PRT Forest Regeneration Income Fund
TSX : PRT.UN

PRT Forest Regeneration Income Fund

July 08, 2008 15:12 ET

Trustees of PRT Forest Regeneration Income Fund Call for a Special Meeting of Unitholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2008) - PRT Forest Regeneration Income Fund (the "Fund") (TSX:PRT.UN) announced that a Special Meeting of the Fund's unitholders ("Special Meeting") is being called in order to elect an expanded slate of Trustees for the Fund. The Special Meeting, which will be held on September 10, 2008, is being convened in response to a proposal by one of the Fund's unitholders, C.A. Bancorp Inc. (TSX:BKP), with the support of certain other unitholders (together, the "Bancorp Proxy Group").

The Fund's Trustees recognize the expressed desire of the Bancorp Proxy Group for representation on the Fund's Board. In order to avoid incurring the unnecessary time and expense of a contested meeting, the Trustees and C.A. Bancorp Inc. have agreed, subject to unitholder approval, to a restructuring of the Board that will result in the resignation of one of the existing Trustees and the appointment of three new Trustees, two of whom will be nominees of C.A. Bancorp Inc.

In addition to the election of three new Trustees, unitholders will be asked to approve the resolutions which were defeated at the Fund's June 9, 2008 Annual and Special Meeting, and to direct the Trustees to elect those individuals elected as Trustees at the Special Meeting as directors of Pacific Regeneration Technologies Inc.

Details of the Special Meeting and business to be conducted will be described in an information circular of the Fund to be delivered to unitholders and filed on the internet on the Fund's SEDAR profile at www.sedar.com.

About PRT Forest Regeneration Income Fund

The Fund is an open ended, single purpose trust created to own all the common shares and subordinated notes of Pacific Regeneration Technologies Inc ("PRT"). PRT is the largest producer of container grown forest seedlings in North America, with 15 nurseries in Canada and the USA. The Fund's units are listed for trading on the Toronto Stock Exchange under the symbol PRT.UN.

Forward-Looking Statements

This news release contains forward-looking statements or information within the meaning of applicable securities laws in Canada (collectively referred to as "forward-looking statements"). Statements, other than statements of historical fact, are forward-looking statements and include, without limitation, statements regarding the Fund's strategy, future operations, prospects and plans and objectives of the trustees or of management. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking statements, which include underlying assumptions, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other things contemplated by the forward-looking statements will not occur.

Forward-looking statements in this news release include, but are not limited to, statements about the intention of the current Trustees to convene the Special Meeting and the business to be conducted.

Forward-looking statements in this news release are based on the opinions and estimates of the Trustees or of the other parties to which they are attributed at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the process for finalizing the business to be conducted at the Special Meeting and in the potential results of the Special Meeting. Risks applicable to the Fund and its operations are disclosed in the MD&A portion of the annual reports filed by the Fund with the relevant securities regulators.

Although the Fund has attempted to identify the forward-looking statements, the underlying assumptions, and the risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements, there may be other factors that cause actual results or events to differ from those expressed or implied in the forward-looking statements. The Fund undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise, after the date hereof, except as may be required by law.

Contact Information

  • PRT Forest Regeneration Income Fund
    A.A. (Tony) Pollard
    VP Finance/CFO
    1-866-553-8733 ext. 229