Premium Brands Income Fund
TSX : PBI.UN

Premium Brands Income Fund

July 22, 2009 16:50 ET

Premium Brands Announces Completion of Conversion to a Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 22, 2009) - Premium Brands Holdings Corporation (TSX:PBI.UN) ("Premium Brands") is pleased to announce that the previously announced court supervised plan of arrangement (the "Arrangement") providing for the conversion of Premium Brands Income Fund (the "Fund") to a corporation has closed. Pursuant to the Arrangement, Premium Brands will carry on the business previously carried on by the Fund.

"We are very pleased to have addressed any uncertainties associated with our ownership structure and look forward to focusing on the continued growth of our business through our unique organic and acquisition based initiatives," said Mr. George Paleologou, President and CEO.

Pending the final approval of the Toronto Stock Exchange (the "TSX"), the common shares of Premium Brands will begin trading on the TSX two to three business days following the date hereof under the symbol "PBH". Until such time, the trust units of the Fund will continue trading on the TSX under the symbol "PBI.UN".

About Premium Brands

Premium Brands owns a broad range of leading branded specialty food businesses with manufacturing and distribution facilities located in British Columbia, Alberta, Saskatchewan, Manitoba and Washington State. In addition, the Corporation owns proprietary food distribution and wholesale networks through which it sells both its own products and those of third parties to approximately 25,000 customers. The Corporation's family of brands includes Grimm's, Harvest, McSweeney's, Bread Garden, Hygaard, Hempler's, Quality Fast Foods, Gloria's Best of Fresh, Harlan's, Centennial Foodservice and B&C Foods.

FORWARD LOOKING STATEMENTS

This press release includes forward looking statements with respect to Premium Brands, including its business operations strategy and financial performance and condition. These statements generally can be identified by the use of forward looking words such as "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations. Although management believes that the expectations reflected in such forward looking statements are reasonable and represent Premium Brands' internal expectations and belief as of July 22, 2009, such statements involve unknown risks and uncertainties beyond Premium Brands control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.

Important factors that could cause actual results to differ materially from Premium Brands' expectations are discussed in the Fund's Annual Information Form, which is filed electronically through SEDAR and is available online at www.sedar.com. It should be noted that this list of important factors affecting forward looking information may not be exhaustive.

Unless otherwise indicated, the forward looking information in this press release is made as of July 22, 2009 and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking information in this document.

Contact Information

  • Premium Brands Holdings Corporation
    Mr. George Paleologou
    President and CEO
    (604) 656-3100
    or
    Premium Brands Holdings Corporation
    Mr. Will Kalutycz
    CFO
    (604) 656-3100
    www.premiumbrandsincomefund.com