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The Fund relies on advances from Specialty Foods Group, Inc. ("SFG" or the "Company") to fund its expenses and has no other sources of funding available to it. The Fund previously announced in its management information circular of April 20, 2009 and in its press release of May 22, 2009 that the Company was considering ceasing to advance further funds to the Fund and that, as a result, the Fund would likely be unable to maintain itself as a reporting issuer in good standing.
As a result of the desire to conserve cash, the Company and its subsidiaries have advised the Fund that they have determined that they will cease advancing further funds to the Fund effective immediately. The Trustee of the Fund does not believe it is likely that the Fund will be able to access other funding necessary for the Fund to continue to function as a reporting issuer in good standing under applicable Canadian securities legislation or that the Fund will be able to pay its debts as they come due including listing and registrar and transfer agency fees.
Accordingly, the Fund will likely be unable to maintain itself as a reporting issuer in good standing with the result likely to be that Canadian securities regulators will issue an order or orders cease-trading the Units of the Fund. If such an order is issued, it will no longer be possible to trade units of the Fund until the Fund is brought back into good standing. Ownership of the Units will otherwise not be affected.
In light of the lack of funding available to the Fund, the sole director of the Trustee of the Fund has advised the Fund that she will be resigning and there are no current plans to appoint a replacement director.
SFG and its subsidiaries will continue their operations in the normal course and are unaffected by the status of the Fund including its financial situation. SFG is a leading independent U.S. producer and marketer of premium branded and private-label processed meat products. SFG sells a wide variety of products such as franks, hams, bacon, luncheon meats, and delicatessen meats. These products are sold to a diverse customer base in the retail (e.g., supermarkets) and foodservice (e.g., restaurants) sectors. SFG sells products under a number of leading national and regional brands, such as Nathan's, Field, Fischer's, Mickelberry's and Scott Petersen as well as on a private-label basis.
Specialty Foods Group Income Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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%SEDAR: 00018733E
SOURCE: Specialty Foods Group Income Fund
Steve Wright, Chief Financial Officer, Specialty Foods Group, Inc., Tel: (757) 952-1200, Email: investorrelations@sfgtrust.com, Website: www.sfgtrust.com
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