Clarke announces agreement to increase investment in Art in Motion Income Fund


    HALIFAX, Dec. 20 /CNW/ - Clarke Inc. ("Clarke") announces that it has
reached an agreement to purchase GVP Holdings Inc.'s interest in Art in Motion
Income Fund ("AIM", or the "Fund"). The purchase is subject to certain
conditions, including the receipt of consents and approvals required under the
AIM formative documents. GVP Holdings Inc. is owned jointly by Garry and Vicki
Peters, the founders of the AIM business. Garry and Vicki Peters will continue
to be involved with AIM following the transfer, and have agreed to extend
their contract with AIM for a minimum term of one year.
    The interest being acquired by Clarke includes (i) 627,600 units of AIM;
(ii) 535,338 class B limited partnership units of Art in Motion Limited
Partnership ("AIM LP"); (iii) 2,141,352 class C limited partnership units of
AIM LP; and (iv) 300 shares of AIM GP Inc. The Fund indirectly holds all of
the Class A limited partner units of AIM LP, representing 75% of the
outstanding limited partner units of AIM LP. The 535,338 Class B LP Units and
2,141,352 Class C LP Units referred to above represent the remaining 25% of
the outstanding limited partnership units of AIM LP. The AIM units and the
Class B LP Units will be acquired at a price of $1.15 per unit, and the
remaining interest will be acquired for nominal consideration.
    The Class B LP Units are exchangeable for units of the Fund at any time
in accordance with the terms and conditions of an exchange agreement dated
August 3, 2004. The Class C LP Units are only exchangeable for units of the
Fund upon the Fund reaching certain targets for earnings before interest,
taxes, depreciation and amortization and distributions, and in accordance with
the terms and conditions of the exchange agreement.
    If the acquisition by Clarke of the GVP interest in AIM is completed,
Clarke will hold 2,233,605 units in the Fund, representing approximately 27.8%
of the total outstanding units of the Fund, and all of the Class B LP Units
and Class C LP Units of AIM LP which, when added to the units of the Fund that
will be held by Clarke, represents approximately 45.9% of the voting rights
attached to all issued and outstanding securities of the Fund. There is no
assurance that the acquisition by Clarke of the GVP interest in AIM will be

    AIM LP operates a fine-art publishing, framing and licensing business
based in Vancouver.

    The acquisition will be made for investment purposes pursuant to an
exemption from the takeover bid requirements under applicable securities laws
and the purchase of the units of the Fund will be settled through the
facilities of the Toronto Stock Exchange. Clarke may, from time to time,
acquire additional Units of the Fund, dispose of some or all of the existing
or additional Units of the Fund, or continue to hold the Units of the Fund in
the normal course of Clarke's investment activities.

    About Clarke

    Clarke is a Halifax-based activist and catalyst investment company with a
diversified portfolio of strategic and opportunistic investments, including
several wholly-owned subsidiaries operating in the transportation services
industry. From time to time, Clarke also participates in joint ventures when
they offer the opportunity to create shareholder value. Led by George Armoyan
and an entrepreneurial team of professionals focused on uncovering and
creating value, Clarke invests in undervalued businesses and participates
actively where necessary to enhance performance and increase returns. In 2006
alone, Clarke delivered a shareholder return on investment, including
dividends, of 33%. Clarke's securities trade on the Toronto Stock Exchange
(CKI, CKI.DB; CKI.DB.A); for more information about Clarke Inc., please visit
our website at
    %SEDAR: 00009934E

For further information:

For further information: Rob Normandeau, Chief Operating Officer, Clarke
Inc., (902) 442-3000, Fax: (902) 442-0187

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