TORONTO, Aug. 22 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN)
today provided an update on the situation at its Beaumont, Texas, plant
following an explosion in the plant's furnace on August 21, 2008.
- One of the two employees injured in the incident is expected to be
released from the hospital this weekend.
- An investigation to determine the cause of the incident is underway.
It is still too early to say how long the investigation will take, or
how long the plant will remain shut down, although it is likely that
the plant will be down for at least a month.
- Chemtrade carries property and business interruption insurance. The
amounts of any claims cannot be determined until the investigation is
complete and repairs are made so the plant can be safely restarted.
Mark Davis, President and Chief Executive Officer of Chemtrade, said, "We
continue to monitor the status of our employees and offer any assistance they
require. The investigation team will work as quickly as possible to complete a
full assessment of the situation. Once the assessment is complete we will move
ahead with the repairs needed to ensure a safe resumption of production. In
the meantime we are working with customers to assist them to obtain
alternative sources of product and logistics until we resume production."
Chemtrade operates a diversified business providing industrial chemicals
and services to customers in North America and around the world. Chemtrade is
one of the world's largest suppliers of sulphuric acid, liquid sulphur dioxide
and sodium hydrosulphite, and a leading processor of spent acid. Chemtrade is
also a leading regional supplier of sulphur, sodium chlorate, phosphorous
pentasulphide, and zinc oxide.
This news release contains certain statements which may constitute
"forward-looking" statements within the meaning of certain securities laws,
including the "safe harbour" provisions of the Securities Act (Ontario). The
use of any of the words "anticipate", "continue", "estimate", "expect", "may",
"will", "project", "should", "believe" and similar expressions are intended to
identify forward-looking statements.
This news release contains forward-looking statements about the
objectives, strategies, financial condition, results of operations and
businesses of the Fund. These statements are "forward-looking" as they are
based on current expectations about our business and the markets we operate
in, and on various estimates and assumptions.
- Forward-looking statements in this news release describe our
expectations as of the date of this news release.
- Our actual results could be materially different from our expectations
if known or unknown risks affect our business, or if our estimates or
assumptions turn out to be inaccurate. As a result, we cannot
guarantee that any forward-looking statement will materialize.
- Forward-looking statements do not take into account the effect that
transactions or non-recurring items announced or occurring after the
statements are made may have on our business.
- We disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of
future events or for any other reason.
- Risks that could cause our actual results to differ materially from
our current expectations are discussed in the RISKS AND UNCERTAINTIES
section of our MD&A.
Further information can be found in the disclosure documents filed by
Chemtrade Logistics Income Fund with the securities regulatory authorities,
available at www.sedar.com.
For further information:
For further information: Mark Davis, President and CEO, Tel: (416)
496-4176; Rohit Bhardwaj, Vice-President, Finance and CFO, Tel: (416)