OAKVILLE, ON, Sept. 6 /CNW/ - Vicwest Income Fund (TSX: VIC.UN; "Vicwest"
or the "Fund") announced today the appointment of Colin Osborne as its new
President and Chief Executive Officer effective October 9, 2007.
Vicwest's Executive Chairman and Interim CEO Bryan Held commented, "The
Board of Trustees is delighted to have Colin Osborne take leadership of the
Fund's executive team at this important stage of the Fund's development. Colin
will be a tremendous addition to our team as he brings a solid background in
operations and strategic planning, as well as invaluable experience and
knowledge of the metals industry in North America. I will work with Colin to
ensure a smooth transition while he assumes his new responsibilities, and in
the New Year return to my role as Chairman of the Board. I am very confident
that the significant experience and skill sets of both Colin Osborne and our
recently appointed EVP & CFO, John Slattery, will complement those of our
other Vicwest executives and enable the Fund to accelerate its plan to create
significant value for unitholders over the next several years."
Mr. Osborne has 20 years of broad experience in the metals and
manufacturing industry, most of it in senior operating and general management
positions at Stelco Inc. - an Ontario-based industrial group and leading
supplier of value-added steel products to North American automotive,
construction and manufacturing sectors. During that time, he set productivity,
cost, quality and health & safety records at several manufacturing sites, and
from 2004 to 2006, he acted as Chief Operating Officer, helping develop and
execute the company's strategic plan and manage negotiations and relations
with customers, employees, suppliers, investors and government agencies. More
recently Mr. Osborne has provided private consulting services in and outside
the steel industry. He has had several significant M&A transactions and
extensive capital markets experience including assisting in the raising of
over $200 million of equity in North America and Europe.
Mr. Osborne is a professional engineer and has completed the Executive
Program at the Queen's University School of Business and has a Bachelor of
Engineering (Materials/Metallurgy) degree from McGill University.
Colin Osborne said, "Vicwest is a company with a 100-year history that
has maintained a true entrepreneurial spirit. I am thrilled with the
opportunity to join the Vicwest team and help guide its growth going forward.
I am equally excited about working with an outstanding board and management
group further strengthened by the recent addition of John Slattery. Vicwest's
product offering, market position and customer focus provide a tremendous
platform for significant and sustainable growth for unitholders."
About the Fund
With its head office in Oakville, Ontario, Vicwest Income Fund is
Canada's leading manufacturer and distributor of construction building
products including metal roofing, siding and other metal building products.
The Fund fabricates and markets these products nationwide under the trade
names Vicwest, Mercury Metals and Valley Truss & Metal. Under the Westeel
trade name, the Fund is Canada's foremost manufacturer of steel containment
products for agricultural storage of grain and fertilizer. The Fund's
petroleum storage tanks and accessories are manufactured and distributed under
the trade names Westeel, Northern Steel and NSI. The Fund has 15 manufacturing
facilities strategically located throughout Canada with approximately 1,000
dedicated employees committed to providing quality products and excellent
service to customers in domestic and international markets.
This press release may contain forward-looking statements within the
meaning of applicable securities laws. These statements are subject to certain
factors, including risks and uncertainties, that could cause actual results to
differ materially from what the Fund currently expects and there can be no
assurance that such statements will prove to be accurate. Accordingly, readers
should not place undue reliance on forward-looking statements. In particular,
the Fund's expectations concerning future distributions are subject to the
risk factors detailed in the Fund's continuous disclosure filings, and there
can be no assurance that such distributions will be made.
Further information is available in the disclosure documents filed by the
Fund with the securities regulatory authorities, available at www.sedar.com
and on the Fund's website www.vicwestfund.com.
For further information:
For further information: Bryan H. Held, Executive Chairman and Interim
CEO, (905) 825-2252 ext 4252