Tree Island Wire Income Fund

Tree Island Wire Income Fund

March 23, 2011 19:51 ET

Tree Island Announces Change at the CFO Position

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - Tree Island Wire Income Fund (TSX:TIL.UN) ("Tree Island" or the "Fund") announced today that Brian Irving, Vice President Finance and Chief Financial Officer has tendered his resignation effective April 8, 2011.

The Fund's Board of Trustees is pleased to announce that Nancy Davies, our current Corporate Controller, has been appointed Vice President Finance and Chief Financial Officer.

Ms. Davies, a Chartered Accountant, has been with Tree Island since 2008. Previously, she held positions as Audit Manager at Ernst and Young LLP, Manager SOX Financial Reporting at Placer Dome and Vice President Internal Audit at CHC Helicopter Corporation.

"While we thank Brian for his many contributions and we wish him continued success, we are delighted to have in Nancy a highly capable and experienced financial person," commented Ted Leja, President and CEO of Tree Island.

Fund Profile

The Fund was launched on November 12, 2002, with the completion of an Initial Public Offering. The Fund holds a 100% ownership interest in Tree Island Industries Ltd. (the "Company"). The Fund's performance depends entirely on the performance of the Company.

Tree Island Profile

Headquartered in Richmond, British Columbia, Tree Island Industries Ltd. produces wire products for a diverse range of construction, agricultural, manufacturing and industrial applications. Its products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products. The Company markets these products under the Tree Island and TI Imports brand names. Tree Island also owns and operates a Hong Kong-based company that helps source products internationally for the Company and its customers.

Forward-Looking Statements

This press release includes forward-looking information with respect to the Fund and the company, including their business, operations and strategies, as well as financial performance and conditions. The use of forward-looking words such as "may", "will", "expect" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including the risks and uncertainties discussed under the heading "Risk Factors" in the Fund's annual information form and management discussion and analysis for update date.

Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Such risks and uncertainties include, but are not limited to: general economic conditions and markets and, in particular, the potential impact of the current economic downturn, risks associated with operations such as competition, dependence on the construction industry, market conditions for the company's products, supplies of and costs for its raw materials, dependence on key personnel, labour relations, regulatory matters, environmental risks, the successful execution of acquisition and integration strategies and other strategic initiatives, foreign exchange fluctuations, the effect of leverage and restrictive covenants in financing arrangements, the cost and availability of capital, the possibility of deterioration in working capital position, the impact on liquidity if the Fund were to go offside of covenants in its debt facilities, the impact that changes in supplier payment terms or slow payment of accounts receivable could have on liquidity, product liability, the ability to obtain insurance, energy cost increases, changes in tax legislation, other legislation and governmental regulation, changes in accounting policies and practices, operations in a foreign country, and other risks and uncertainties set forth in the Fund's publicly filed materials.

Contact Information

  • Tree Island Wire Income Fund
    Ted Leja
    President and Chief Executive Officer
    (604) 524-3744
    Tree Island Wire Income Fund
    Amar Doman
    Chairman of the Board
    (604) 608-6600