Somerset Entertainment Income Fund
TSX : SOM.UN

Somerset Entertainment Income Fund

October 23, 2006 13:07 ET

Somerset Entertainment Leaders Receive Entrepreneur Of The Year Award

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) -

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Andy Burgess, CEO and Gordon Gibson, Executive Producer of Somerset Entertainment (TSX:SOM.UN) have been awarded the prestigious Entrepreneur Of The Year award in the Media and Entertainment category at a gala for the Ontario region, which was held Thursday, October 19 at the Metro Toronto Convention Centre.

"The vision of Ontario's entrepreneurs drives our provincial economy and in so doing, strengthens Canada's place in the global market," says Joe Telebar, national and Ontario director of the Ernst & Young Entrepreneur Of The Year awards program. "The individuals who exemplify a commitment to excellence in growing their businesses and cultivating their success deserve to be celebrated. Their leadership shapes the social and economic landscape of Ontario, and we're thrilled to encourage their continued success," he says.

Founded in 1994 after acquiring the rights to the Solitudes product line from Dan Gibson, Gordon's father, the pair have since led Somerset Entertainment to become the top North American producer and distributor of specialty music sold through non-traditional retailers.

With Andy's strong business sense and Gordon's exacting production standards, the pair rapidly increased sales through the development of new high-quality product lines, including Avalon(1995), Reflections (1996) and Platinum Legends (1999). In 2002, Somerset Entertainment became Fisher-Price®'s first music licensee, and have since added lines for popular brands such as Hallmark® (2004) and Precious Moments™ (2006) to the company's roster. These new lines helped Somerset secure listings in a variety of mass merchants and retail chains, and a place of loyalty with music consumers.

In 2005, Somerset entered the income trust market with a $96 million IPO on March 18 and in the same year, acquired their largest competitor, Compass Productions Ltd. Currently, Somerset Entertainment holds an 85% niche market share with distribution in 20 countries worldwide.

The Entrepreneur Of The Year program was founded by Ernst & Young to celebrate great entrepreneurs and heighten awareness of the economic impact of entrepreneurial ventures. The awards honour entrepreneurs who have demonstrated excellence and extraordinary success in areas such as innovation, risk taking, company development, financial performance and personal commitment to their businesses and communities.

About Somerset Entertainment Income Fund

Somerset is the leading North American producer and distributor of specialty music sold internationally through non-traditional retailers using interactive displays. The company's extensive distribution network includes mass merchants, specialty chains and independent gift stores in more than 20 countries, including the United States and Canada. Based in Toronto, Canada, the company employs over 150 people at offices in Toronto, Ontario (Canada); Buffalo Grove, Illinois, and Minneapolis, Minnesota, (U.S.A.); and Essex, England (UK).

Additional information relating to the Somerset Entertainment Income Fund, including unaudited financial statements as of June 30, 2006 is available at www.somersetent.com and www.sedar.com.

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