RED DEER, AB, June 7 /CNW/ - On May 15, 2007 the Fund announced its
intention to call and hold a special meeting (the "Meeting") of the holders of
Class B Limited Partnership Units (the "Class B Units") of the Parkland
Holdings Limited Partnership for the sole purpose of considering, and if
deemed advisable, approving, the extension of the exchange date by which
holders of the Class B Units are required to exchange such Class B Units for
Units of Parkland Income Fund on a one-for-one basis from June 30, 2008 to
June 30, 2011. This action is taken in light of the uncertainty as to
restructuring which the Fund may undertake in the future in response to
proposed taxation rules related to Trusts. There are no current plans to
undertake such a restructuring. If approved by the holders of Class B Units,
the extension will result in an amendment to the exchange agreement pertaining
to the Class B Units and will defer the income tax obligation which might
arise from the exchange.
The Meeting of the holders of Class B units of Parkland Holdings Limited
Partnership will be held at 10:00 a.m. in the Lougheed Boardroom at the
offices of Bennett Jones LLP, 4500 Bankers Hall East, 855 - 2 Street SW,
Calgary, Alberta T2P 4K7 on June 22, 2007.
Class B Unitholders of record at the close of business on June 5, 2007
will be entitled to receive notice of and vote at the Meeting.
Parkland Income Fund operates retail and wholesale fuels and convenience
store businesses under its Fas Gas Plus, Fas Gas, Race Trac Fuels and Short
Stop Food Stores brands and through independent branded dealers, and
transports fuel through its Petrohaul division. With over 550 locations,
Parkland has developed a strong market niche in western and northern Canadian
non-urban markets. Through Neufeld and Joy the Fund markets propane, gasoline,
diesel, lubricants, industrial fluids, agricultural inputs and delivery
services to commercial and industrial customers in northern Alberta,
northeastern British Columbia and the Northwest Territories. To maximize value
for its unitholders, the Fund is focused on the continuous refinement of its
retail portfolio, increased revenue diversification through growth in non-fuel
revenues and active supply chain management. Parkland operates the Bowden
refinery near Red Deer, Alberta producing drilling fluids on a contract basis.
The Fund's units trade on the Toronto Stock Exchange (TSX) under the
symbol PKI.UN. For more information, visit www.parkland.ca.
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For further information:
For further information: Parkland Industries Ltd., Administrator of
Parkland Income Fund: Red Deer: Mike W. Chorlton, President and CEO, (403)
357-6400; John G. Schroeder, Vice President and CFO, (403) 357-6400