Liquor Stores Income Fund
TSX : LIQ.UN

Liquor Stores Income Fund

October 17, 2005 12:19 ET

Liquor Stores Income Fund Appoints Tom Thorvaldson Interim CFO

EDMONTON, ALBERTA--(CCNMatthews - Oct. 17, 2005) - Liquor Stores
Income Fund (the "Fund") (TSX:LIQ.UN) announced today that Chief
Financial Officer, Mr. Tom Orysiuk, will be leaving the Fund effective
December 31st, 2005 to assume a position with a private company in
Edmonton, with December being a transition month into his new
position.

"Tom joined the Fund in June, 2004 as CFO to assist us in the
completion of our IPO and did a tremendous job for us in implementing
our governance, reporting & disclosure policies, as well as organizing
the finance and accounting department. The development of our strong
organization by Tom will assure a smooth transition. We are sorry to
see Tom leave and wish him continued success in his new position,"
said Mr. Kipnes, CEO of the company.

Mr. Tom Thorvaldson, C.A., retired partner of Meyers Norris Penny will
assume the position of interim CFO while we engage in a search for a
permanent replacement for Mr. Orysiuk. Mr. Thorvaldson has extensive
knowledge of the operations of the Fund, having acted as a consultant
to the Fund, Liquor Depot Corporation and Liquor World Group during
the IPO process. In addition, while at Meyers Norris Penny, Mr.
Thorvaldson was Liquor Depot Corporation's main accounting consultant.

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 59.70% interest in Liquor Stores Limited Partnership. 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 69 stores, 5 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
    Website: www.liquorstoresincomefund.ca