Business
TerraVest Income Fund Announces the Sale of Beco Industries
VEGREVILLE, AB, Dec. 8, 2011 /CNW/ - TerraVest Income Fund (TSX: TI.UN) announced today that ...
About this update from Terravest Industries, Inc.
[{"type":"text","content":"\n\n\n\n\n\nVEGREVILLE, AB, Dec. 8, 2011 /CNW/ - TerraVest Income Fund (TSX: TI.UN)\n announced today that Beco Industries Limited Partnership has sold its\n assets and operations to a corporation controlled by Richard Pinchuk, a former\n owner and President of Beco, and Larry Rinzler, Vice President of Beco.\n Cash proceeds received on closing were approximately $5.6 million.\n\n\nThe sale of Beco results from the Fund's previously announced and\n ongoing evaluation of each of its portfolio businesses in order to\n determine fair value and the related review of the future strategic\n direction of the Fund.\n\n\nThe Fund's management continues to actively review options for the\n maximization of value to the unitholders of their investment in the\n Fund. This includes the continuing evaluation of the remaining\n portfolio businesses, separately and the Fund as a whole, in order to\n determine fair values. The board of trustees and management have also\n reviewed the future strategic direction of the Fund, and, as a result\n of this review, the board of trustees has determined that it is in the\n best interests of the Fund and its unitholders that management continue\n to identify and negotiate with potential purchasers. This process may\n result in the future sale of one or more portfolio businesses or the\n assets thereof. Subject to the Fund's cash requirements at the relevant\n times, the Fund plans to use proceeds received from such sale of\n portfolio businesses to pay one or more special distributions to\n Unitholders.\n\n\nAbout TerraVest Income Fund\n\n\nThe Fund has investments in two remaining portfolio businesses:\n\n\nRJV Gas Field Services (\"RJV\"), one of Canada's largest providers of\n wellhead processing equipment for the natural gas industry in western\n Canada and\n\n\nDiamond Energy Services (\"Diamond\"), a market leader in providing well\n servicing to the oil and natural gas sector in south-western\n Saskatchewan.\n\n\nCaution Regarding Forward-Looking Statements\n\n\nThis news release contains forward-looking statements. All statements\n other than statements of historical fact contained in this news release\n are forward-looking statements, including, without limitation,\n statements regarding our strategic direction and evaluation of the\n portfolio businesses and the Fund as a whole, the sale or potent...