WINNIPEG, Sept. 19 /CNW/ - Exchange Industrial Income Fund ("EIIF") (TSX
Venture: EIF.UN) announced today that it has completed the acquisition of MCS
Industries Ltd. ("MCS"). MCS is a manufacturer and distributor of pressure
washing equipment in BC with distributors in Ontario and Washington State. The
acquisition was made through EIIF's wholly owned subsidiary, Water Blast
Manufacturing LP. MCS will be renamed Water Blast Manufacturing BC Ltd. and
will carry on the Water Blast operations for BC.
The purchase price of approximately $1 million was funded through EIIF's
long-term debt facilities.
In conjunction with the acquisition, Water Blast Manufacturing LP is
pleased to announce it has secured the Hotsy distribution rights for the
entire Province of BC. The Hotsy distribution rights in BC will allow MCS to
sell not only its own brand of cold water washers it currently manufactures,
but now adds the Hotsy brand to its product selection.
Ray Moher, the President of EIIF's subsidiary Water Blast stated, "This
acquisition now gives us exclusivity for the entire Province of BC, and allows
us to sell the custom manufactured products of Water Blast into that
territory. Harley is young and energetic, and has built a solid base to expand
from. We are excited to have him staying on in a long term capacity to manage
the entire region for us".
MCS had annual revenues of approximately $5 million.
Additional information relating to EIIF, including all public filings is
available on SEDAR (www.sedar.com)
Visit us at www.eiif.ca
The TSX Venture Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for the adequacy or
the accuracy of this press release.
For further information:
For further information: Mike Pyle, President and CEO, Exchange
Industrial Income Fund, 509 - 167 Lombard Avenue, Winnipeg, MB, R3B 0V3, Phone
(204) 982-1850, Fax (204) 982-1855, Email: firstname.lastname@example.org