Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund

March 26, 2008 17:54 ET

Dominion Citrus Income Fund Announces a Letter of Intent to Sell Certain Assets of Delta Foods International

TORONTO, ONTARIO--(Marketwire - March 26, 2008) - Dominion Citrus Income Fund ("Dominion", the "Fund") (TSX:DOM.UN) announces it is a party to a letter of intent to sell certain assets of the Delta Foods International division, a processor of pure maple syrup, bulk maple sugar and flavoured maple syrups. Dominion is selling the inventories on closing, goodwill and equipment and will be responsible for collecting accounts receivable and deposits and paying all liabilities. Dominion will initially retain the land and buildings and lease these to the purchaser. The sale of the assets and recovery of working capital are not expected to result in a material gain or loss. The asset sale is subject to completion of an asset purchase agreement. The transaction is expected to close the first week of April 2008.

About Dominion

The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. In early January 2006, all of the common shares of Dominion Citrus Limited ("DCL") were exchanged for trust units of the Fund. The trust units are listed on the TSX under the symbol DOM.UN. The Series A preference shares of DCL continue to be listed on the TSX under the symbol DMN.PR.A.

Dominion is a diversified food company supplying fresh produce, premium juices and maple syrup to a wide variety of customers in retail, foodservice and food distribution businesses. The Fund provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Quebec. The Fund also supplies products to customers in the United States and Europe. The website may be accessed at www.dominioncitrus.com.

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". Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or performance, or our underlying assumptions. 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 such statements are only expectations, and that our actual results or performance may be materially different.

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 onto which the statements were made. Except as required by applicable security law, 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.

Contact Information

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