EDMONTON, Aug. 6 /CNW/ - Carfinco Income Fund ("Carfinco" or the "Fund")
announced today that the Fund's Board of Trustees has approved a resumption of
monthly cash distributions, commencing in August 2009. A cash distribution of
$0.015 per trust unit has been declared for the month of August 2009, with a
payable date of August 31, 2009, to Unitholders of record on August 20, 2009.
The ex-distribution date is August 18, 2009.
"Many of the initiatives we implemented in the latter half of 2008 are
beginning to bear fruit," commented Mr. Tracy Graf, CEO of Carfinco. "We
believe that our new vehicle loan originations being written today will incur
lower write-off rates against net earnings."
Mr. Graf indicated that some of the factors that are beyond the control
of the Fund and that could affect future monthly cash distributions include:
the economic condition and unemployment rates in Canada, the health of the
auto industry and auction values of used vehicles, all of which affect the
Fund's loan originations, delinquencies and write-off rates.
The Board of Trustees and management will continue to evaluate the
viability of the Fund distributing cash on a monthly basis.
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.
For further information:
For further information: Mr. Tracy A. Graf, CEO & Trustee of Carfinco
Income Fund, Telephone: 1-888-486-4356, Facsimile: 1-888-486-7456, E-mail: