October 06, 2009 14:22 ET

TerraVest Income Fund Announces New President and CEO, Chair and Lead Director

VEGREVILLE, ALBERTA--(Marketwire - Oct. 6, 2009) - TerraVest Income Fund (TSX:TI.UN) is pleased to announce today that John Maynard has been appointed as the new President and Chief Executive Officer of the Administrator of the Fund, TerraVest Industries Inc.

Mr. Maynard will commence his new role on October 13, 2009. Also effective on that date, Dale Laniuk will become the non-executive Chair of the Board of Directors of the Administrator and will remain as a Director of the Administrator and a Trustee of the Fund. In addition, the Fund is pleased to announce that Mr. John Zaozirny, the current Chair of the Board of Directors of the Administrator, will become the vice-Chair and will also be appointed as the lead Director of the Board.

John Maynard brings over 30 years of successful general management experience to the TerraVest group of companies. A graduate of the University of Waterloo and a Chartered Accountant, John's career has focused on leading organizations through critical start-up, turnaround or strategic change phases, primarily in the financial services and technology sectors. In the financial sector, John was previously the Chief Operating Officer of Avco Financial Services, General Managing Partner of Personal Lending at Royal Trust and Chief Financial Officer at Wellington Insurance during strategic change phases within those organizations. More recently, John was President of Netricom, the network contracting division of Axia NetMedia Inc. and then Chief Financial Officer of Axia in Calgary.

Having founded the Fund's predecessor entity, Laniuk Industries Inc., and successfully guided it through its reorganization into the Fund in 2004 and its subsequent operations over the next five years, Mr. Laniuk has decided to transition into a non-executive position with the Fund and the Administrator. He will retain executive responsibility at the subsidiary level for the RJV and Ezee-On businesses, located in Vegreville, Alberta.

"Dale has obviously played an instrumental role in the evolution of the Fund and the operation of two of its key businesses" said John Zaozirny. "During his tenure as President and CEO, the reorganization of Laniuk Industries into the Fund and subsequent public offering, as well as the acquisition of the Don Park, Stylus, Diamond and Beco business units were successfully completed. We are privileged that we will continue to benefit from his experience as a Board member and his ongoing oversight of RJV and Ezee-On."

Mr. Zaozirny also commented that "We look forward to Mr. Maynard applying his considerable skill and experience to guide the Fund to success in the coming years. We are at a juncture where each company in the group is poised to make a contribution. The overall leadership of the group will benefit from John's broad background and his proven ability will help us exploit those opportunities"

About TerraVest Income Fund
The Fund has invested in six businesses:

  • RJV is one of the largest providers of wellhead processing equipment for the natural gas industry in western Canada.
  • 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.
  • Don Park is one of Canada's largest manufacturers and suppliers of heating, ventilation and air conditioning (HVAC) products.
  • Stylus is one of Canada's leading made-to-order upholstered furniture manufacturers.
  • Beco is one of the largest Canadian designers, manufacturers and importers of home textile products.
  • Ezee-On manufactures heavy-duty equipment for large acreage grain farms and livestock operations.

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