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The Memorandum is an expression of intent subject to the negotiation and execution of formal agreements. Completion of the transaction will be subject to a number of conditions, including the receipt of all necessary regulatory, stock exchange and unitholder approvals and the completion of satisfactory due diligence reviews, in addition to customary closing conditions. The transaction was negotiated at arm's length and is targeted to close on August 1, 2008.
The Memorandum proposes that the Alliance will acquire 100% of the assets used by Tradewind in its business, including land (which will be acquired from an affiliate of Tradewind), buildings, equipment, leases, customer lists, trademarks and goodwill, for cash. The proposed financial terms of the transaction cannot be disclosed until formal acquisition agreements are entered into, due to a confidentiality agreement between the parties.
"This acquisition bolsters the Fund's processing capacity on the Regina Plains and allows us to capitalize on excellent rail service with Canadian Pacific Railways (CP). Tradewind is a strategic asset that will solidify our bulk processing and freight capacity and allow us to have strong linkages North to South into the USA and Mexico," explains Murad Al-Katib, President and CEO of Alliance Pulse Processors and Chairman of the Board of Trustees.
There can be no assurance that the transaction will be completed as proposed or at all. The Fund expects to incur legal, accounting, financial advisory and regulatory costs in connection with the transaction. The Fund will be liable for these costs even if the transaction is not completed.
Cautionary Statements
Certain statements in this press release are forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Fund at the time or preparation may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund (including its operating subsidiaries) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of harvests, fluctuations in the price of lentils and other crops, failure of plant, equipment or processes to operate as anticipated, accidents, or labour disputes, risks relating to the integration of acquisitions or to international operations, as well as those factors referred to in the section entitled "Risk Factors" in the prospectus of the Fund dated December 30, 2004 which is available on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. Although the Fund has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE: Alliance Grain Traders Income Fund
Murad Al-Katib, Chairman of the Board of Trustees, President and CEO, Alliance Pulse Processors, Tel: (306) 525-4490, Email: trade@saskcan.com
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