December 15, 2008 08:00 ET

Eveready Income Fund Announces Securityholder and Court Approval of Conversion Into a Growth Oriented, Dividend Paying Corporation and Announces 2008 Q4 Distribution

EDMONTON, ALBERTA--(Marketwire - Dec. 15, 2008) - Eveready Income Fund ("Eveready" or the "Fund") (TSX:EIS.UN) is pleased to announce that Securityholder and court approval has been received for the previously announced conversion of the Fund into a growth oriented corporation, Eveready Inc., pursuant to a plan of arrangement (the "Conversion"). On December 11, 2008, Eveready Securityholders voted 97.43% in favour of the Conversion. On December 12, 2008, the Fund and Eveready Inc. applied for, and the Court of Queen's Bench of Alberta granted, a final order approving the Conversion. The Fund and Eveready Inc. expect to complete the Conversion, by filing articles of arrangement, on December 31, 2008.

Eveready is also pleased to announce that the board of trustees of Eveready has declared a cash distribution of $0.04 per Fund unit for the fourth quarter of 2008 ($0.16 per unit on an annualized basis). Payment will be made on or about January 15, 2009 to holders of Fund units of record as of the close of business on December 29, 2008.

Investors are cautioned that quarterly distributions are always subject to approval of Eveready's board of trustees and may be increased, decreased or suspended by the board of trustees at any time.

About Eveready

Eveready is a growth oriented income fund that provides industrial and oilfield maintenance and production services to the energy, resource, and industrial sectors. Operating from 79 locations in Canada, the United States, and internationally, Eveready currently employs over 2,800 employees and operates a service fleet of over 2,400 truck and trailer units. Eveready is a leading provider of infrastructure services in Alberta's fast growing oil sands sector. The Units trade on the TSX 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, the need for the receipt of various third party consents including Eveready's lenders.

Contact Information

  • Eveready Income Fund
    Rod Marlin
    President & CEO
    (780) 451-6075
    (780) 451-2142 (FAX)
    Eveready Income Fund
    Jason Vandenberg
    (780) 451-6075
    (780) 451-2142 (FAX)
    Website: www.evereadyincomefund.com