General Donlee Completes Conversion

TORONTO, Jan. 4 /CNW/ - General Donlee Income Fund (the "Fund") (TSX: GDI.UN) and General Donlee Canada Inc. (the "Corporation") (TSX: GDI) are pleased to announce the completion of the previously announced plan of arrangement resulting in the successful conversion of the Fund from an income trust to a public corporation effective January 1, 2011.

Pursuant to the plan of arrangement, holders of units of the Fund transferred their Fund units to the Corporation in consideration for common shares of the Corporation on the basis of one Common Share for each Fund unit so transferred. In addition, the Corporation assumed all of the obligations of the Fund in respect of its outstanding convertible debentures.

The common shares and debentures of the Corporation are expected to start trading on the Toronto Stock Exchange under the symbols "GDI" and "GDI.DB", respectively, at the opening of trading on January 7, 2011. Concurrently, the Fund units and debentures will be delisted from the Toronto Stock Exchange and the Fund will submit an application to cease to be a reporting issuer in all provinces and territories of Canada in which it is a reporting issuer or the equivalent thereof.

About General Donlee Canada Inc.

The Corporation holds the securities of General Donlee Limited, a leading diversified manufacturer of precision-machined products for the military, commercial and general aerospace industries, and a specialist in the manufacture of precision-machined products for the industrial products and power generation industries. General Donlee Limited's operating strategy focuses on targeting niche markets for products that are aligned with its sophisticated manufacturing capabilities and skilled workforce.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking information and statements are identified by words or phrases such as "anticipates", "expects", "believes", "estimates", "intends", "could", "may", "plans", "will" and other similar expressions or the negative of these terms and include, without limitation, forward-looking statements made in this press release relating to expected trading date on the Toronto Stock Exchange. Actual events or results may differ materially. Forward-looking statements included in this press release are made based on management's belief as well as assumptions made by, and information currently available to, management of the Corporation. While such beliefs and assumptions are considered reasonable by the Corporation, they are inherently subject to significant business, economic and competitive uncertainties and contingencies. A number of important factors could cause actual results to differ materially from those projected in the forward-looking statements. These uncertainties and risks include, but are not limited to changes in laws and regulations affecting the Corporation, general economic and business conditions in the markets affecting the Corporation, inability to meet stock exchange listing requirements. The foregoing list is not exhaustive. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Corporation cannot assure shareholders that actual results will be consistent with these forward-looking statements, and, except as required by law, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE General Donlee Canada Inc.

For further information:

Gerald Thain, Chief Financial Officer, Telephone: (416) 743-4417, E-mail:, Web site:

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General Donlee Canada Inc.

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