/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 21 /CNW/ - Creststreet is pleased to announce that as of the 2009 year-end, the Creststreet 2009 Limited Partnership (the "Partnership") was successful in investing approximately 42% of the Partnership's capital, resulting in a tax deduction of approximately $4.27 per $10.00 unit for 2009. The balance of the uninvested capital, along with a refund from the manager of the Partnership (the "Manager"), of the full issue costs related to the refunded capital, estimated to be approximately $4.89 per unit will be returned to investors by no later than January 31, 2010.
The flow-through investments made by the Partnership were acquired at a very attractive average premium to market at the time of investment of 15% and have now appreciated to be par with market. The remaining proceeds were not fully invested as a number of flow-through investment opportunities that were expected to be available to the Partnership late in the year did not materialize. While the Manager subsequently reviewed a number of alternative flow-through investment opportunities in order to complete the investment program, they did not meet the Partnership's quality and pricing criteria. As a result, the Partnership determined that it was in the best interest of limited partners to return a portion of the capital to investors.
As a result of the refund by the Manager, of the issue costs related to the refunded capital, investors will not suffer any loss as a result of issue costs on the capital refunded by the Partnership.
We apologize for any inconvenience the underinvestment of the Partnership's proceeds may cause, however, we felt it was better to maintain the Partnership's strict quality and pricing criteria rather than risk losing investors' capital simply for the benefit of acquiring tax deduction.
The offering was made through a syndicate of investment dealers led by Scotia Capital Inc. and includes: BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, GMP Securities L.P., Raymond James Ltd., Macquarie Capital Markets Canada Ltd. and Wellington West Capital Markets Inc.
Creststreet is an investment management firm that was founded on the premise that energy is an increasingly scarce commodity which will increase in value over time, providing attractive long-term investment opportunities. Since its inception in 2000, Creststreet has raised over $1 billion for energy investments. The firm specializes in structuring and managing high quality energy focused long only, long/short and tax-assisted investment products for Canadian and international institutional and high net worth investors.
SOURCE CRESTSTREET 2009 LIMITED PARTNERSHIP
For further information: For further information: Sheryl Chiddenton, Manager, Compliance and Investment Services, Creststreet Asset Management Limited, Tel: (416) 864-3125, E-mail: firstname.lastname@example.org