Tree Island Wire Income Fund

Tree Island Wire Income Fund

July 07, 2009 07:00 ET

Tree Island Announces Change in CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2009) - Tree Island Wire Income Fund (the "Fund") (TSX:TIL.UN) announced today that effective immediately, the Fund's former President and Chief Executive Officer, Theodore Leja, will assume the duties and responsibilities of Interim Chief Executive Officer, replacing Daniel McAtee. Mr. Leja will continue to serve on the Fund's Board of Trustees.

Mr. Amar S. Doman, Chairman of the Board of Trustees, said, "This change was necessary to re-focus Tree Island on its core strengths and to guide the company through the current economic climate. Ted's industry knowledge and exposure to various business cycles will provide valuable experience and leadership to Tree Island." " The Board will be working to appoint a permanent Chief Executive Officer as soon as practical," he added.

"I would like to personally welcome Ted back in the CEO role. I and the Board of Trustees fully support this positive change," Mr. Doman concluded.

About the Fund

The Fund was launched on November 12, 2002, with the completion of an initial public offering. The Fund has a 100% ownership interest in Tree Island and its performance depends entirely on the performance of Tree Island.

About Tree Island Industries

Headquartered in Richmond, British Columbia, Tree Island Industries 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, TI Imports and HK Universe brand names. Tree Island also owns and operates a Hong Kong-based trading company that provides internationally sourced products to Tree Island and its customers worldwide.

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