Spinrite Income Fund

Spinrite Income Fund

September 07, 2005 07:00 ET

Spinrite Income Fund Named Vendor Of The Year

LISTOWEL, ONTARIO--(CCNMatthews - Sept. 7, 2005) - Spinrite Income Fund (TSX:SNF.UN) announced today it was named Vendor of the Year by Michaels Stores, Inc. The award was presented to the Fund at Michaels' recent Annual Vendor Summit in Dallas, Texas. Only four vendors were selected out of the more than 700 that do business with Michaels. The craft store chain is the largest in North America, with more than 800 stores in Canada and the United States.

"This award is a significant achievement for Spinrite and the culmination of a lot of hard work on behalf of the entire company. Our emphasis on product innovation and creative marketing support has allowed us to realize significant growth, particularly in the United States," said Dario Margve, President and CEO of Spinrite.

According to Michaels, Spinrite stood out due to its strong commitment to the craft store chain. The award cited Spinrite's outstanding working relationship with Michaels' merchants, providing creativity and inspirational ideas for merchandise programs. As a result, Michaels' sales of Spinrite products were up 301%, profit margins on the Spinrite business increased 700 basis points and Spinrite had a 99.8% accuracy rate in its shipments to all of Michaels' distribution centers. Michaels said Spinrite is a 'complete' vendor as the Fund supports all of the chain's merchandising objectives, marketing efforts and supply chain initiatives.

About Spinrite Yarns

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.

Contact Information

  • Spinrite Income Fund
    Ryan Newell
    Chief Financial Officer
    (519) 291-3780, ext. 278
    (519) 291-3232 (FAX)
    BarnesMcInerney Inc.
    John Vincic
    Executive Vice President, IR Division
    (416) 367-5000 ext. 249
    (416) 367-5390 (FAX)