MONTREAL, March 2 /CNW Telbec/ - New Look Eyewear Inc. (TSX: BCI) ("New Look") is pleased to announce that the previously disclosed court supervised arrangement providing for the conversion of the Benvest New Look Income Fund (the "Fund") into a corporation, now known as New Look Eyewear Inc., as well as for the acquisition by New Look of part of the distribution business of Sonomax Hearing Healthcare Inc., has been completed (the "Conversion").
Going forward, New Look will carry on the business previously carried on by the Fund and will also expand its products and services to include distribution of hearing healthcare related products and services through its existing retail network. The auditors of New Look going forward will be Raymond Chabot Grant Thornton.
John Bennett, Chairman, stated that: "Our business remains focused on delivering significant value to its equity holders through its growth strategy and through the return of substantial cash flow. We believe that in the current environment, the Conversion will provide greater flexibility to continue successfully growing the business of New Look and achieving these objectives".
Pending final approval of the Toronto Stock Exchange (the "TSX"), the common shares of New Look will begin trading on March 4, 2010 under the symbol "BCI". Until such time, the trust units of the Fund will continue to be listed on the TSX under the symbol "BCI.UN" and any trades made during such time will settle as shares of New Look.
There are currently 10,023,732 common shares of New Look outstanding.
On May 1, 2005, Benvest Capital Inc. was converted into an income trust named the Benvest New Look Income Fund, the purpose of which is to hold securities of New Look Eyewear Inc. This subsidiary is a leading enterprise in the eye care industry in Eastern Canada, with growth opportunities based on demographic trends and the consolidation of the industry in Canada. As of December 31st, 2009, 6,118,328 units of the Fund were issued and outstanding. In addition, 3,870,404 exchangeable shares (on a consolidated basis) of the subsidiary were also issued and outstanding.
This press release may contain certain forward-looking statements that reflect the current views and/or expectations of Benvest New Look Income Fund with respect to its performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions. Actual results and events may vary. The statements contained in this release are not to be construed as tax advice and holders of units and exchangeable shares should seek their own independent tax advice.
SOURCE NEW LOOK EYEWEAR
For further information: For further information: Lise Melanson, (514) 877-4299, ext. 2234