TransForce Income Fund Announces Sale of Non-Core Environmental Assets
MONTREAL, October 3, 2006 – TransForce Income Fund (TSX: TIF.UN), the leader in the
Canadian transportation and logistics industry, today announced the sale of the hazardous waste
and industrial cleaning operations of its waste management subsidiary Services Matrec Inc. for net
cash proceeds of $31.8 million.
The assets being sold to Newalta Income Fund (TSX: NAL.UN) generated annual revenue of
approximately $20 million. They are considered non-core by Matrec management which will remain
focused on the company’s larger operations in solid waste management and recycling.
“We consider our waste management segment a key growth area for TransForce but will grow our
presence in that industry through businesses in which we have a strategic and competitive
advantage,” said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce
The sale agreement is subject to normal terms and conditions and is expected to close shortly.