ATS Andlauer Income Fund

September 23, 2005 09:00 ET

ATS Andlauer Income Fund Files Final Prospectus for $93 Million IPO

TORONTO, ONTARIO--(CCNMatthews - Sept. 23, 2005) -

Not for distribution to U.S. newswire services or for dissemination in the United States.

ATS Andlauer Income Fund (the "Fund") is pleased to announce that it has filed a final prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with the Fund's initial public offering. The Fund will issue 9,324,200 trust units at $10.00 per unit for gross proceeds of $93,242,000. On closing of the offering, the Fund will own indirectly 80.1% of ATS Andlauer Transportation Services Limited Partnership ("ATS Andlauer LP"), which will acquire, own and operate the Canadian transportation solutions business of ATS Andlauer Transportation Services Inc. ("ATS Andlauer"). Closing is scheduled for September 30, 2005.

Founded in 1991, ATS Andlauer is a leading national Canadian transportation solutions provider focusing on the business-to-business distribution of higher value consumer products. ATS Andlauer provides its customers with full-service transportation solutions including ground transportation and air freight forwarding services through a nationwide network of facilities located in 23 centres across Canada.

The Fund intends to make monthly distributions of its distributable cash, estimated at approximately $0.975 per trust unit annually. The first distribution to unitholders of record on October 31, 2005 is expected to be paid on November 15, 2005, for the period from closing to October 31, 2005, and is estimated to be $0.085 per unit (representing approximately $0.081 per unit calculated on a monthly basis). The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the trust units under the symbol "ATS.UN", subject to the Fund satisfying the customary requirements of the TSX.

The underwriting syndicate for the offering is led by National Bank Financial Inc. and includes RBC Dominion Securities Inc., TD Securities Inc., CIBC World Markets Inc., Scotia Capital Inc. and HSBC Securities (Canada) Inc.

A copy of the Fund's final prospectus is available on SEDAR (www.sedar.com).

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.