Tree Island Wire Income Fund

Tree Island Wire Income Fund

July 16, 2007 16:05 ET

Tree Island CFO Garry Flesher to Retire in Q3 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2007) - Tree Island Wire Income Fund (the "Fund") (TSX:TIL.UN) today announced that Garry Flesher, Vice President Finance and Chief Financial Officer, will retire by the end of the third quarter of 2007. Brian Irving, who currently serves as Corporate Controller, has been appointed to succeed Mr. Flesher as Vice President Finance and Chief Financial Officer effective immediately. Mr. Flesher and Mr. Irving will work closely in the coming months to ensure a smooth transition, with Mr. Flesher assuming the title of Vice President Special Projects during the transition period.

Mr. Flesher joined Tree Island's Finance Department in 1982 and became Corporate Controller in 1983, and acting Chief Financial Officer in 1987. In 1991, he was appointed Vice President Finance and CFO.

"Garry Flesher has played a vital role in developing and supporting our strategic growth plan," said Daniel McAtee, President and CEO of Tree Island Industries. "In his 25 years with Tree Island, he has helped guide us through several major acquisitions and was also instrumental in our transition from a private company to a publicly traded income fund in 2002. His expertise, insight and integrity have earned him tremendous credibility, both within Tree Island and throughout the investment community."

Mr. McAtee continued, "Although we will greatly miss Garry, we are fortunate to have a highly capable and respected internal candidate in Brian Irving, to whom we can hand over the financial reins of the organization. Brian joined Tree Island in 1995 as Controller and was promoted to Corporate Controller in 2003. His financial expertise, extensive knowledge of Tree Island and training as a Chartered Accountant make him well suited to assume the responsibilities of CFO."

Commenting on Mr. Irving's appointment, Mr. Flesher said, "In his 12 years with Tree Island, Brian Irving has proven himself a major asset to the company. He is precisely the right person to take on the CFO role going forward. I look forward to working with him in the months ahead as we make the transition and continue to lay a strong foundation for Tree Island's future profitable growth."

In addition to appointing Brian Irving as Vice President Finance and CFO, Tree Island has recently strengthened its management team with the addition of three new senior management positions. James Fan, who joins the company from Baoan International, the US and Chinese wire products manufacturer Tree Island acquired earlier this month, has been appointed Vice President International Operations. In addition, Mark Stock has been appointed Vice President of Global Human Resources and Dale Derischebourg will be joining the company as Vice President of Global Supply Chain later this summer. Mr. Stock was previously VP of Human Resources at CHC Helicopter Corporation and Mr. Derischebourg is currently Director of Global Operations with Lumasense Technologies.

"These additions complete the key senior staff changes outlined in the three-step strategic plan we developed at the beginning of the year," said Daniel McAtee. "The first phase of our plan, designed to optimize Tree Island's core business, is now complete. We now have the added bench strength required to continue to move forward with phase two which focuses on growth and expansion across North America and internationally."

Fund Profile

The Fund was launched on November 12, 2002, with the completion of an Initial Public Offering. There are currently 21,918,400 units of the Fund outstanding, representing a 100% ownership interest in Tree Island.

The Fund's performance depends entirely on the performance of Tree Island.

Tree Island Profile

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, K-Lath, Halsteel, Tree Island Wire and Industrial Alloys brand names. Tree Island Wire Income Fund owns a 100% ownership interest in Tree Island Industries.

Forward-Looking Statements

This press release contains forward-looking statements based on assumptions considered reasonable at the time they were prepared. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. These statements speak only to the conditions in existence as of the date of this press release, and the Fund maintains no obligation to update such statements.

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, risks associated with operations such as competition, dependence on the construction industry, supplies of raw materials, dependence on key personnel, labour relations, regulatory matters, environmental risks, the successful execution of acquisition and integration strategies, foreign exchange fluctuations, the effect of leverage and restrictive covenants in financing arrangements, product liability, the ability to obtain insurance, energy cost increases, the ability to fund necessary future capital investments, and changes in tax legislation.

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