Drive Products Income Fund
TSX : DPI.UN

Drive Products Income Fund

March 09, 2007 12:23 ET

Drive Products Income Fund Announces March 2007 Cash Distributions and the Tax Treatment of 2006 Distributions

TORONTO, ONTARIO--(CCNMatthews - March 9, 2007) - As indicated in the prospectus for its initial public offering, Drive Products Income Fund (TSX:DPI.UN) today announced a cash distribution of $0.09167 per unit for the month of March, 2007 (equivalent to $1.10 per unit on an annualized basis). The distribution is payable to unitholders of record on March 30, 2007 and will be paid on April 13, 2007.

The Fund's distributions in 2006 comprised 78.8 percent taxable income and 21.2 percent return of capital. The appropriate tax slips will be available to unitholders through their brokers by the end of March 2007.

Unitholders who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions by the Trust.

Drive Products will hold a conference call to discuss its 2006 Annual financial results on March 28, 2007 at 10:00 a.m. (EST). To participate in the conference call, please dial 416-695-9701 or 1-888-789-0089. The news release announcing the results will be distributed on March 27, 2007.

About Drive Products Income Fund

Founded in 1983, Drive Products is a Canadian leader in the design and installation of systems solutions that transform a conventional new truck chassis into a specialized vehicle that meets a customer's technical and performance requirements. To achieve this, Drive Products offers a wide variety of products such as PTOs, hydraulic pumps, motors and coolers, winches, cables and controls, drivelines, blowers and compressors, hoses and fittings, custom consoles, snowplows, spreaders and electronic spreader controls, from leading international manufacturers, in many instances as the sole distributor in Canada.

The Fund was created on August 25, 2006 and the Fund's units trade on the Toronto Stock Exchange under the symbol DPI.UN. Additional information on Drive Products, can be viewed at www.driveproducts.com.

Forward Looking Statements

This press release contains forward-looking statements relating to expected future events and financial and operating results of the Fund. These statements involve risks and uncertainties. Actual results may differ materially from those anticipated by such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed from time to time in the Fund's continuous disclosure documents filed with the Canadian securities regulatory authorities. The Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

Contact Information

  • Drive Products Income Fund
    Gregory Edmonds
    Chief Executive Officer
    (905) 564-5800
    or
    Drive Products Income Fund
    Chris Boudreau
    Chief Financial Officer
    (905) 795-3929