XS Cargo Income Fund

XS Cargo Income Fund

May 05, 2009 17:33 ET

XS Cargo Income Fund Announces Resignation of Chief Financial Officer

EDMONTON, ALBERTA--(Marketwire - May 5, 2009) - XS Cargo Income Fund (TSX:XSC.UN) (the "Fund") today announced the resignation of Mr. Ross Kelly as Chief Financial Officer of the Fund effective as at May 4, 2009. Mr. Kelly has accepted an opportunity in private industry which will allow him more time to deal with a family health situation. Mr. Kelly has agreed to remain available to the Fund over the next few months in an advisory capacity in order to assist management with this transition.

The Fund will be starting an immediate search for a replacement CFO and for the interim period will rely on its existing accounting department, the availability of Mr. Kelly as a consultant and the services of external accountants who will be retained as needed on a consulting basis, to fulfill the role and duties of CFO pending the hiring of a permanent replacement for this position.

Business of the Fund

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

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