Phoenix Technology Income Fund

Phoenix Technology Income Fund

April 21, 2008 16:52 ET

Phoenix Technology Income Fund Increases Its Monthly Cash Distributions

CALGARY, ALBERTA--(Marketwire - April 21, 2008) - The Board of Directors of Phoenix Technology Services Inc., Manager for the Phoenix Technology Income Fund (TSX:PHX.UN) ("Phoenix"), has approved a 31% increase in the monthly distributions of the Fund to $0.085 per unit from $0.065 per unit. On an annualized basis this equates to distributions of $1.02 per unit. This distribution increase will be effective for the Fund's May 2008 distribution that will be payable on June 13, 2008 to unitholders of record on May 30, 2008.

The increase in the monthly distributions is a direct result of the Fund's strong financial performance in the first quarter of 2008, its current financial condition and the level of forecasted activity for the balance of 2008. The management of Phoenix believes that this increase in monthly distributions will be sustainable.

About the Phoenix Technology Income Fund

Phoenix provides horizontal and directional drilling services to oil and natural gas exploration and development companies in Canada and the United States. Phoenix's fund units are listed on the Toronto Stock Exchange under the symbol "PHX.UN".

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • Phoenix Technology Income Fund
    John Hooks
    President and Chief Executive Officer
    (403) 543-4466
    Phoenix Technology Income Fund
    Cameron Ritchie
    Chief Financial Officer
    (403) 543-4466