EDMONTON, Jan. 1 /CNW/ - K-Bro Linen Income Fund (the "Fund") and K-Bro Linen Inc. are pleased to announce the closing of the conversion of the Fund into K-Bro Linen Inc. (the "Conversion") pursuant to a plan of arrangement under the Business Corporations Act (Alberta). Pursuant to the Conversion, the Fund's Unitholders received common shares of K-Bro Linen Inc. for their trust units of the Fund on a one-for-one basis. All of the members of the Board of Trustees of the Fund are continuing as the Directors of K-Bro Linen Inc.
Trading of the K-Bro Linen Inc. common shares on the Toronto Stock Exchange is expected to commence on or about January 4, 2011 under the symbol "KBL".
K-Bro is the largest owner and operator of laundry and linen processing facilities in Canada. K-Bro provides a comprehensive range of general linen and operating room linen processing, management and distribution services to healthcare institutions, hotels and other commercial accounts. K-Bro currently has seven processing plants in six Canadian cities: Quebec City, Toronto, Edmonton, Calgary, Vancouver and Victoria. K-Bro carries on the business previously conducted by K-Bro Linen Income Fund.
Additional information regarding K-Bro including the 2009 Annual Information Form and other required securities filings are available on our website at www.k-brolinen.com and on the Canadian Securities Administrators' website at www.sedar.com; the System for Electronic Document Analysis and Retrieval ("SEDAR").
This news release contains certain forward-looking information and statements ("forward-looking information") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "guidance", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "budget", "strategy" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the following: he listing of the shares of K-Bro Linen Inc. on the Toronto Stock Exchange.
The forward-looking information contained in this news release reflects several material factors and expectations and assumptions of K-Bro including, without limitation, the receipt of all necessary stock exchange and other third party approvals. K-Bro believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking information included in this news release is not a guarantee of future conditions or performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, without limitation: failure to receive all necessary stock exchange and other third party approvals; changes in tax laws; acquisition and disposition activity that may affect the amount of tax pools and the time at which income taxes may be payable; insufficient cash to pay dividends; and certain other risks detailed from time to time in K-Bro's public disclosure documents.
The forward-looking information contained in this news release speak only as of the date of this news release, and none of K-Bro or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
SOURCE K-Bro Linen Income Fund
For further information: Chris Burrows, Vice-President & Chief Financial Officer, K-Bro Linen Income Fund/K-Bro Linen Inc., Phone: 780.453.5218, Email: email@example.com, Web: www.k-brolinen.com