Carfinco Announces Unitholder and Court Approval of Conversion to a Corporation

TSX: CFN.UN

EDMONTON, Nov. 23, 2011 /CNW/ - In accordance with the previously announced arrangement, on November 21, 2011, Carfinco Income Fund (the "Fund" or "Carfinco") held a special meeting (the "Meeting") of holders of trust units (the "Units") of the Fund.  At the Meeting, the holders of Units passed the special resolution approving the arrangement, pursuant to Section 193 of the Business Corporations Act (Alberta), involving, among others, the Fund, Carfinco Inc. and the holders ("Unitholders") of Units (the "Arrangement"), which will result in the reorganization of Carfinco's income trust structure into a publicly-traded corporation, Carfinco Financial Group Inc.. Subsequent to the Meeting, on November 23, 2011, the Court of Queen's Bench of Alberta issued its final order approving the Arrangement.

Subject to customary closing conditions, it is presently anticipated that the Arrangement will become effective on January 1, 2012.  Following completion of the Arrangement, the Fund expects the common shares of Carfinco Financial Group Inc., the successor to the Fund, to be listed for trading on the Toronto Stock Exchange (the "TSX") under the symbol "CFN".  The Fund's Units will be delisted following the Arrangement.

About Carfinco Income Fund

Carfinco focuses on providing consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources.  A network of select independent and franchise dealerships offer Carfinco's payment plan to their customers who must, along with the vehicle, meet Carfinco's underwriting guidelines. The units of the Fund trade on The Toronto Stock Exchange under the symbol "CFN.UN".

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Fund.  These statements are subject to a number of risks and uncertainties.  Actual results may differ materially from results contemplated by the forward-looking statements.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.


SOURCE Carfinco Income Fund

For further information:

Mr. Tracy A. Graf  The Howard Group Inc.
CEO & Trustee of Carfinco Income Fund  Jeff Walker / Dave Burwell
Telephone:  1-888-486-4356  Investor Relations
Facsimile:  1-888-486-7456  Telephone:  1-888-221-0915
E-mail:  tgraf@carfinco.com  E-mail:  Info@howardgroupinc.com
Web site:  www.carfinco.com  Web site:   www.howardgroupinc.com

Organization Profile

Carfinco Income Fund

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