February 19, 2007 12:02 ET

TerraVest Income Fund Announces February 2007 Distribution, Appointment of Trustee and Release Date for 2006 Results

EDMONTON, ALBERTA--(CCNMatthews - Feb. 19, 2007) - TerraVest Income Fund (TSX:TI.UN) announced today that it has declared a cash distribution of $0.08333 per Unit, effective with the distribution to be paid on March 15, 2007 to Unitholders of record on February 28, 2007. The ex-distribution date is February 26, 2007.

The Exchange Ratio for the Exchangeable Shares of TerraVest Industries Inc. has increased from 1.35444 to 1.37194, effective February 28, 2007. Further information about TerraVest's exchangeable shares and the calculation of the Exchange Ratio can be found at http://www.terravestindustries.com/invinfo_cash.htm.\. There are currently 1,411,112 Exchangeable Shares outstanding.

TerraVest announced that George Armoyan has been appointed a Trustee of the Fund and a Director of its administrator, TerraVest Industries Inc. Mr. Armoyan is President and Chief Executive Officer and a Director of Clarke Inc. (TSX: CKI), a publicly traded diversified holding company. Mr. Armoyan has been a Director of Clarke since 2001, including serving as Chairman from November 2002 to April 2003, and assumed his current position with Clarke in the spring of 2003.
He also serves on the Boards of Entertainment One Income Fund, General Donlee Income Fund, Royal Host Income Fund, FPI Limited, Versacold Income Fund, and Granby Industries Income Fund.

The Fund also announced that it will release its financial results for the fourth quarter and year ended December 31, 2006 on Thursday March 15 before the markets open. Management will host a conference call on March 15 at 10 a.m. (Eastern Time). The following are the details:

Date: Thursday, March 15, 2007
Time: 10:00 a.m. E.S.T.
Participants: Dale Laniuk, President and CEO
Tom Kileen, Chief Financial Officer
Tim Zosel, Senior Vice President
Access Number: Toronto: 416-695-9712
Toll-Free Access: 1-800-769-8320

The Fund's financial statements for the 2006 fourth quarter and 12-month period will be available prior to the conference call by visiting www.terravestincomefund.com, clicking to either "News" on the navigation bar or clicking "Publications" and "Quarterly Reports."

A replay of the conference call will be available at (416-695-5275) (Toll-Free Access: 1-888-509-0081) for seven days after the conference call (Pass code: 640111). A transcript can be viewed (within 48 hours) by visiting the Fund's website and clicking to "Corporate Presentations."

TerraVest Income Fund is an income trust whose Units trade on the Toronto Stock Exchange. Its mandate is to invest in a diversified group of income producing businesses to provide its Unitholders with stable and increasing cash returns. TerraVest has made six investments:

- RJV is one of the largest providers of wellhead processing equipment for the natural gas industry in western Canada.

- Stylus is one of Canada's leading made-to-order upholstered furniture manufacturers.

- Don Park is one of Canada's largest manufacturers and suppliers of heating, ventilation and air conditioning (HVAC) products.

- Diamond is a market leader in providing well servicing to the oil and natural gas sector in south-western Saskatchewan, with a growing presence in Alberta.

- Beco is one of Canada's largest designers, manufacturers and importers of home textile products.

- Ezee-On manufactures heavy-duty equipment for large acreage grain farms and livestock operations.

Contact Information

  • TerraVest Income Fund
    Thomas S. Kileen
    Chief Financial Officer
    (612) 868-0556
    (612) 215-6139 (FAX)
    TerraVest Income Fund
    J. Patrick Howe
    Investor Relations
    (416) 929-0512
    (416) 929-2609 (FAX)
    Website: www.terravestincomefund.com