Drive Products Income Fund
TSX : DPI.UN

Drive Products Income Fund

April 15, 2009 13:10 ET

Drive Products Income Fund Issues Announcement on Distributions

TORONTO, ONTARIO--(Marketwire - April 15, 2009) - Drive Products Income Fund (TSX:DPI.UN) today issued the following announcement regarding its distributions.

The current recessionary environment continues to create challenges for the Fund. After careful consideration, the Trustees of the Fund have decided to suspend the payment of distributions. This measure will conserve cash and improve the Fund's balance sheet. By the same token, this measure may position the Fund to capitalize on opportunities once the market stabilizes. The Fund remains confident in its belief that it can create long-term value for its unitholders. The Trustees of the Fund will continuously monitor the cash generation and financial strength of the business and determine the appropriate timing for resuming distribution payments.

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 known and unknown risks and uncertainties. Actual results may differ materially from those anticipated by such forward-looking statements for a variety of reasons, including without limitation, market and general economic conditions, oil field services industry conditions, defence spending, competition, interest rates, income tax legislation, reliance on suppliers, exchange rates, stock market volatility and other risks and uncertainties described from time to time in the Fund's continuous disclosure documents filed with the Canadian securities regulatory authorities or which may be unknown to the Fund. 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