VANCOUVER, Nov. 30 /CNW/ - The Futura Corporation ("Futura") announced
today that it has delivered a requisition to the Board of Trustees of Tree
Island Wire Income Fund ("Tree Island") calling for a special meeting of the
Tree Island unitholders to be held as soon as practical for the purposes of
replacing certain of the current trustees with nominees that will be proposed
by Futura. Further details regarding Futura's nominees will be provided after
Tree Island has fixed a date for the meeting.
Futura, is the largest unitholder of Tree Island, with approximately
19.91% of the total outstanding units of Tree Island.
Futura is deeply concerned with the continuing erosion in Tree Island's
earnings and the resultant loss in unitholder value and believes that these
can be attributed in large part to mismanagement of day to day operations and
a failure to develop a strategic vision that confronts the challenges
currently facing the fund. For the nine months ended September 30, 2007
operating profits of the fund declined approximately 87% and operating EBITDA
decreased by approximately 50% relative to the comparable period last year.
"We have lost confidence in certain of Tree Island's current Board and
management," commented Amar S. Doman, President & CEO of Futura. "We believe
that their strategy has led to Tree Island's dismal fiscal performance and
depressed unit price. Futura believes in managing and running businesses for
the long term and implementing strategies as such. The time has come to make
the changes that are required to restore sound management and unitholder value
to the fund."
The Futura Corporation is a Vancouver, British Columbia based private
asset management and investment company, specializing in the building
For further information:
For further information: Amar S. Doman, President & CEO, The Futura
Corporation, (604) 608-6800