TORONTO, May 20 /CNW/ - Home Equity Income Trust (TSX: HEQ.UN) ("HOMEQ"
or the "Trust") today announced a cash distribution of $0.06 per unit for the
month of May 2009. The distribution is payable to unitholders of record on May
31 and will be paid on June 15, 2009.
Unitholders who are non-residents of Canada will be required to pay all
withholding taxes payable in respect of any distributions by the Trust.
Forward Looking Statements
Home Equity Income Trust from time to time makes written and verbal
forward-looking statements about business objectives, operations, performance,
and financial condition, including, in particular, the forecast of cash
distributions and anticipated dividend policy, the Trust's plans relating to
the conversion and the establishment of HomEquity Bank, and the likelihood of
HOMEQ's success in developing and expanding its business. These may be
included in the Annual Reports, regulatory filings, reports to unitholders,
press releases, Trust presentations and other communications. These
forward-looking statements are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties and
contingencies as described in the Trust's Annual Information Form and the
Management Discussion and Analysis in its most recent financial statements,
many of which are beyond the control of HOMEQ. Actual results may differ
materially from those expressed or implied by such forward-looking statements.
HOMEQ does not undertake to update any forward-looking statement, whether
written or verbal, that may be made from time to time except as required by
applicable securities laws.
About Home Equity Income Trust
Home Equity Income Trust provides unitholders with monthly cash
distributions from a portfolio of reverse mortgages originated by its wholly
owned subsidiary Canadian Home Income Plan Corporation. As of March 31, 2009,
the portfolio generating cash returns to the Trust comprised approximately
7,000 reverse mortgages with an accrued value of $826 million, secured by
residential properties across Canada worth approximately $2.3 billion. CHIP
(www.chip.ca), has been the main underwriter of reverse mortgages in Canada
since pioneering the concept in 1986.
The Trust's units trade on the Toronto Stock Exchange under the symbol
HEQ.UN. Additional information on HOMEQ, including annual and quarterly
reports can be viewed at www.homeq.ca.
For further information:
For further information: Gary Krikler, Senior Vice President and Chief
Financial Officer, (416) 413-4679, email@example.com, or Scott Cameron, Vice
President, Finance, (416) 413-6605, firstname.lastname@example.org