Dominion Citrus Income Fund
TSX : DOM.UN

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

Dominion Citrus Limited

February 18, 2011 11:48 ET

Dominion Citrus Income Fund (TSX:DOM.UN) and Dominion Citrus Limited (TSX:DMN.PR.A): Finalization of Board of Trustee and Board of Director Changes

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2011) - Dominion Citrus Income Fund ("Dominion", the "Fund") (TSX:DOM.UN) and Dominion Citrus Limited ("DCL") (TSX:DMN.PR.A) jointly announce finalizing changes in the composition of the Board of Directors of DCL, the Board of Trustees of the Fund, and the Audit Committee of DCL.

The Fund and DCL had announced certain changes on January 12, 2011. At that time it was announced that the boards were to be finalized given the resignation of Mr. Henry Knowles. The following changes are intended to finalize this issue. These changes are in accordance with the bylaws of each entity and are effective immediately:

  • Mr. Paul Scarafile has been appointed to the Board of Directors of DCL. Mr. Scarafile owns over 10% of the outstanding units of the Fund and has been an owner for an extended period. Mr. Scarafile has a produce industry background which will be helpful for DCL.

  • The number of trustees of the Fund has been reduced to 4 members from the 5 members previously announced on January 11, 2011;

  • The Audit Committee of the Board of Directors of DCL will be composed of Mr. Barry Cracower, Mr. Peter McLaughlin and Mr. Paul Scarafile.

  • The Audit Committee of the Board of Trustees of the Fund will continue to be composed of Mr. Michael Blair, Mr. Peter McLaughlin and Mr. Rae Wallin.

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.

About Dominion

Dominion is a diversified food company supplying fresh produce 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 TMX under the symbol DOM.UN. Dominion's website may be accessed at www.dominioncitrus.com.

Contact Information

  • Investors & Media
    Jason Fielden
    President & CEO
    (416) 242-8341 Ext 250