EDMONTON, Nov. 5 /CNW/ - AutoCanada Income Fund ("AutoCanada")
(TSX:ACQ.UN) today announced that it signed a Letter of Understanding with
Mitsubishi Motor Sales of Canada Inc. which, subject to completion of the
application process, awards to the Fund a Mitsubishi open point dealership in
Prince George, British Columbia. The new dealership will be owned by the Fund
and carry on business under the name of Northland Mitsubishi. The Fund intends
to operate the dealership out of a new facility, anticipated to be completed
by fourth quarter, 2008, and which shall be designed to Mitsubishi Motor Sales
of Canada Inc. image design standards. The approximately 7,000 sq. ft.
facility shall provide for a three vehicle showroom, and five service bays.
The opening of the Grande Prairie Mitsubishi Open Point will bring the total
number of new vehicle franchises owned and managed by AutoCanada to 20, with
four franchises to be owned or managed in Prince George, British Columbia.
"This acquisition expands our import brand offerings in Western Canada
and furthers our objective of developing local templates from which we can
derive efficiencies." said Patrick Priestner, AutoCanada's Chief Executive
Officer. "We are pleased to expand upon our relationship with Mitsubishi Motor
Sales of Canada Inc., and look forward to working with them to further this
AutoCanada is Canada's only publicly traded entity with interests
exclusively in the operation of franchised automobile dealerships. Through its
54% interest in AutoCanada LP, it currently operates or manages 19 franchised
automobile dealerships in six provinces and has over 940 employees. It
currently sells various new vehicle brands, including Chrysler, Dodge, Jeep,
Subaru, Hyundai, and, through managed dealerships, Nissan. In 2006, its
franchised automobile dealerships sold approximately 19,350 vehicles and
processed approximately 215,000 service and collision repair orders in 245
service bays, generating revenue of approximately $694 million.
Additional information about AutoCanada Income Fund is available at
www.sedar.com and the Fund's website at www.autocan.ca.
For further information:
For further information: Tom Orysiuk, CA, Executive Vice-President and
Chief Financial Officer, AutoCanada Income Fund, Phone: (780) 732-3139