TORONTO, ONTARIO--(Marketwire - Nov. 4, 2008) - Energy Savings Income Fund (TSX:SIF.UN) filed notice with the Toronto Stock Exchange on November 3rd announcing its regular distribution for November. A distribution of $0.10333/unit (annually $1.24) will be paid on November 30th, 2008 to Unitholders of record at the close of business on November 15th, 2008. The Units trade on the Toronto Stock Exchange under the symbol "SIF.UN".
In addition, the management of the Fund has reaffirmed that the current weak economic environment does not threaten Energy Savings' continued ability to pay monthly distributions at the current level.
Ken Hartwick, CEO of Energy Savings said, "Energy Savings prides itself on our track record of predictable, reliable and growing distributions to our unitholders. With our annual yield currently above 10%, some unitholders have questioned whether this level of distribution can be maintained within the current weak North American economy. Our management team would like to reaffirm that we will be maintaining the current monthly distribution going forward based on the solid operating results we are currently experiencing."
The Fund
Energy Savings' natural gas business, which is conducted in Ontario, Manitoba, Alberta, Quebec, British Columbia, Illinois, Indiana and New York, involves the sale of gas to residential, commercial and small industrial customers under long term, irrevocable fixed price contracts. Energy Savings also supplies electricity to Ontario, Alberta, New York and Texas customers. By fixing the price of natural gas or electricity under its fixed price contracts for a period of up to five years, Energy Savings' customers offset their exposure to changes in the price of these essential commodities. Energy Savings, which commenced business in July of 1997, derives its margin or gross profit from the difference between the fixed price at which it is able to sell the commodities to its customers and the fixed price at which it purchases the matching volumes from its suppliers.
Forward-Looking Statements
The Fund's press releases may contain forward-looking statements including statements pertaining to customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, distributable cash and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, levels of customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition and dependence on certain suppliers. Additional information on these and other factors that could affect the Fund's operations, financial results or distribution levels are included in the Fund's annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com or through the Fund's website at www.esif.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Energy Savings Income Fund
Ms. Rebecca MacDonald
Executive Chair
(416) 367-2872
Energy Savings Income Fund
Ken Hartwick C.A.
President and Chief Executive Officer
(905) 795-3557
Energy Savings Income Fund
Mr. Peter Bloch, C.A.
Chief Financial Officer
(905) 795-4206
Website: www.esif.ca
