News and Headlines

TerraVest Income Fund Announces Resignation of Trustee

January 20, 2010 – The Board of Trustees of TerraVest Income Fund (TSX: TI.UN) today announced that it has accepted the resignation of Mr. George Armoyan as Trustee who is taking a leave of absence to attend to personal family matters.

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TerraVest Income Fund Releases 2009 Q1 Financial Results

November 3, 2009 – The Fund today released its financial results for the 2009 third quarter.

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Terravest Income Fund Announces New President and CEO, Chair and Lead Director

October 6, 2009 – The Fund is pleased to announce today that John Maynard has been appointed as the new President and Chief Executive Officer of the Administrator of the Fund, TerraVest Industries Inc.

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TerraVest Income Fund Releases Q2 Financial Results

The Fund today released its financial results for the 2009 second quarter.

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TerraVest Income Fund Announces Suspension of Distribution

The Fund announces that in light of preliminary results for the quarter ended June 30, 2009, and in light of the continuing challenges facing our businesses as a result of current economic conditions, TerraVest’s trustees have decided effective today to suspend distributions indefinitely. The suspension of distributions will take effect with respect to the July 2009 distribution, which would have been paid in August 2009. The decision to suspend distributions was made to allow the company to conserve cash, reduce its debt levels and to position TerraVest to capitalize on future opportunities when the economy improves.

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TerraVest Income Fund Announces June 2009 Distribution

The Fund announced today that it has declared a cash distribution of $0.0275 per Unit, effective with the distribution to be paid on July 15, 2009, to Unitholders of record on June 30, 2009. The ex-distribution date is June 26, 2009.

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Terravest at a Glance

TerraVest (TSX: TI.UN) is a publicly traded income trust with a portfolio of six diversified businesses. The Fund's stated objective is to provide stable and increasing cash returns to its unitholders. Its mandate is to build a diversified portfolio of high quality, mid-sized businesses for outstanding growth in per unit distributions and income stability.

The Fund pays monthly distributions on the 15th day of each month to unitholders of record at the end of the previous month

The Fund has invested in six businesses:

RJV is one of the largest providers of wellhead processing equipment for the natural gas industry in western Canada.
Stylus is one of Canada's leading made-to-order upholstered furniture manufacturers.

Don Park is one of Canada's largest manufacturers and suppliers of heating, ventilation and air conditioning (HVAC) products.

Diamond Energy Services is a market leader in providing well servicing to the oil and natural gas sector in south- western Saskatchewan, with a growing presence in Alberta.

Beco Industries is one of Canada’s largest designers, manufacturers and importers of home textile products.

Ezee-On manufactures heavy duty equipment for large acreage grain farms and livestock operations.

General criteria for new investments by TerraVest:

  • Annual revenues above $20 million
  • Demonstrated track record of generating stable cash flow
  • Durable competitive advantage in an attractive industry
  • Ongoing participation of key personnel post aquisition
  • Opportunities for organic growth under existing business practices
  • Accretion to distributable cash per unit