Phoenix Technology Income Fund
TSX : PHX.UN

Phoenix Technology Income Fund

December 15, 2006 12:12 ET

Phoenix Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(CCNMatthews - Dec. 15, 2006) - Phoenix Technology Income Fund ("Phoenix") (TSX:PHX.UN) announced today that the Toronto Stock Exchange ("TSX") has accepted its Notice to Make a Normal Course Issuer Bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 1,423,749 of its 22,274,772 currently issued and outstanding trust units (being no greater than 10% of the public float which public float is 14,237,493 trust units) on the open market through the facilities of the TSX. The price that Phoenix will pay for any trust units under the Bid will be the prevailing market price on the TSX at the time of such purchase. Trust units acquired under the Bid will be cancelled.

The Bid will commence on December 18, 2006 and will terminate on December 17, 2007 or such earlier time as the Bid is completed or terminated at the option of Phoenix.

Phoenix believes that from time to time the market price of trust units of Phoenix may not reflect their underlying value and that, at such times, the purchase of trust units for cancellation will increase the proportionate interest of, and be advantageous to, all remaining unitholders.

PHOENIX TECHNOLOGY INCOME FUND

Phoenix is a provider of horizontal and directional technology and drilling services in western Canada and the United States. The Fund also provides the western Canadian oil and natural gas service industry with down hole high performance drilling motors, and other ancillary equipment through its JAG Rentals division. CLT technology was developed in Phoenix's research and development center and these guidance systems are manufactured in house and made available for use in the Fund's operations, and for short term leases to other horizontal and directional service providers within the industry. Phoenix maintains sales, service and operational centers in Calgary, Alberta, Houston, Texas, and Casper, Wyoming. The Fund's Head Office and Research and Development centers are both located in Calgary.

Phoenix Technology Income Fund is listed on the Toronto Stock Exchange under the symbol "PHX.UN".

Contact Information

  • Phoenix Technology Services Inc.
    John Hooks
    President and CEO
    (403) 543-4466
    (403) 543-6025 (FAX)
    or
    Phoenix Technology Services Inc.
    Cameron Ritchie
    Senior Vice President Finance and CFO
    (403) 543-4466
    (403) 543-6025 (FAX)
    or
    Phoenix Technology Services Inc.
    Suite 630, 435 4th Avenue SW
    Calgary, Alberta T2P 3A8
    Website: www.phoenixcan.com