Chemtrade Declares April Distribution
TORONTO, April 17 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN)
announced that Chemtrade's supply of sulphuric acid and liquid sulphur dioxide
to its customers will not be affected by Vale Inco's recent announcement that
its nickel mining and processing facilities at Sudbury will be shut down from
June 1 to July 27, 2009 in response to global demand conditions.
Mark Davis, President and CEO of Chemtrade noted that although Vale Inco
is Chemtrade's largest supplier of sulphuric acid, Chemtrade has its own
sulphuric acid manufacturing facilities and is also able to source from other
suppliers. Mr. Davis added, "While Chemtrade's product supply of acid from
Vale Inco will be curtailed for the duration of the shutdown, we have built
inventory to prepare for this possibility. With Chemtrade's capabilities and
measures taken to date, we do not expect any disruption to our customers."
April 2009 Distribution
Chemtrade also today announced that it has declared a cash distribution
of $0.10 per unit for the month of April 2009 payable on May 29, 2009 to
unitholders of record at the close of business on April 30, 2009.
Holders of units who are non-residents of Canada will be required to pay
all withholding taxes payable in respect of any distributions of income by the
Chemtrade operates a diversified business providing industrial chemicals
and services to customers in North America and around the world. Chemtrade is
one of North America'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",
"expected", "intend", "may", "will", "project", "plan", "should", "believe"
and similar expressions are intended to identify forward-looking statements.
Forward-looking statements in this news release describe the expectations of
Chemtrade 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.
This news release contains forward-looking statements about the
objectives, strategies, financial condition, results of operations and
businesses of the Fund, including, but not limited to:
- The expected effect on our supply of the Vale Inco shutdown
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 & CFO, Tel: (416) 496-4177