XS Cargo Income Fund

XS Cargo Income Fund

June 18, 2008 17:22 ET

XS Cargo Income Fund Announces the Appointment of Chief Financial Officer

EDMONTON, ALBERTA--(Marketwire - June 18, 2008) - XS Cargo Income Fund (the "Fund") (TSX:XSC.UN) today announced the appointment of its new Chief Financial Officer, Mr. Ross Kelly, CMA, MBA.

Mr. Kelly joins XS Cargo with significant experience as Chief Financial Officer of various national organizations within the distribution and retail industries as well as President and Chief Operating Officer within the distribution industry. The Fund is pleased to welcome Mr. Kelly, whose skills in financial and general management will be an asset to the future success of the Fund.

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