November 14, 2006 06:30 ET

Granby Industries Income Fund Clarifies CEO Departing to Join a Private Company in a Leadership Role

GRANBY, QUEBEC--(CCNMatthews - Nov. 14, 2006) - To correct certain inaccuracies reported in the media, Granby Industries Income Fund (the "Fund") (TSX:GBY.UN) today confirmed that Lucio Di Clemente, President and CEO, is leaving the Fund because he has accepted a senior executive level position with a private company, effective December 4, 2006. Mr. Di Clemente's mandate was accomplished with the transition of management and the establishment of key strategic initiatives. As previously stated, he will remain on the Board as a Trustee and Director of the Fund.

The Trustees would again like to thank Lucio Di Clemente for his significant and positive contribution to the business of the Fund, including his work on succession planning which resulted in the hiring of Pierre Fournier, who has been named President and Chief Operating Officer.

About Granby Industries Income Fund

Granby Industries is a leading North American manufacturer of high quality tanks for the residential and light commercial storage of heating oil and other petroleum-based products and is also a leading manufacturer of coated copper tubing. Granby has been operating in the heating oil storage tank industry for more than 50 years and its primary business is manufacturing replacement residential tanks. Granby Industries has operations in Granby, Quebec and Oakville, Ontario.

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