CALGARY, ALBERTA--(Marketwired - April 4, 2014) - Foremost Income Fund's Board of Trustees has appointed Board member Bevan May as Interim President and CEO of Foremost Industries Ltd., effective immediately. Mr. May succeeds Pat Breen, as President and CEO. The Board will immediately start a process that in the course of time will result in a new CEO being named.
The Board is confident that Mr. May is qualified, capable, and the right person to lead the Fund in this interim period. Mr. May has served as Foremost board Chairman since Nov 2012 and has served as a board advisor since
2010. The Board looks forward to enhancing execution of the Fund's objectives.
On behalf of the Trustees
Foremost Income Fund
Bevan May, Trustee
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements include statements the Fund's intention to proceed with a Unitholders' meeting and information regarding the Trustees' views of the future prospects and tax treatment of the Fund and tax treatment of the Special Redemption, the Fund's expectations regarding the future availability of cash to meet redemption requests and the Trustee's expectations for redemption prices in December 2011 and January 2012. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties, including: the impact of general economic conditions, industry conditions, changes in laws and regulations, increased competition, fluctuations in commodity prices and foreign exchange, and interest rates and stock market volatility.