Partners of Assiniboia Farmland group approve reorganization plans

    REGINA, Jan. 22 /CNW/ - The partners of Assiniboia Farmland Limited
Partnership ("Assiniboia 1 Partnership"), Assiniboia Farmland Limited
Partnership II ("Assiniboia 2 Partnership"), and Assiniboia Farmland Limited
Partnership 4 ("Assiniboia 4 Partnership") have approved the plan to merge the
three limited partnerships into Assiniboia Farmland Limited Partnership 3
("Assiniboia 3 Partnership") at a joint Special Meeting of Partners held
January 22, 2009. The plan to reorganize the Assiniboia Farmland group was
first announced December 29, 2008 and complete details of the reorganization
transaction are disclosed in Assiniboia 4 Partnership's Management Information
Circular, which was filed with securities regulators on Monday, December 29,
2008 and is available to the public at
    As a result of the approval of the reorganization transaction at the
joint Special Meeting of Partners, Assiniboia 1 Partnership, Assiniboia 2
Partnership and Assiniboia 4 Partnership, along with the general partner and
limited partners of each of these limited partnerships will enter into an
agreement with Assiniboia 3 Partnership pursuant to which, amongst other
things, all of the outstanding units of Assiniboia 1 Partnership, Assiniboia 2
Partnership and Assiniboia 4 Partnership will be transferred to Assiniboia 3
Partnership on a tax-deferred, rollover basis in exchange for units of
Assiniboia 3 Partnership. Following the unit exchange, each of Assiniboia 1
Partnership, Assiniboia 2 Partnership and Assiniboia 4 Partnership will be
wound up such that Assiniboia 3 Partnership will acquire all of their assets
and continue operations. Closing of the reorganization transaction is targeted
to occur effective on or about January 30, 2009.

    The Assiniboia Farmland group, under common management led by President
and Chief Executive Officer Doug Emsley, are Regina based limited partnerships
that provide investors with an opportunity to gain exposure to Saskatchewan
farmland. Each of the members of the Assiniboia Farmland group is operated on
a basis that is substantially similar to the other members. Collectively, the
Assiniboia Farmland group owns a portfolio of approximately 80,000 acres of
Saskatchewan farmland.
    Additional information about Assiniboia 3 Partnership and Assiniboia 4
Partnership is available at

For further information:

For further information: Doug Emsley, President and Chief Executive
Officer, (306) 347-1024,; Brad Farquhar, Vice
President, (306) 347-7202,; Web:

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Assiniboia Farmland Limited Partnership

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