Liquor Stores Income Fund
TSX : LIQ.UN

Liquor Stores Income Fund

October 23, 2006 18:09 ET

Liquor Stores Income Fund Announces New Stores

EDMONTON, ALBERTA--(CCNMatthews - Oct. 23, 2006) - Liquor Stores Income Fund (the "Fund") (TSX:LIQ.UN) announced today that it has commitments to be operating 105 stores by December 31, 2006.

The Fund currently operates 101 stores and over the next six weeks a store will be acquired in Chilliwack British Columbia, 2 stores will be acquired in Canmore Alberta and a newly developed store will be opened in Calgary Alberta bringing the total stores being operated to 105; 97 stores in Alberta and 8 in British Columbia.

Of the 97 stores that will operate in Alberta, 42 are located in Edmonton and its surrounding area, 35 are located in Calgary and its surrounding area and 10 are located in the Northern Alberta communities of Fort McMurray, Slave Lake and Grande Prairie. The remaining 10 stores are located in smaller communities including 3 in the resorts of Canmore and Banff.

In British Columbia the Fund operates 3 stores in the Lower Mainland, 1 in Victoria and 3 in the interior. The upcoming acquisition of a store in Chilliwack will bring the total of British Columbia stores to 8.

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 72.3% interest in Liquor Stores Limited Partnership ("Liquor Stores LP").

Liquor Stores Income Fund is Western Canada's largest operator of private liquor stores by number of stores.

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.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, cash distributions, sales, number of stores, business strategy, proposed acquisitions, budgets, litigation, projected costs and plans and objectives of or involving the Fund or Liquor Stores Limited Partnership. You can identify many of these statements by looking for words such as "believes", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof. These forward-looking statements include statements with respect to the amount and timing of the payment of the distributions of the Fund. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions. There can be no assurance that such expectations will prove to be correct.

Some of the factors that could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include, but are not limited to, those discussed under "Risk Factors in the Fund's Annual Information Form and Management's Discussion and Analysis and in other documents the Fund files with Canadian securities regulatory authorities, copies of which are available from the Fund directly, or on its website, www.liquorstoresincomefund.ca, or on the SEDAR website at www.sedar.com.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release is made as of the date of this press release and the Fund assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law.

Contact Information

  • Liquor Stores GP Inc.
    Irv Kipnes
    Chief Executive Officer
    (780) 944-9994 ext. 6
    or
    Liquor Stores GP Inc.
    Patrick de Grace
    Chief Financial Officer
    (780) 917-4179
    Website: www.liquorstoresincomefund.ca