Impax Energy Services Income Trust

Impax Energy Services Income Trust

March 21, 2007 16:24 ET

Impax Energy Services Income Trust Advises on 2006 Canadian Income Tax Information

TORONTO, ONTARIO--(CCNMatthews - March 21, 2007) - The following information is intended to assist individual Canadian Unitholders of Impax Energy Services Income Trust ("Impax") (TSX:MPX.UN) in the preparation of their 2006 T1 Income Tax Return.

Impax has determined that for Canadian unitholders, 97.1 percent of the 2006 distributions declared should be treated as income and 2.9 percent should be treated as capital gains.

Impax qualifies as a mutual fund trust under the Income Tax Act (Canada) and therefore Canadian unitholders holding their Impax units in a Registered Retirement Savings Plan, Registered Retirement Income Fund, Registered Education Savings Plan or a Deferred Profit Savings Plan should not report any income related to distributions on their 2006 income tax return.

Unitholders holding their units outside such plans should receive a T3 Supplementary Information slip ("T3"), postmarked on or before March 31, 2007, directly from their broker or intermediary.

This information is only applicable to Canadian resident unitholders. All non-resident unitholders should contact their tax advisors with respect to the tax implications of holding trust units, including any associated filing requirements, in jurisdictions outside of Canada.

This information is intended to provide general guidance only to assist in 2006 income tax reporting for Canadian resident unitholders of Impax trust units. It is not intended to be legal or tax advice to any particular unitholder. Unitholders or potential unitholders should consult their own legal or tax advisors with respect to their particular circumstances.

Impax Energy Services Income Trust is an open-ended trust, providing oilfield services in western Canada. The Trust indirectly owns a 55.5% interest in Impax Energy Services Master Limited Partnership, which indirectly acquired and now operates through its subsidiaries the businesses of McClelland Oilfield Rentals Limited Partnership, EGOC Enviro Group Limited Partnership, Denray Rathole Drilling Limited Partnership and Dwayne Hommy Trucking Limited Partnership. These businesses provide services in the areas of oilfield rental, specialized equipment rental, access mat rental, waste management services, rat hole drilling and specialty fluid hauling.

This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Trust that involve risks and uncertainties. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in the Trust's May 30, 2006 prospectus filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, the Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

Contact Information

  • Impax Energy Services Income Trust
    Scott D. Delaney
    President and Chief Executive Officer
    (416) 304-6867
    Impax Energy Services Income Trust
    John R. Anderson
    Chief Financial Officer
    (416) 913-3684