Hardwoods Distribution Income Fund

Hardwoods Distribution Income Fund

May 19, 2011 18:50 ET

Hardwoods Distribution Income Fund Announces Unitholder Approval of Conversion to a Corporation

LANGLEY, BRITISH COLUMBIA--(Marketwire - May 19, 2011) -


Hardwoods Distribution Income Fund (the "Fund") (TSX:HWD.UN) is pleased to announce that at its annual general and special meeting held today in Vancouver, the unitholders of the Fund adopted the special resolution approving the previously announced conversion of the Fund's trust structure to a publicly traded corporation named Hardwoods Distribution Inc. The Fund will make application to the Supreme Court of British Columbia tomorrow, May 20, 2011, to obtain a final order approving the conversion.

All other resolutions presented at the meeting were also approved by the requisite majority of unitholders of the Fund. For more information, readers can view the report of voting results in respect of the meeting filed under the Fund's profile at http://www.sedar.com.

About the Fund

The Fund is an unincorporated, open-ended, limited purpose trust established to hold, indirectly, securities which represent an 80% ownership interest in Hardwoods.

About Hardwoods

Hardwoods is one of North America's largest distributors of high-grade hardwood lumber and sheet goods to the cabinet, moulding, millwork, furniture and specialty wood products industries. The company currently operates a network of 26 distribution centers in the U.S. and Canada.

Forward-Looking Statements


This news release includes forward-looking statements. These involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "estimate", "expect", "may", "plan", "will", and similar terms and phrases, including references to assumptions. In particular, this news release contains forward-looking information and statements relating to the expectations of the Fund regarding the proposed conversion including, but not limited to: timing, completion and receipt of necessary approvals of the conversion.

These forward looking statements reflect current expectations of the Fund's management regarding future events and operating performance as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the failure to receive approval of the conversion from third parties or regulatory authorities or to realize the anticipated benefits of the conversion.

Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements reflect management's current beliefs and are based on information currently available to the Fund.

All forward-looking information in this news release is qualified in its entirety by this cautionary statement and, except as may be required by law, the Fund undertakes no obligation to revise or update any forward looking information as a result of new information, future events or otherwise after the date hereof.

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