Tree Island Wire Income Fund
TSX : TIL.UN

Tree Island Wire Income Fund

July 08, 2008 19:01 ET

Tree Island Richmond BC Union Local Given Mandate to Serve 72-Hour Strike Notice-Negotiations Continue

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2008) - Tree Island Wire Income Fund (the "Fund") (TSX:TIL.UN) today announced that Teamster employees at the Richmond, British Columbia manufacturing facility operated by Tree Island Industries Ltd., the Fund's wholly owned subsidiary, have voted to give their union authority to serve 72-hour strike notice should negotiations over a new labour agreement break down. At this time no strike notice has been served, and representatives of the union and management continue to negotiate with a view to resolving the outstanding issues.

Fund Profile

The Fund holds a 100% ownership interest in Tree Island Industries Ltd., one of North America's largest producers of wire and fabricated wire products. The Fund was launched on November 12, 2002 with the completion of an initial public offering. There are currently 21,960,447 units of the Fund outstanding. 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, 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.

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. 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. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including the risks and uncertainties discussed in the Fund's annual information form dated March 26, 2008 and management's discussion and analysis for the fiscal year ended December 31, 2007.

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, market conditions for products, supplies of and costs for 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, 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 publicly filed materials.

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