TORONTO, Oct. 3 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN)
today announced that its Beaumont, Texas regen/sulphuric acid plant is
expected to be back online by late 2008. The plant was shut down following an
explosion in the plant's furnace on August 21, 2008. Longer than anticipated
time to submit and receive permits from regulatory authorities for the
rebuilding work will delay the mid-November restart which had been previously
Mark Davis, President and Chief Executive Officer of Chemtrade, said,
"Efforts to complete the permitting process are in progress, but are taking
longer than we expected. We have begun repairs to the facility wherever
feasible and are ready to begin further work once permitting has been
completed. Despite not producing at Beaumont, we maintain our second quarter
guidance that distributable cash for the 12 months ending June 30, 2009 should
be substantially similar to the 12 month period ended June 30, 2008, or about
$2.15 per unit." Mr. Davis added that Chemtrade will provide a further update
on Beaumont and other operations when the Fund announces its third quarter
results in early November.
Chemtrade operates a diversified business providing industrial chemicals
and services to customers in North America and around the world. Chemtrade is
one of the world's largest suppliers of sulphuric acid, liquid sulphur dioxide
and sodium hydrosulphite, and a leading processor of spent acid. Chemtrade is
also a leading regional supplier of sulphur, sodium chlorate, phosphorous
pentasulphide, and zinc oxide.
This news release contains certain statements which may constitute
"forward-looking" statements within the meaning of certain securities laws,
including the "safe harbour" provisions of the Securities Act (Ontario). The
use of any of the words "anticipate", "continue", estimate", "expect", "may",
"will", "project", "should", "believe" and similar expressions are intended to
identify forward-looking statements.
This news release contains forward-looking statements about the
objectives, strategies, financial condition, results of operations and
businesses of the Fund. These statements are "forward-looking" as they are
based on current expectations about our business and the markets we operate
in, and on various estimates and assumptions.
- Forward-looking statements in this news release describe our
expectations as of the date of this news release.
- Our actual results could be materially different from our
expectations if known or unknown risks affect our business, or if our
estimates or assumptions turn out to be inaccurate. As a result, we
cannot guarantee that any forward-looking statement will materialize.
- Forward-looking statements do not take into account the effect that
transactions or non-recurring items announced or occurring after the
statements are made may have on our business.
- We disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of
future events or for any other reason.
- Risks that could cause our actual results to differ materially from
our current expectations are discussed in the RISKS AND Uncertainties
section of our MD&A.
Further information can be found in the disclosure documents filed by
Chemtrade Logistics Income Fund with the securities regulatory authorities,
available at www.sedar.com.
For further information:
For further information: Mark Davis, President and CEO, Tel: (416)
496-4176; Rohit Bhardwaj, Vice-President, Finance and CFO, Tel: (416)