Phoenix Capital Income Trust Inc.

August 08, 2006 14:48 ET

Phoenix Capital Income Trust- Proposed Private Placement

TORONTO, ONTARIO--(CCNMatthews - Aug. 8, 2006) - Phoenix Capital Income Trust, (TSX VENTURE:PNX.UN) - announces that it has filed a notice today with the TSX Venture Exchange to issue up to eight million Trust Units at a price of $5.00 per unit. The proposed offering price has been determined based on discussions with the agents, Research Capital Corporation.

Phoenix Capital Inc., the operating subsidiary of Phoenix Capital Income Trust, previously initiated a reorganization that included the sale of several properties, conversion into an income trust, a substantial cash distribution to shareholders, and a prospectus offering of Trust Units. As a result of a regulatory delay of the prospectus offering, and the extensive ramifications, the Trustees of Phoenix Capital Income Trust and the Directors of Phoenix Capital Inc. are also presently reviewing the operating and capital structure of Phoenix Capital Inc.

About Phoenix Capital Income Trust:

Phoenix provides liquidity to the Canadian real estate syndicate market by acquiring interests from persons involved in financially sound but illiquid partnerships or managed joint ventures that own real property primarily located in Canada.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Phoenix Capital Income Trust
    James D. Hamilton
    (416) 861-1940
    Phoenix Capital Income Trust
    Michael Pereira
    (416) 861-1940