Futura Corporation

Futura Corporation

November 15, 2006 21:19 ET

The Futura Corporation to Vote Against Tree Island Wire Income Fund Poison Pill

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - The Futura Corporation ("Futura")(1) today announced that it intends to vote against the unitholder rights plan proposed to be ratified by Tree Island Wire Income Fund ("Tree Island"), at a special meeting of unitholders of Tree Island to be held on November 17, 2006.

Futura controls directly or indirectly 4,320,300 units, or 19.7% of Tree Island, and is the largest unitholder of Tree Island.

Futura urges its fellow unitholders to consider this matter very carefully(2).

"As the largest unitholder of Tree Island, we do not support this poison pill. Given the current uncertainty surrounding income trusts with the recent federal announcements, Tree Island should be focusing on increasing unitholder value rather than adopting a poison pill," said Amar Doman, President of Futura. "Furthermore, management only owns approximately 3% of Tree Island."

Tree Island announced today that it has extended the proxy cut-off time. "We believe Tree Island has extended the deadline because among other things, unitholders, like ourselves, are not supporting the poison pill", stated Mr. Doman.

(1) The Futura Corporation is a privately held B.C. corporation, controlled 100% by Amar Doman.

(2) This press release is not intended to solicit proxies. Futura wishes to be transparent in its proxy-voting activities. We urge all investors to conduct their own evaluations of these issues and to arrive at the decisions that best meet their own investment objectives. By announcing our intentions in this press release, we do not intend to solicit the proxy of any other unitholders nor do we request any other unitholder to execute, not execute or revoke the proxies that have been solicited by management or anyone else.

Contact Information

  • Genoa Management Limited
    Ali Mahdavi
    Public Relations
    (416) 962-3300
    Email: amahdavi@genoa.ca