Exchange Income Corp. Completes Acquisition of Westower Communications

- Increases dividend distributions by 4% to $0.135 per month -

WINNIPEG, April 4 /CNW/ - Exchange Income Corporation (TSX: EIF) (the "Corporation"), announced today the successful completion of its acquisition of Westower Communications, a company that designs, builds, maintains and services wireless phone and other communications towers throughout North America.  The acquisition was first announced on March 9, 2011.

The Corporation paid a total purchase price of $79.0 million, of which 15% was paid through the issuance of 606,579 common shares and the balance, $67.2 million, was financed through its senior credit facility.

Increase to monthly dividend distributions
Exchange also announced that its Board of Directors has voted to increase the Corporation's monthly dividend payout rate by 3.8 percent from $0.13 per share per month to $0.135.  The increase will take effect with the dividend distribution for the month ended April 30, 2011, and payable May 13, 2011 to shareholders of record at the close of business on April 29, 2011.

"The successful close of the Westower transaction provides immediate accretive cash flow and EBITDA contributions, which, together with the continued strengthening of our Manufacturing segment, makes it the right time to increase our monthly dividend distributions to $0.135 per share," said Mike Pyle, President and CEO.  "The increase marks the sixth time since 2004 that we have increased dividend distributions, and reflects our commitment to providing dependable dividends to shareholders."

About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused on opportunities in the industrial products and transportation sectors which are ideally suited for public markets except for their size. The strategy of the Corporation is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States.

The Corporation is currently operating in two niche business segments: aviation and specialty manufacturing. The aviation segment consists of Perimeter Aviation LP, Keewatin Air LP, Calm Air International LP, and Bearskin Lake Air Service LP and the specialty manufacturing segment consists of Westower Communications, Jasper Tank Ltd., Overlanders Manufacturing LP, Water Blast Manufacturing LP, and Stainless Fabrication, Inc.  For more information on Exchange Income Corporation, please visit www.exchangeincomecorp.ca.

Additional information relating to the Corporation, including all public filings, is available on SEDAR (www.sedar.com).

SOURCE Exchange Income Corporation

For further information:

Mike Pyle
President and CEO
Exchange Income Corporation
(204) 982-1850
mpyle@eig.ca




















Joe Racanelli
Investor Relations
TMX Equicom
Phone: (416) 815-0700 Ext. 243
jracanelli@equicomgroup.com

 


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