). Apple Valley is in the business of extracting and processing the juice of apples and selling apple juice to industrial and corporate customers. The Transaction is expected to close on or about June 22, 2009.

About Dominion

Dominion is a diversified food company supplying fresh produce and premium juices to a wide variety of customers in retail, foodservice and food distribution businesses. The Company provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Quebec. The Company also supplies products to customers in the United States. Dominion is a subsidiary of the Fund. The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. The trust units are listed on the TSX under the symbol DOM.UN.

Dominion's website may be accessed at www.dominioncitrus.com.

About Lassonde

Lassonde is a Canadian leader in the development, manufacture and marketing of an innovating and distinctive range of fruit and vegetable juices and drinks. Lassonde has numerous trademarks that have acquired an enviable reputation, including Rougemont, Oasis, Fruite, Everfresh and Fairlee.

Please refer to www.lassonde.com for further information.

Caution Regarding Forward-Looking Statements

This release contains statements which, to the extent that they are not a recitation of historical fact, may constitute "forward-looking statements". The proposed closing of the Transaction is a forward-looking statement. The words "estimate", "anticipate", "believe", "expect", "intend" or other similar expressions of future or conditional verbs such as "will", "should", "would" and "could" are intended to identify forward-looking statements. Persons reading this press release are cautioned that the proposed closing of the Transaction is only an expectation, and the closing may not occur.

Forward-looking information involves certain risks, assumptions, uncertainties and other factors, which may cause actual future results to differ materially from those expressed or implied in any forward-looking statements.

Readers should not place undue reliance on these forward-looking statements when making decisions, and should consider the date to which the statements were made. Except as required by applicable law or regulation, management disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Investors:
    Dominion Citrus Income Fund
    W.R. Ash
    VP Finance, CFO & Corporate Secretary
    (416) 242-8341 Ext 249
    or
    Media:
    Dominion Citrus Income Fund
    J.L. Lavergne
    President & CEO
    (416) 242-8341 Ext 250
    www.dominioncitrus.com