EDMONTON, Jan. 5 /CNW/ - AutoCanada Inc. ("ACI") (TSX:ACQ) is pleased to announce that it has amalgamated with its
wholly owned subsidiary AutoCanada GP Inc. ("GP Inc.") pursuant to the provisions of the Canada Business Corporations Act to continue as one corporation under the name "AutoCanada Inc."
effective January 1, 2011 ("New ACI").
Prior to the amalgamation, AutoCanada Operating Trust, a trust which was
wholly owned by AutoCanada Income Fund and AutoCanada Income Fund, a
trust which was wholly owned by AutoCanada Inc., were wound-up and
dissolved in accordance with subsection 88.1 of the Income Tax Act (Canada). As a result of the amalgamation and dissolution of
AutoCanada Income Fund, New ACI holds all of the assets formerly held
by GP Inc. and AutoCanada Income Fund. This completes the
reorganizations that were announced on November 6, 2009 and approved by
the unitholders of AutoCanada Income Fund on December 17, 2009.
The common shares of New ACI will continue to trade under the symbol
About AutoCanada Inc.
AutoCanada Inc. is one of Canada's largest multi-location automobile
dealership groups, currently operating 23 franchised dealerships in
British Columbia, Alberta, Manitoba, Ontario, New Brunswick and Nova
Scotia. In 2009, the franchised automotive dealerships sold
approximately 23,000 vehicles and processed approximately 300,000
service and collision repair orders in our 331 service bays.
Additional information about AutoCanada Inc. is available at the
Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.
For further information:
Tom Orysiuk, CA
Executive Vice-President and Chief Financial Officer
Phone: (780) 732-3139