XS Cargo Income Fund
TSX : XSC.UN

XS Cargo Income Fund

April 11, 2005 14:34 ET

XS Cargo Income Fund Files Preliminary Prospectus

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES

EDMONTON, ALBERTA--(CCNMatthews - Apr. 11, 2005) - XS Cargo Income Fund (the
"Fund") is pleased to announce that the Fund has filed a preliminary
prospectus with the securities regulatory authorities in each of the
provinces of Canada in connection with a proposed initial public offering of
trust units of the Fund. After the closing of the offering, the Fund will
hold approximately 51% of XS Cargo Limited Partnership ("XS Cargo LP"), which
will acquire, own and operate the 19 stores operating under the name XS
Cargo. XS Cargo has been in operation since 1996 when it opened its first
broadline closeout retail store in Edmonton, Alberta.

Upon completion of the offering and related transactions, XS Cargo LP will be
one of the largest broadline closeout retailers in Canada and will own and
operate 19 stores in the provinces of Alberta, British Columbia,
Saskatchewan, Manitoba and Ontario, with an additional 5 stores to be opened
by the end of June 2005.

The underwriting syndicate for the offering is led by CIBC World Markets Inc.
and includes RBC Capital Markets, National Bank Financial Inc., Canaccord
Capital Corporation and Sprott Securities Inc.

A copy of the Fund's preliminary prospectus is available on SEDAR
(www.sedar.com).

The securities offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or any applicable exemption
from the registration requirement of such Act. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.

Contact Information

  • XS Cargo Income Fund
    Michael McKenna
    President and Chief Executive Officer
    (780) 413-4296
    or
    XS Cargo Income Fund
    Jeff Rootman
    Vice-President, Finance and Chief Financial Officer
    (780) 413-4296
    Website: www.xscargo.com