XS Cargo Income Fund

XS Cargo Income Fund

January 24, 2008 08:30 ET

XS Cargo Income Fund Announces Resignation of Chief Financial Officer

EDMONTON, ALBERTA--(Marketwire - Jan. 24, 2008) - (TSX:XSC.UN): XS Cargo Income Fund (the "Fund") today announced that Mr. Butch Agnew, who was to be assuming the role of Chief Financial Officer of the Fund, has resigned his position and will be leaving the Fund effective February 8th, 2008 to pursue another opportunity.

The Fund has started an immediate search for a replacement CFO and for the interim period the Company plans to retain the services of external accountants on a consulting basis to assist management in fulfilling the role and duties of CFO pending the hiring of a permanent replacement for this position.

Business of the Fund

The Fund commenced business operations on May 17, 2005, when it completed an initial public offering (the "IPO") of 6,106,000 trust units at a price of $10 per unit, for aggregate gross proceeds of $61,060,000. Concurrent with the closing of the IPO, the Fund acquired a 51% indirect interest in XS Cargo LP and XS Cargo LP acquired the net assets (the "Acquired Business") of Famous Brands (Edmonton) Inc. (the "Vendor"). XS Cargo LP 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
    Website: www.xscargo.com