Liquor Stores Income Fund
TSX : LIQ.UN

Liquor Stores Income Fund

June 15, 2005 13:32 ET

Liquor Stores Income Fund Announces New Store Acquisition and Development Plans

EDMONTON, ALBERTA--(CCNMatthews - Jun. 15, 2005) - Liquor Stores Income Fund
(the "Fund") (TSX:"LIQ.UN") held its annual general meeting today in Edmonton.
At the meeting Irv Kipnes, President and CEO of the Fund, delivered an update of
the Fund's progress to date; and Henry Bereznicki, Chairman and Director of New
Store Development discussed the Fund's new store acquisition and development
plans for the next twelve months. The Fund has successfully acquired thirteen
new stores in Alberta during the first quarter of 2005 and opened two newly
developed stores in British Columbia in May of 2005. The Fund is currently
negotiating agreements that will allow the Fund to develop or acquire four
additional stores by the end of the third quarter of 2005, as well as six stores
in the second quarter of 2006. The fund has full-time senior managers dedicated
to expanding operations in each of Alberta and British Columbia. Mr. Bereznicki
indicated that the Fund would continue to focus on additional new store
development and acquisition opportunities in Alberta and British Columbia, while
monitoring opportunities in other Provinces.

During the Annual General Meeting Irv Kipnes, indicated that the Fund has a
target of doubling the number of stores that it operated at the time of its
September 28, 2004, IPO from 50 stores to 100 stores over a three to five year
period. Since the IPO, the Fund has added 15 stores and currently operates 65
stores. Mr. Kipnes also stated "that the stores that were acquired during first
quarter of 2005 have been performing as anticipated."

About Liquor Stores Income Fund

The Fund is a publicly traded Canadian Income Fund that participates in the
retail liquor industry in Alberta and British Columbia through its 59.34%
interest in Liquor Stores Limited Partnership ("Liquor Stores LP"). Liquor
Stores Income Fund is Canada's only publicly traded entity with interests
exclusively in the retailing of liquor products.

The Fund is the largest liquor retailer in Alberta by number of stores. The Fund
currently operates 65 stores, 3 of which are located in British Columbia.

The Fund's Units trade on the Toronto Stock Exchange under the symbol LIQ.UN.

Additional information about Liquor Stores Income Fund is available at
www.sedar.com and the Fund's website at www.liquorstoresincomefund.ca.

Disclaimer

Certain statements in this news release are "forward-looking statements", which
reflect management's expectations regarding the future growth, proposed
acquisitions, results of operations, performance, business prospects,
opportunities and the amount and timing of distributions of the Fund. All
statements other than statements of historical fact contained in this news
release are forward-looking statements. Such forward looking statements involve
risks and uncertainties, as they reflect management's current beliefs and are
based on information currently available to management. Actual results may
differ materially from those anticipated in the statements that have been made.
The forward-looking statements are made as of the date of this news release and
the Fund assumes no obligation to update or revise them to reflect new events or
circumstances. Further information regarding the uncertainties and risks can be
found in the disclosure documents filed by the Fund with the securities
regulatory authorities, available at www.sedar.com.

Contact Information

  • Liquor Stores GP Inc.
    Irv Kipnes
    Chief Executive Officer
    (780) 944-9994 ext. 6
    or
    Liquor Stores GP Inc.
    Tom Orysiuk
    Chief Financial Officer
    (780) 917-4179