KIK Acquisition Company and KCP Income Fund Announces Consent Solicitation with Respect to Exchangeable Unsecured Subordinated Debentures



    TORONTO, April 20 /CNW/ - KIK Acquisition Company ("KIK") and KCP Income
Fund (the "Fund") (TSX: KCP.UN), announced today that KIK has commenced a
consent solicitation to amend certain provisions of the trust indenture (the
"Trust Indenture") governing its 6.50% Exchangeable Unsecured Subordinated
Debentures maturing 2010 (TSX: KCC.DB.U).
    The purpose of this consent solicitation is to approve certain amendments
to the Trust Indenture which will allow for the immediate redemption of all of
the outstanding debentures at 100% of the principal amount thereof. Those
holders of debentures who provide their Consent to the proposed amendments
will receive a consent fee as set out in the Consent Solicitation Statement
dated April 20, 2007 delivered to debenture holders. The consent solicitation
is scheduled to expire at 5:00 p.m., Toronto time, on May 10, 2007, unless
extended. The record date for purposes of this solicitation is the close of
business on April 20, 2007. The effectiveness of the proposed amendments is
subject to the satisfaction or waiver of the conditions set out in the Consent
Solicitation Statement.
    This press release is neither a solicitation of consents, an offer to
purchase the debentures nor a solicitation of an offer to sell securities. The
consent solicitation is being made solely by the Consent Solicitation
Statement.
    Additional information concerning the terms and conditions of the consent
solicitation and copies of the Consent Solicitation Statement and related
documents may be obtained from Georgeson, 100 University Avenue, 11th Floor,
North Tower, Toronto, Ontario or by calling the North American Toll Free
Number 1-866-676-3004. Questions regarding the consent solicitation may be
directed to UBS Investment Bank, attn: Liability Management Group at (203)
719-4210 or toll free at (888) 722-9555 ext. 4210.

    About KCP Income Fund

    With 19 integrated manufacturing facilities strategically located
throughout North America, KCP (operating as KIK Custom Products) is one of
North America's largest custom manufacturers of consumer products. KCP's
product lines include Laundry, Household Cleaners, Personal Care, OTC
Medicated and Pharmaceutical, all supported by KCP's in-house technical
expertise and value-added services. KCP produces leading consumer products for
Fortune 500 companies including Albertsons, Colgate-Palmolive, Dial, Johnson &
Johnson, Kroger, Loblaws, L'Oreal, Procter & Gamble, Safeway, SC Johnson,
Sysco, Target, Unilever, Walgreens, and Wal-Mart.

    FORWARD LOOKING STATEMENTS

    Certain statements in this press release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of KCP
Income Fund to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. When
used in this press release, such statements use such words as "may," "will,"
"expect," "anticipate," "project," "believe," "plan" and other similar
terminology. The risks and uncertainties are detailed from time to time in
reports filed by the Fund with the securities regulatory authorities in all of
the provinces and territories of Canada to which recipients of this press
release are referred for additional information concerning the Fund, its
prospects and the risks and uncertainties relating to the Fund and its
prospects. New risk factors may arise from time to time and it is not possible
for management to predict all of those risk factors or the extent to which any
factor or combination of factors may cause actual results, performance and
achievements of the Fund to be materially different from those contained in
forward-looking statements. Given these risks and uncertainties, investors
should not place undue reliance on forward-looking statements as a prediction
of actual results. The forward-looking information contained in this press
release is current only as of the date of this press release. There should not
be an expectation that such information will in all circumstances be updated,
supplemented or revised whether as a result of new information, changing
circumstances, future events or otherwise.





For further information:

For further information: please visit our website at www.kikcorp.com, or
contact: S. Randy Smallbone, Executive Vice President, Finance and Chief
Financial Officer, Tel: (905) 660-0444, e-mail: RSmallbone@KIKCORP.com

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KCP INCOME FUND

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