January 7, 2010
Boyd Group Income Fund Announces Management Changes
Not for distribution to U.S. newswire services or for dissemination in the United States
Winnipeg, Manitoba — January 7, 2010 — Boyd Group Income Fund (TSX: BYD.UN) (“the Fund” or “the Boyd Group”) today announced that effective immediately, Brock Bulbuck, President and Chief Operating Officer (“COO”), has been appointed President and Chief Executive Officer (“CEO”) of the Boyd Group. Mr. Bulbuck’s COO responsibilities will be reallocated among existing key management personnel. Terry Smith, former CEO of the Boyd Group, was named Executive Chairman of the Boyd Group.
“Brock has played an integral role in the Boyd Group’s growth and success since joining us as Vice President, Business Development and Chief Financial Officer 16 years ago. The Board and I believe Brock is uniquely qualified to guide our company through its next phase of growth, while maintaining the operating philosophies that have been vital to the success of our business,” said Mr. Smith, Executive Chairman of the Boyd Group. “I look forward to my continued involvement in operations and strategic matters as Executive Chairman.”
Prior to joining the Boyd Group in 1993, Mr. Bulbuck held an executive management position with a publicly traded, Winnipeg-based management holding company. Mr. Bulbuck began his professional career with Touche Ross, Chartered Accountants (later Deloitte & Touche), where he received his Chartered Accountant designation in 1985. Mr. Bulbuck holds an Honours Bachelor of Commerce degree from the University of Manitoba.
About The Boyd Group Inc.
The Boyd Group Inc. is the largest operator of collision repair centres in Canada and among the largest in North America. The Company operates locations in the four western Canadian provinces under the trade name Boyd Autobody & Glass, as well as in seven U.S. states under the trade name Gerber Collision & Glass. The Company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with approximately 3,000 affiliated service providers throughout the United States. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at www.boydgroup.com.
About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries.
For further information, please contact:
President & CEO
Tel: (204) 895-1244
Tel: (204) 895-1244
Adriana Braczek or Bruce Wigle
Tel: (416) 815-0700 / 1-800-385-5451 (ext. 240 / 228)
Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like “may”, “will”, “anticipate”, “estimate”, “expect”, “intend”, or “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include, but are not limited to: the economic downturn; loss of key customers; fluctuations in cash distributions; dependence on the Fund’s operating subsidiary to pay its interest obligations; loss of services of key senior management personnel; damage to the Company’s brand; variation in the number of insurance claims; margin pressure; management of credit and refinancing risks; responding to changes in the market environment; technology risks; the management of key supplier relationships; capital expenditures; competition from established competitors and new entrants in the businesses in which the Company operates; employee relations; the ability to complete acquisitions of collision repair facilities and other businesses and to integrate these acquisitions successfully; the ability to identify start-up locations and reach anticipated profitability levels; potential discovery of undisclosed liabilities associated with acquisitions; energy costs; weather conditions; operational and infrastructure risks including possible equipment failure and performance of information technology systems; fluctuations in operating results and seasonality; ability to expand into the United States; insurance coverage of sufficient scope to satisfy any liability claims; environmental risk; interest rate fluctuations and general economic conditions; quality of corporate governance; pending and proposed legislative or regulatory developments including the impact of changes in laws, regulations and the enforcement thereof; quality of internal control systems; fluctuations in foreign currencies; fluctuations in the cost of benefit plans; impact of government owned insurance; and the possible impacts from public health emergencies, international conflicts and other developments including those relating to terrorism; and the Fund’s success in anticipating and managing the foregoing risks.
We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the “Risk Factors” section of the Fund’s Annual Information Form, the “Risks and Uncertainties” and other sections of our Management’s Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings.