Specialty Foods Group Income Fund Announces Final Distribution

TORONTO, July 7, 2021 /CNW/ - Specialty Foods Group Income Fund (the "Fund") announced today that it will be making a final distribution as a return of capital to the unitholders of the Fund in the amount of Cdn.$3.25 million, representing a distribution per unit of approximately Cdn.$0.16 (the "Distribution"), based upon their being 20,125,000 outstanding units. This amount represents the balance of the net cash proceeds that have been held in trust by PricewaterhouseCoopers Inc., LIT and that were received from the previously completed sale of Specialty Foods Group, LLC ("SFG") including after the deductions referred to below. The Fund has received all proceeds arising from the sale of SFG, including after taking into account all post-closing adjustments. It is anticipated that the final distribution will be made by the Fund through the facilities of CDS on or about July 20, 2021 to holders of record on July 12, 2021.

Following completion of the Distribution, it is anticipated that the Fund and its subsidiaries will cease all further activity. Glenn Bowman, the sole director of 1959832 Ontario Inc., the trustee of the Fund, and of Fund subsidiaries including Specialty Foods Group Canada Holdings, Inc., has advised that he intends to resign after the Distribution and after arranging for the usual tax returns to be filed.

In arriving at the amount of the Distribution, the Fund has deducted a reserve amount to cover anticipated director fees up to the time of Mr. Bowman's resignation, director and officer insurance (including run-off insurance), the deductible amount under the insurance policy and other expenses of the Fund including CDS fees in relation to the Distribution, accounting and legal expenses and certain taxes.

FORWARD-LOOKING INFORMATION

This press release contains forward-looking information within the meaning of applicable securities laws that reflects the current expectations of the trustee of the Fund. The words "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "project", "continue", "predict", "potential", or the negative of these terms or other similar expressions have been used to identify such forward-looking information.

Forward-looking information is based upon a number of assumptions and is subject to a number of known and unknown risks and uncertainties, many of which are beyond the Fund's control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Certain factor(s) could cause actual results to differ materially from those discussed in the forward-looking information.

This forward-looking information represents the trustee's understanding as of the date of this press release. While subsequent events and developments may cause such understanding to change, the Fund does not intend to update this forward-looking information, except as required by applicable securities laws.

SOURCE Specialty Foods Group Income Fund

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