Granby Industries Income Fund and Clarke Inc. remind unitholders of take-over bid expiry date and Granby Board affirms its recommendation of the bid

    TORONTO, Feb. 11 /CNW/ - Granby Industries Income Fund (TSX: GBY.UN) (the
"Fund" or "Granby") and Clarke Inc. (TSX: CKI; CKI.DB; CKI.DB.A) ("Clarke")
remind unitholders of the Fund that the previously announced take-over bid
pursuant to which Clarke has offered to purchase all of the issued and
outstanding units of the Fund (excluding the units currently held by Clarke)
at a purchase price of C$0.17 per unit in cash (the "Offer") is scheduled to
expire at 5:00 p.m. (Toronto time) on February 18, 2008, unless the Offer is
extended or withdrawn by Clarke.
    The independent members of the Board of Trustees of the Fund today
reiterate their unanimous recommendation that the Fund's unitholders accept
the Offer and tender their units.
    The offer price represents a premium of approximately 55% to the closing
price of the Fund units of $0.11 on the TSX on December 20, 2007, the day
prior to the public announcement of Clarke's intention to make the Offer. RSM
Richter Inc. has provided a valuation and fairness opinion to the Board of
Trustees that, as of December 21, 2007, the consideration under the Offer is
fair, from a financial point of view, to the Fund's unitholders.
    As previously announced, if Clarke's take-over bid is not completed,
including because less than 66 2/3% of the total number of Fund units
(including the units held by Clarke) are tendered to Clarke's take-over bid,
all amounts owing under the Fund's $14.4 million term loan facility (which
facility was assigned to Clarke in October 2007) and all amounts owing under
the Fund's $4.5 million revolving facility will become immediately due and
    Unitholders may obtain a copy of the take-over bid circular, letter of
acceptance and transmittal, trustees' circular and other materials on SEDAR at or on request from the Fund.

    About Clarke

    Halifax-based Clarke Inc., led by an entrepreneurial team of investment
professionals, is an activist and catalyst investment company that creates
shareholder value by identifying businesses with the potential for improved
performance, and working actively to uncover the value. 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

    About Granby Industries Income Fund

    Granby is a leading North American manufacturer of high quality tanks for
residential and light commercial storage of heating and other petroleum-based
products and is also a leading manufacturer of coated copper tubing. Granby
has been operating in the heating and oil storage tank industry for more than
50 years and its primary business is manufacturing replacement residential
tanks. Granby Industries has operations in Granby, Quebec, and Oakville,

    Forward-looking information is based on certain factors and assumptions
regarding, among other things, expected storage tank unit volumes, the price
of raw materials and the average US/Canadian dollar exchange rate during the
year. While Granby considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect.
Forward-looking information is subject to certain factors, including risks and
uncertainties, which could cause actual results to differ materially from what
we currently expect. These factors are described in the Fund's Annual
Information Form available on and include, among other things,
leverage and restrictive covenants, economic conditions, and seasonality of
demand for Granby's products, the risk of increased heating oil costs, which
could depress demand for heating oil storage tanks, commodity pricing
volatility and foreign exchange risk, regulatory change, interest rate
fluctuation, a decline in the housing and major consumer products markets,
dependence on key suppliers, reliance on major customers and the risk of
increased competition in the coated copper tubing market and the storage tank
    You should not place undue importance on forward-looking information and
should not rely upon this information as of any other date. While Granby may
elect to, it is under no obligation and does not undertake to update this
information at any particular time, except as required by law.
    %SEDAR: 00009934E

For further information:

For further information: Mr. Paul Antoniadis, CA, Vice President,
Finance & CFO, Granby Industries Income Fund, (450) 378-2334 ext. 225; Rob
Normandeau, Chief Operating Officer, Clarke Inc., (902) 442-3413, Fax: (902)

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