PRT Growing Services Ltd.
TSX : PRT.UN

PRT Growing Services Ltd.

October 03, 2011 13:32 ET

PRT Forest Regeneration Income Fund Completes Conversion to a Publicly-Traded Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

PRT Growing Services Ltd. (TSX:PRT.UN) ("PRT" or the "Corporation"), announced today that the planned conversion of PRT Forest Regeneration Income Fund (the "Fund") from an income trust to a corporation has been completed effective October 1, 2011. Former unitholders of the Fund are now shareholders of PRT. The PRT shares will commence trading on the Toronto Stock Exchange within the next three or four business days under the symbol "PRT".

The conversion was completed pursuant to a Plan of Arrangement under which unitholders of the Fund received shares of a wholly-owned subsidiary of the Fund ("PRT Newco"), on a one-for-one basis for each unit of the Fund held. PRT Newco then amalgamated with Pacific Regeneration Technologies Inc. and each PRT Newco Share became a share of PRT.

Similarly, each unit option of the Fund became an option of PRT Newco, which has now become an option of PRT.

About PRT Growing Services Ltd.

PRT Growing Services Ltd. is a seedling propagator and the largest producer of container grown forest seedlings in North America, currently operating 13 nursery locations expected to produce over 170 million seedlings in 2011.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, expectations for customer orders, the outlook for the forest industry, lumber markets, US housing markets, and future reforestation programs; and other statements that are not historical fact. Risks and uncertainties include, but are not limited to, whether or not PRT Growing Services Ltd. pays dividends in the future and the level and sustainability of those dividends, our ability to grow and supply products in accordance with defined specifications, customer credit risks, and other risks identified from time to time in the Fund's annual report, and annual information return. These risks and uncertainties may cause actual results to differ materially from the expectations expressed herein. As such, readers are cautioned to not to place undue reliance on forward-looking statements.

Forward-looking statements are based on current expectations and PRT Growing Services Ltd. assumes no obligation to update such information to reflect later events or developments, except as required by law.

For additional information on these and other factors, see PRT's public filings on www.sedar.com.

Contact Information

  • PRT Growing Services Ltd.
    Tony Pollard
    VP Finance/CFO
    (866) 553-8733 ext. 229