April 05, 2007 08:00 ET

Eveready Income Fund Announces Anticipated Changes in Officers and Trustees

EDMONTON, ALBERTA--(CCNMatthews - April 5, 2007) - Eveready Income Fund (TSX:EIS.UN) ("Eveready") announces that Mr. John M. Stevens will be resigning as Senior Vice President and Chief Financial Officer of Eveready. Mr. Stevens has accepted an offer to become the President of Northern Crane Services Inc., an Edmonton based private company. Mr. Stevens will continue to perform his duties as Senior Vice President and Chief Financial Officer of Eveready until a replacement is selected. Eveready has formed a Special Committee to locate a suitable replacement and a few candidates have already been identified. Upon the effective date of Mr. Stevens' resignation as Senior Vice President and Chief Financial Officer, the Board of Trustees will be appointing Mr. Stevens to the Board. Immediately prior to Mr. Stevens' appointment to the Board, Mr. Joe Brennan will be resigning as a Trustee to make room for the appointment of Mr. Stevens. Notwithstanding his resignation as a Trustee, Mr. Brennan will be continuing as Corporate Secretary for Eveready.

"On behalf of Eveready's Board of Trustees and all of the employees within the Eveready group of companies, we would like to thank John for his tireless efforts and dedication to Eveready. We wish John continued success in the future as he moves forward with a new career path," said Rod Marlin, President and CEO of Eveready.

Mr. Stevens stated, "I have thoroughly enjoyed my time working with Eveready and especially Rod through some very exciting growth. I have been privileged to work with many dedicated and talented fellow employees at Eveready. At this stage in my career, I very much look forward to my new opportunities and challenges. I especially look forward to being involved with the future strategic direction of Eveready in my new role as a Trustee of Eveready."

Regarding Mr. Brennan's pending departure from the Board, Mr. Peter Lacey, Eveready's Chairman of the Board, stated, "We appreciate the dedication that Mr. Brennan has brought to Eveready as a Trustee and look forward to continuing to work with Mr. Brennan in his role as Corporate Secretary."

Regarding Mr. Stevens' pending appointment to the Board, Mr. Peter Lacey further stated, "We are very excited to have Mr. Stevens join Eveready's Board of Trustees. He brings a detailed understanding of Eveready to the Board. He will provide significant leadership to Eveready as we continue our strategic growth."

Eveready is a growth oriented income fund that provides industrial and oilfield services; health, safety and environmental services; and oilfield equipment rental services to the energy, resource, and manufacturing sectors. The units of Eveready trade on the Toronto Stock Exchange under the trading symbol "EIS.UN".

This press release contains forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances or achievements of Eveready to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, fluctuations in the market for oil and gas and related products and services, political and economic conditions, the demand for services provided by Eveready, industry competition and Eveready's ability to attract and retain both customers and key personnel.

Contact Information

  • Eveready Income Fund
    Rod Marlin
    President & CEO
    (780) 451-6075
    (780) 451-2142 (FAX)
    Eveready Income Fund
    John M. Stevens
    Senior Vice President & CFO
    (780) 451-6075
    (780) 451-2142 (FAX)
    Website: www.evereadyincomefund.com