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
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
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
SOURCE General Donlee Canada Inc.
For further information:
Gerald Thain, Chief Financial Officer, Telephone: (416) 743-4417, E-mail:
firstname.lastname@example.org, Web site: www.generaldonlee.com