/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES/
TORONTO, Aug. 25 /CNW/ - Toronto-based frontierAlt Energy 2006 Inc., the
general partner of frontierAlt Energy 2006 Flow-Through Limited Partnership
(the "Partnership"), and frontierAlt Capital Class Fund Limited (the "Mutual
Fund Corporation") announce that the Partnership has completed the transfer
and sale (the "Rollover Transaction") of all its assets on a tax-deferred
basis to the Mutual Fund Corporation in exchange for Series A Shares of
frontierAlt Resource Capital Class Fund (the "Resource Fund"), a class of
shares of the Mutual Fund Corporation, effective August 22, 2008.
The Rollover Transaction was approved by the required majority of limited
partners of the Partnership (the "Limited Partners") at a special meeting of
the Partnership held on August 22, 2008.
Limited partnership units ("Units") of the Partnership were exchanged on
a tax-deferred basis for shares of the Resource Fund with equal value pursuant
to a transfer agreement dated August 22, 2008 between the Partnership and the
Mutual Fund Corporation. The Limited Partners received 558,684 shares of the
Resource Fund for each Unit held, based on a net asset value per Unit of $3.32
of the Partnership and a net asset value per share of $8.00 of the Resource
The Partnership had net assets of $4,467,438.45 at the time of the
transfer. The Partnership's original subscription price in 2006 was $10.00 per
Unit resulting in an after tax return of approximately -33%. The capital gains
tax liability that would arise upon disposition can be deferred by retaining
the shares of the Mutual Fund Corporation.
Based in Toronto, frontierAlt Capital Corporation specializes in the
manufacturing and distribution of structured products, flow-through limited
partnerships and mutual funds.
This press release is for information purposes only and does not
constitute an offer to sell or a solicitation to buy the securities referred
to herein. This press release is not for dissemination in the United States or
for distribution to U.S. news wire services.
This news release contains certain "forward-looking statements". The
statements that are not historical facts contained in this press release are
forward-looking statements that involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. There
can be no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
For further information:
For further information: Asif Khan, Chairman & CEO, frontierAlt Capital
Corporation, (416) 623-3161, firstname.lastname@example.org; Kurankye Sekyi-Otu, EVP,
frontierAlt Capital Corporation, (416) 623-3171, email@example.com; Or
visit frontierAlt Capital Corporation's website at www.frontieralt.com. To
view the documents of the Mutual Fund Corporation visit www.sedar.com