Alliance Grain Traders Income Fund issues units underlying subscription receipts; Conversion from income trust to corporation and acquisition of Arbel Group to take place on September 15, 2009



    TORONTO, Sept. 11 /CNW/ - Alliance Grain Traders Income Fund (TSX-V:
AGT.UN) (the "Fund") is pleased to announce the release from escrow of the
proceeds of its previously announced public offering of subscription receipts
("Subscription Receipts" - TSX-V: AGT.R), which opens the way for the
completion, scheduled for September 15, 2009, of the conversion of the Fund on
a tax-deferred basis from an open-ended unit trust to a dividend-paying
corporation (the "Conversion") and the acquisition ("Acquisition") of Arbel
Bakliyat Hububat Sanayi ve Ticaret A.S., Durum Gida Sanayi ve Ticaret A.S.,
and Turkpulse Dis Ticaret A.S., (collectively, the "Arbel Group") by the
Fund's wholly-owned subsidiary Alliance Grain Traders Inc. ("AGTI").
    Effective as of 5:00 p.m. on September 11, 2009, the proceeds of the
Fund's previously announced public offering of 6,118,840 Subscription Receipts
at a price of $16.25 per Subscription Receipt for gross proceeds of
$99,431,150 (the "Offering") have been released from escrow and units of the
Fund (the "Underlying Units") have been issued to the holders of the
Subscription Receipts on the basis of one Underlying Unit for each
Subscription Receipt through the facilities of CDS. Book-Entry Only System
customer confirmations will be entered on September 15, 2009. As a result of
the foregoing, the Subscription Receipts are now cancelled, null and void,
trading in the Subscription Receipts has been halted, and they will be
delisted from the TSX Venture Exchange (the "TSXV") at the close of business
on September 14, 2009.
    The net proceeds of the Offering will be used to satisfy a portion of the
funding for the Acquisition, and the balance of the net proceeds is expected
to be used for general corporate purposes.
    The Acquisition is scheduled to be completed on September 15, 2009,
immediately following the completion of the Conversion, which is scheduled to
take place on the same day. Upon the Conversion, all of the outstanding Units
of the Fund (including the Underlying Units) will be exchanged for common
shares of AGTI on a one-for-one basis. Subject to the satisfaction of the
listing conditions set by the Toronto Stock Exchange (the "TSX"), it is
expected that such common shares will be listed on the TSX on September 18,
2009, and that the Units will be delisted from the TSXV at the close of
business on the preceding day. Until then, the common shares will continue to
be listed and traded on the TSXV Vin the guise of Units under the symbol
"AGT.UN".

    About the Fund

    The Fund is an income trust which derives its income from the operations
of its operating subsidiary, Alliance Pulse Processors Inc. ("Alliance").
Alliance, on its own and through its subsidiaries, is engaged in the business
of sourcing and processing (cleaning, splitting, sorting and bagging)
specialty crops, primarily for export markets. Alliance and its subsidiaries
in Canada, U.S. and Australia handle the full range of pulses and specialty
crops including lentils, peas, chickpeas, beans and canary seed through six
processing plants.

    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 of
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 Annual Information Form of the Fund dated May
28, 2009 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.

    
    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.
    





For further information:

For further information: Murad Al-Katib, Chairman of the Board of
Trustees, President and CEO, Alliance Pulse Processors, Tel: (306) 525-4490,
Email: trade@saskcan.com

Organization Profile

ALLIANCE GRAIN TRADERS INCOME FUND

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