THE BRICK GROUP INCOME FUND COMPLETES CONVERSION TO A CORPORATION BEING THE BRICK LTD.

/NOT FOR DISTRIBUTION THROUGH U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

TORONTO, Jan. 3, 2011 /CNW/ - The Brick Group Income Fund (TSX:BRK.UN) (the "Fund") is pleased to announce that it has completed its conversion from an income trust into a corporate structure, being The Brick Ltd. ("New Brick"), as outlined in the Fund's Management Information Circular dated November 1, 2010 (the "Conversion") effective December 30, 2010.

The shares of New Brick will commence trading on the Toronto Stock Exchange under the symbol "BRK" on or around January 4, 2010, at which time the Fund's trust units ("BRK.UN") will discontinue trading.

About the Fund
The Fund, together with its subsidiaries, is one of Canada's largest volume retailers of household furniture, mattresses, appliances and home electronics, operating under five banners: The Brick, United Furniture Warehouse, The Brick Superstore, The Brick Mattress Store, and Urban Brick. In addition, through its corporate sales division, the Fund services the subdivision, condominium, and high-rise builder market. The Fund's retail operations are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia and the New Brunswick, and the Yukon Territory.  Further information can be found in the disclosure documents filed by the Fund with the securities regulatory authorities, available at www.sedar.com

Cautionary Statements

Certain statements in this press release, including in particular statements regarding the proposed Conversion, may constitute "forward-looking" statements. When used in this press release, such statements use words, including but not limited to, "may", "will", "expect", "believe", "plan", "intend", "anticipate", "future" and other similar terminology. These forward-looking statements reflect the current expectations of the Fund's management regarding future events and operating performance, but involve known and unknown risks, uncertainties and other factors which may cause the outcome of the Conversion or the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors.  These factors would include, but are not limited to, dependence on market and economic conditions, sales and margin risk, competition, information system risks, availability of supply of products, risks associated with the introduction of new product lines, product design risk, environmental risks, volatility of commodity prices, inventory risks, customer and vendor risks, acquisition and integration risks, availability of credit, credit risks, interest rate risks, regulatory risks and employee retention risks. There can be no assurance that the Conversion will be completed on the terms described in this press release or at all.  In addition, there are numerous risks associated with an investment in units of the Fund, which are also further described in the "Risk Factors" section of our annual information form dated March 25, 2010 and our other public filings on SEDAR.  These forward-looking statements speak only as of the date of this press release. Except as required by applicable securities laws, the Fund does not undertake, and specifically disclaims, any obligation to update or revise any forward looking information, whether as a result of new information, future developments or otherwise, except as required by applicable law.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registrations requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. 

SOURCE The Brick Group Income Fund

For further information:

Bill Gregson       Greg Nakonechny
President and CEO      Vice President, Legal and Corporate Secretary
The Brick Group       The Brick Group 
(780) 930-6300       (780) 930-6300
investor@thebrickgroup.ca investor@thebrickgroup.ca


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