Spinrite Income Fund

Spinrite Income Fund

September 09, 2005 06:00 ET

Spinrite Income Fund Announces 6% Increase In Future Distributions

LISTOWEL, ONTARIO--(CCNMatthews - Sept. 9, 2005) - Spinrite Income Fund (TSX:SNF.UN) announced today that it will increase future annual distributions by 6% to $1.06 per trust unit up from the previous annual rate of $1.00 per trust unit. Monthly distributions of $0.08833 per trust unit will commence beginning with the distribution payable on October 14, 2005 to unitholders of record on September 30, 2005.

"We are committed to enhancing unitholder value while maintaining a sustainable payout ratio," said Dario Margve, President and CEO. "This increase reflects our financial strength and confidence in our future performance within the craft yarn industry."

Spinrite Income Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario, which indirectly holds an 80% interest in Spinrite Limited Partnership ("Spinrite"). Spinrite is the largest producer and marketer of craft yarn in Canada and one of the largest and fastest growing in the United States. Established in 1952, Spinrite researches, develops, manufactures and markets a broad variety of consumer craft yarns. The company also supports its market with patterns that provide customers with creative ideas for knitted products. Spinrite has approximately 600 employees at its fully integrated manufacturing and distribution centre in Listowel, Ontario.

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