General Donlee Income Fund Reports Retirement of CEO

TORONTO, Dec. 2 /CNW/ - General Donlee Income Fund (TSX: GDI.UN) announced today that Thomas Faucette, the Chief Executive Officer of General Donlee Limited, has advised the Trustees that he intends to retire effective January 29, 2010.

It is anticipated that an interim CEO will be appointed early next year pending the identification and appointment of a permanent replacement CEO.

The Trustees wish to thank Mr. Faucette for his valued contributions to the business over the past 31 years and wish him all the best in retirement.

General Donlee Income Fund is a trust established to hold the securities of General Donlee Limited, which is a leading diversified manufacturer of precision-machined products for the military, commercial and general aerospace industries and also is a specialist in the manufacture of precision-machined products for the industrial products and power generation industries.

Certain forward-looking statements contained in this news release are based on information, currently available to management, but are subject to a number of uncertainties and risks that could cause actual results to differ materially from the results discussed in the forward-looking statements. These uncertainties and risks include, but are not limited to: the ability to identify and hire a replacement CEO, dependence on commercial aircraft sales and defence procurement, power generation sales and sales to the industrial sector, production rates, timing of deliveries, dependence on key customers, dependence on third party suppliers and manufacturers, competition, product liability and warranty claims, environmental and other government regulation, quality certification requirements, hedging effects, interest and foreign exchange rates, leverage and restrictive debt covenants, pension performance, funding and expenses, continued availability of credit facilities, insurance availability and coverage, regulatory requirements, reliance on key personnel and our skilled workforce, changes in accounting policies, the ability to obtain orders and domestic and international economic conditions. Further information can be found in the disclosure documents filed by General Donlee Income Fund with the securities regulatory authorities, available at or through the Fund's website at

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For further information: For further information: Gerald Thain, Chief Financial Officer, General Donlee Limited, Telephone: (416) 743-4417, E-mail:, Web site:

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