XS Cargo Income Fund

XS Cargo Income Fund

April 16, 2008 17:33 ET

XS Cargo Income Fund Announces Formation of Special Committee to Conduct Strategic Review Process

EDMONTON, ALBERTA--(Marketwire - April 16, 2008) - XS Cargo Income Fund (the "Fund") (TSX:XSC.UN) today announced that a Special Committee, has been established by the Board of Directors of XS Cargo GP Inc.(the Company), the administrator of the Fund, to undertake a process to investigate, review, assess and evaluate the strategic alternatives available to the Fund to enhance unitholder value. No decision has been made on any particular alternative and there can be no assurance that the strategic review process will lead to any transaction.

The Special Committee will be chaired by Mr. Jon Legg and include Gordon Clanachan and David Margolus, who are Trustees of the Fund and are the members of the Board of Directors of the Company who are independent of the management of the Company and of the controlling unitholder of the Fund.

The Special Committee has retained, at the expense of the Fund, Deloitte as an independent financial advisor to assist it in its review and evaluation of alternatives and to otherwise assist the Special Committee in the discharge of its mandate.

Business of the Fund

The Fund owns a 51% indirect interest in XS Cargo LP which operates 40 closeout retail stores in Alberta, British Columbia, Manitoba, Saskatchewan, Ontario, Newfoundland, Nova Scotia and New Brunswick.

Contact Information

  • XS Cargo Income Fund
    Michael McKenna
    President and Chief Executive Officer
    (780) 413-4296