IAT Air Cargo Facilities Income Fund announces trustee and other appointments



    RICHMOND, BC, Jan. 16 /CNW/ - IAT Air Cargo Facilities Income Fund (the
"Fund") (TSX: ACF.UN), a limited purpose trust that owns all of the shares of
International Aviation Terminals Inc. ("IAT"), which owns and leases air cargo
and aviation related buildings on ground-leased land at Canadian airports in
Vancouver, Calgary, Edmonton, Saskatoon and Winnipeg, today announced the
appointment of a new trustee of the Fund and the appointment of two senior
officers of IAT Management Limited Partnership ("IAT LP"), which is wholly
owned by the Fund.
    The trustees of the Fund have appointed David A. Lorber as a trustee of
the Fund and as a director of IAT to replace Carlton B. Klein, who resigned as
a trustee of the Fund and as a director of IAT following Mr. Klein's
resignation from FrontFour Capital Group LLC ("FrontFour"). The Fund is also
proceeding with its previously announced internalization of management with
the appointment by IAT LP of Zachary R. George as President and Chief
Executive Officer and Sandeep Manak as Chief Financial Officer.
    AMB Property Canada Ltd. ("AMB Canada"), the existing manager of IAT and
administrator of the Fund and the existing officers of IAT will remain in
place during a transition period until the completion of the previously
announced acquisition of assets and transfer of employees from AMB Canada to
IAT LP, which is expected to occur no later than March 31, 2009. It is
expected that at that time the senior officers of IAT provided by AMB Canada
will resign and Mr. George and Mr. Manak will be appointed as the President
and Chief Executive Officer and the Chief Financial Officer, respectively, of
IAT.
    Mr. Lorber is a Co-Founder and Portfolio Manager of FrontFour, which owns
44.5% of the Fund's outstanding units. He was previously a Senior Investment
Analyst at Pirate Capital LLC and prior to that served as an analyst with
Vantis Capital Management LLC, a hedge fund, and as an associate with Cushman
& Wakefield, Inc. Mr. Lorber earned a B.Sc. degree in Business Management from
Skidmore College in 2000.
    Mr. George is a Co-Founder and Portfolio Manager of FrontFour. He was
previously a Senior Investment Analyst at Pirate Capital and a Credit Analyst
for Mizuho Corporate Bank Ltd. Mr. George currently serves as a trustee of the
Fund and a director of IAT, as the lead trustee of Huntington Real Estate
Investment Trust and as a director of Cornell Companies Inc. and previously
served as the lead independent director of PW Eagle Inc. and as a director of
Allied Defense Group, Inc. Mr. George earned a Juris Doctor in 2002 from
Brooklyn Law School and a Bachelor of Arts degree in 1999 from Simon Fraser
University.
    Mr. Manak is a Chartered Accountant. He was previously an Associate
Director at HSBC Specialist Investments in London, UK, and a manager with
PricewaterhouseCoopers LLP in Vancouver in the Corporate Advisory and
Restructuring Group and the Audit and Assurance Group. Mr. Manak earned a
Bachelor of Business Administration degree from Simon Fraser University in
1999.

    IAT AIR CARGO FACILITIES INCOME FUND

    The Fund and IAT, the Fund's wholly-owned subsidiary, specialize in the
ownership, construction, management and marketing of aviation-related
facilities. IAT currently owns, leases and manages approximately 1.1 million
square feet of air cargo and aviation related facilities on land leased at
five of Canada's leading international airports. Approximately 65% of the Fund
and IAT's holdings are located at Vancouver International Airport, Canada's
second largest airport.

    CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Forward-looking statements,
including statements with respect to transaction closings, internalization of
asset management and operations, future executive, employment and personnel
appointments, growth rates, ongoing business strategies or prospects. possible
future Fund and IAT action and other measures are based on information
available at the time they are made, assumptions made by management, and
management's good faith belief with respect to future events, and are subject
to the risks and uncertainties outlined in the Fund's annual information form
that could cause actual performance or results to differ materially from those
reflected in the forward-looking statements, historical results or current
expectations. All forward-looking statements may be affected by and are
subject to the risks set out under Risk Factors in the Fund's annual
information form.





For further information:

For further information: IAT CONTACT: Zachary R. George, Director,
International Aviation Terminals Inc., Direct (604) 249-5119, Email
zgeorge@frontfourcapital.com

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IAT AIR CARGO FACILITIES INCOME FUND

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