River Valley Income Fund

March 03, 2005 14:32 ET

River Valley Mails Information Circular for Reverse Take Over by Eveready and Announces 2004 Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RIVER VALLEY INCOME FUND

TSX VENTURE SYMBOL: RVD.UN

MARCH 3, 2005 - 14:32 ET

River Valley Mails Information Circular for Reverse
Take Over by Eveready and Announces 2004 Results

GRIMSHAW, ALBERTA--(CCNMatthews - March 3, 2005) - River Valley Income
Fund ("River Valley") (TSX VENTURE:RVD.UN) announced today that it has
mailed a joint management information circular to its unitholders
describing the previously announced proposed reverse take over of River
Valley by Eveready Industrial Group Ltd. ("Eveready"). The information
circular will also be available on the internet at www.sedar.com. A
unitholder meeting is scheduled for March 29, 2005 for the purpose of
obtaining unitholder approval to the proposed reverse take over.

The Board of Trustees of River Valley recommends that River Valley
unitholders approve the proposed reverse take over. Unitholders,
trustees and senior officers of River Valley who control approximately
76.5% of the outstanding units of River Valley have indicated to the
Board that they intend to vote in
favour of the proposed reverse take over at the unitholder meeting.

Completion of the transaction is subject to a number of conditions,
including, but not limited to, TSX Venture Exchange acceptance and River
Valley unitholder approval. The transaction cannot close until the
required unitholder approval is obtained. If all conditions are
satisfied, it is anticipated that the arrangement will be effective
March 31, 2005. There can be no assurance that the transaction will be
completed as proposed or at all.

Investors are cautioned that, except as disclosed in the joint
management information circular, any information released or received
with respect to the proposed reverse takeover may not be accurate or
complete and should not be relied upon. Trading in the securities of
River Valley Income Fund should be
considered highly speculative.

Mr. Marv Lefebvre, President and CEO of River Valley, also announced
financial results for the year ended December 31, 2004. Below is a
summary of certain of River Valley's financial results. Investors are
cautioned to review River Valley's full set of annual financial
statements which are available on the
Internet at www.sedar.com.


12 Months Ended 12 Months Ended
December 31, 2004 December 31, 2003
----------------- -----------------
Revenues $21,142,831 $14,026,717
Net earnings (loss) $878,967 $475,909
Per Share $0.12 $0.09


The Units of River Valley are listed for trading on the TSX Venture
Exchange under the trading symbol "RVD.UN".

This press release contains forward-looking statements subject to
various risk factors and uncertainties, which may cause the actual
results, performances or achievements of River Valley to be materially
different from any future results, performances or achievements
expressed or implied by such forward-looking statements. Such factors
include, but are not limited to, fluctuations in the market for oil and
gas and related products and services, political and economic
conditions, the demand for services provided by River Valley, industry
competition and River Valley's ability to attract and retain both
customers and key personnel.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    River Valley Income Fund
    Marv Lefebvre
    President & CEO
    (780) 332-1330
    (780) 332-4081 (FAX)
    Email: marv@rivervalleyservices.com
    or
    Eveready Industrial Group Ltd.
    Rod Marlin
    President & CEO
    (780) 451-6969
    (780) 451-7537 (FAX)
    Email: rmarlin@evereadyindustrial.com
    The TSX Venture Exchange has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this press release.