Strongco Income Fund

Strongco Income Fund

August 12, 2008 01:07 ET

Robin K. MacLean Steps Down as President & CEO; Board of Trustees Names Robert H.R. Dryburgh as Replacement

Management Transition Takes Effect August 11, 2008

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 12, 2008) - Strongco Income Fund (TSX:SQP.UN) today announced that Robin K. MacLean, President and Chief Executive Officer of the Fund, has advised the Board of Trustees he intends to leave the Fund and the Board of Trustees as of August 11, 2008.

Mr. MacLean joined Strongco in January 2003 as Vice-President, Finance of Strongco Engineered Systems, an operating division of Strongco. He was appointed President and CEO in August 2005.

"We would like to take the opportunity to thank Robin for his contribution over the past three years," said Robert Beutel, Chairman of the Board of Trustees. "His many friends within the Strongco organization wish him well in the future."

Effective August 11, 2008, Robert H.R. Dryburgh is appointed President and CEO of Strongco. Mr. Dryburgh has held senior management and executive positions in various public and private corporations in Canada and the United States. He is currently a member of the Board of Trustees of Strongco. Mr. Dryburgh is a Chartered Accountant and a Chartered Director. The Trustees are confident that Mr. Dryburgh's experience and knowledge make him an ideal candidate to lead the Fund.

About Strongco

Strongco Income Fund is a trust established to hold one of the largest multi-line industrial equipment distribution providers in Canada. Over 700 employees provide retail service at 24 branches located from Nova Scotia to Alberta. Strongco sells, rents and services mobile industrial equipment to sectors that include construction, road building, mining, forestry, utilities and municipalities. Strongco represents several leading equipment manufacturers including Volvo, Case, Manitowoc, Cedarapids and more.

Strongco Income Fund is listed on the Toronto Stock Exchange under the symbol SQP.UN.

Forward-Looking Statements

All statements contained in this press release that do no directly and exclusively relate to historical facts constitute forward-looking statements as of the date of this press release. These forward-looking statements include statements concerning or presuming the completion of the acquisition of the Champion business by Strongco, including the expected closing date, additions to annualized revenues and improvements to EBITDA, statements concerning distribution policy, distribution amounts and expanded product offerings by manufacturers. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. By their nature forward-looking statements require assumptions and are subject to inherent risks and uncertainties, including those discussed herein. There is significant risk that forward-looking statements will not prove to be accurate. You are cautioned not to place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the plans, intentions or expectations expressed in the forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the results of the due diligence review of the Champion business being undertaken by Strongco; negotiation and execution of a purchase agreement which is satisfactory to Strongco; completion of financing by Strongco on terms which are satisfactory to Strongco; and various risks relating to the Champion business acquisition, including risks relating to integration and realization of expected synergies, reliance on key personnel of the Champion business, and potential undisclosed liabilities associated with the Champion business; and general business and economic cycles, competition, interest rates, foreign exchange and credit availability. You are cautioned that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to the Fund, investors should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The Fund undertakes no obligation to publicly update or revise any forward-looking statements except as required by applicable securities law. Risks related to the Fund have been summarized in the Fund's latest Annual Information Form, Management's Discussion and Analysis included in the Annual Report and quarterly financial reports available on or the Fund's web site at

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