OAKVILLE, ON, Jan. 1, 2011 /CNW/ - Vicwest Inc. (the "Corporation") is pleased to announce the completion of the previously announced conversion of Vicwest Income Fund (the "Fund") to a corporation, Vicwest Inc., pursuant to a plan of arrangement (the "Arrangement") under the Business Corporation Act (Ontario).
The Corporation now directly and indirectly owns and operates the businesses previously directly and indirectly held and operated by the Fund, and the officers and directors of the Corporation are the former officers and trustees of the Fund.
Pursuant to the Arrangement, which became effective as of January 1, 2011, unitholders of the Fund received one common share of the Corporation ("Common Shares") in exchange for each unit of the Fund ("Units") held. The outstanding Units acquired by the Corporation have been cancelled, and the Fund has been dissolved. Further, holders of the Fund's 6.00% convertible unsecure subordinated debentures ("Debentures") are now entitled to receive, upon the conversion of their Debentures in accordance with their terms, Common Shares rather than Units, on the basis of one Common Share in lieu of each Unit it was previously entitled to receive. The Corporation now has 17,412,112 Common Shares issued and outstanding on an undiluted basis.
Trading of the Common Shares is scheduled to commence on January 4, 2011 on the Toronto Stock Exchange under the symbol "VIC". The Units of the Fund will be delisted from the TSX immediately prior to the opening of trading on January 4, 2011. The Debentures will continue trading on the TSX under the symbol "VIC.DB".
About Vicwest Inc.
Vicwest Inc. is a leading manufacturer and distributor of building construction products, and steel containment products for agricultural grain, fertilizer and liquid storage. Through its Vicwest Building Products division, the Corporation fabricates and markets metal roofing, siding and other metal building products under the trade names Vicwest, Mercury Metals, Valley Truss & Metal RCA Metal and AWIP-Vicwest USA. The Corporation's Westeel Storage Solutions division manufactures storage solutions for agricultural grain and fertilizer, as well as liquid storage tanks and accessories. These products are manufactured and distributed under the trade names Westeel, Northern Steel Industries and NSI. Through a global alliance, Westeel also distributes Buhler Industriesmanufactured grain handling equipment in Canada under the Westeel brand. With approximately 1,200 dedicated employees and strategically located manufacturing facilities, the Corporation delivers superior quality products and excellent service to customers in chosen markets.
Certain statements in this news release may constitute "forward-looking" statements. When used in this news 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 Corporation's management regarding future events but involve known and unknown risks, uncertainties and other factors which may cause outcomes or the actual results, performance or achievements of the Corporation 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. These forward-looking statements speak only as of the date of this news release. Except as required by applicable securities laws, the Corporation 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.
SOURCE Vicwest Inc.
For further information: Colin Osborne, President & Chief Executive Officer, Vicwest Inc., Tel: (905) 469-5700; John Slattery, Executive VP & Chief Financial Officer, Vicwest Inc., Tel: (905) 469-5706; www.vicwestinc.com