Business
Sun Gro Horticulture Income Fund Accelerates Previously Announced Distribution Suspension
TRADING SYMBOL: Toronto Stock Exchange - GRO.UN VANCOUVER, Sept. 15 /CNW/ - Sun Gro Horticulture ...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\nTRADING SYMBOL: Toronto Stock Exchange - GRO.UN\n\n\nVANCOUVER, Sept. 15 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)\ntoday reported that it will suspend monthly distributions to unitholders two\nmonths earlier than announced on August 13, 2008. The suspension will now be\neffective after the August 2008 distribution paid today.\n\n\n"In light of the significant negative impact of continued poor peat\nharvest conditions on our financial performance, the Board determined that it\nwould be prudent to discontinue distributions earlier than planned and apply\navailable funds for internal purposes, primarily debt reduction," said Mitch\nWeaver, President and CEO of the Fund's wholly-owned subsidiary, Sun Gro\nHorticulture Canada Ltd. (Sun Gro), and a Trustee of the Fund.\n\n\nWeaver added that Sun Gro is currently working to optimize its harvest\nover the balance of the harvest season.\n\n\nForward-Looking Statements\n\n\nThis news release contains forward-looking statements. These statements\nrelate to future events or future performance and reflect Sun Gro's\nexpectations regarding its growth, results of operations, performance,\nbusiness prospects, opportunities or industry performance or trends. These\nforward-looking statements reflect management's current internal projections,\nexpectations or beliefs and are based on information currently available. In\nsome cases, forward-looking statements can be identified by terminology such\nas "may", "will", "should", "expect", "intend", "plan", "anticipate",\n"believe", "predict", "potential", "continue" or the negative of these terms\nor other comparable terminology. A number of factors could cause actual events\nor results to differ materially from those discussed in the forward-looking\nstatements. Important factors that could cause actual results to differ\nmaterially from Sun Gro's expectations include, among other things,\nfluctuations in currency exchange rates and interest rates, changes in tax\nlaws, the impact of adverse weather conditions on harvesting operations, an\nincrease in freight rates, failure to successfully implement Sun Gro's\nstrategies of adding mix products and targeting the professional grower\nmarket, failure of acquisitions ...