EDMONTON, April 30 /CNW/ - AutoCanada Income Fund (TSX: ACQ.UN), Canada's
only publicly traded franchised automobile dealership business, announced
today that Dennis DesRosiers will be appointed to the Board of Trustees of the
Mr. DesRosiers is widely regarded as one of the foremost experts in the
North American automotive industry. Since founding his consulting practice,
DesRosiers Automotive Consultants, in 1985, he has worked with the executives
of the leading manufacturers and automotive supply chain companies as well as
financial institutions and policy makers in government.
"We are very pleased to be able to add the leading authority in the
business to our Board of Trustees," said Gordon Barefoot, Chairman of
AutoCanada Income Fund. "Dennis DesRosiers is well-known and respected
throughout our industry. We expect to leverage his insight and depth of
knowledge as the Fund continues to create value for unitholders."
To bring Mr. DesRosiers' expertise to AutoCanada, the current Board
members have exercised their authority to increase the number of Trustees on
the Board from three to four. Mr. DesRosiers will join the Board immediately
following the Fund's Annual General Meeting on May 9, 2007, subject to
confirmation of the appointment by the Trustees elected at the meeting.
Mr. DesRosiers was not available to join the Board in time for his nomination
to be included in the materials sent to unitholders in anticipation of this
year's meeting, but it is expected he would stand for election by AutoCanada
unitholders at the next annual meeting.
"AutoCanada is an innovative force in Canada's automotive business. I
welcome the opportunity to join its Trustees and to represent the interests of
its unitholders," Mr. DesRosiers said.
In addition to serving as a Trustee of AutoCanada Income Fund,
Mr. DesRosiers has been a member of the Board of Governors of The University
of Windsor since 2000. He is also Chair of the Automotive Advisory Committee
at Humber College and was recently elected to the Board of the Grand Theatre
in London, Ontario.
AutoCanada is Canada's only publicly traded entity with interests
exclusively in the operation of franchised automobile dealerships. Through its
54% interest in AutoCanada LP, it operates or manages 17 franchised automobile
dealerships in six provinces and has over 940 employees. It currently sells
various new vehicle brands, including Chrysler, Dodge, Jeep(R), Subaru,
Hyundai, and, through a managed dealership, Nissan. In 2006, its franchised
automobile dealerships sold approximately 19,000 vehicles and processed
approximately 215,000 service and collision repair orders in 245 service bays,
generating revenue of approximately $694 million.
Additional information about AutoCanada Income Fund is available at
www.sedar.com and the Fund's website at www.autocan.ca.
For further information:
For further information: Tom Orysiuk, CA, Executive Vice-President and
Chief Financial Officer, AutoCanada Income Fund, Phone: (780) 732-3139