TORONTO, ONTARIO–(Marketwire – March 9, 2010) – The Consumers' Waterheater Income Fund ("Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust ("Trust") today announced that pursuant to the terms of the 2002 Consent Order, the Competition Bureau has approved, subject to certain exceptions, a new form of water heater rental contract in respect of new water heater installations. Under the new contract, the Fund may require a customer to purchase their water heater at a specified price if the customer terminates their rental agreement before the end of its term. The Fund believes that once implemented this purchase requirement will assist in reducing attrition.
"The new contract helps build long term value in the Fund by protecting our capital investments from loss prior to the end of their useful life," said John Macdonald, the President and CEO of the Fund.
About The Consumers' Waterheater Income Fund and The Consumers' Waterheater Operating Trust
The Fund and Trust own a portfolio of approximately 1.3 million installed water heaters and other assets, rented primari ly to residential customers in Ontario. The Fund also owns Stratacon, a leading "smart" sub-metering business, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional information regarding the Fund and the Trust, including their respective current Annual Information Forms, are available on SEDAR at www.sedar.com.
Certain statements in this news release are forward-looking statements, which reflect management's expectation regarding the Fund's and Trust's growth, results of operations, performance, revenues business prospects and opportunities. Such forward-looking information reflects management's current beliefs and is based on information available to them and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information is based on what management believes to be reasonable assumptions, neither the Fund nor the Trust can assure investors that actual results will be consistent with this forward-looking information. Except as required by applicable securities laws, neither the Fund nor the Trust intend or assume any obligation to update or revise the forward-looking information, whether as a result of new information, future events or otherwise. These forward-looking statements are made as of the date of this press release.
For further information: The Consumers’ Waterheater Income Fund
The Consumers’ Waterheater Operating Trust