TORONTO, May 19 /PRNewswire-FirstCall/ -- Cinram International Income Fund (the "Fund") (TSX: CRW.UN) announced today that it has declared an initial cash distribution of $0.2177 per unit pro-rated for the period from May 5, 2006 (the effective date of the conversion of Cinram International Inc. into the Fund) to May 31, 2006. This distribution will be paid on or about June 15, 2006 to unitholders of record at the close of business on May 31, 2006.
Cinram International Limited Partnership (the "Partnership") also announced that it will be making an initial cash distribution of $0.2177 per Class B limited partnership unit for the period from May 5, 2006 to May 31, 2006. This distribution will also be paid on or about June 15, 2006 to unitholders of record at the close of business on May 31, 2006.
The distribution policy of both the Fund and the Partnership is that unitholders of record at the close of business on the last business day of each calendar month will receive a distribution on or about the 15th day of the following month. The monthly distribution will be $0.25 per unit, representing $3.00 per unit on an annualized basis.
All references to dollar amounts in this announcement are in Canadian funds. The Fund will be implementing a currency risk management program that effectively reduces volatility by protecting its US and European cash flows.
About Cinram
Cinram International Inc., an indirect wholly-owned subsidiary of the Fund, is the world's largest provider of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, VHS video cassettes, audio CDs, audio cassettes and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. The Fund Units are listed on the Toronto Stock Exchange under the symbol CRW.UN and are included in the S&P/TSX Composite Index. For more information, visit our Web site at http://www.cinram.com/.
Certain statements included in this release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund, or results of the multimedia duplication/replication industry, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, impact the demand for the Fund's products and services; multimedia duplication/replication industry conditions and capacity; the ability of the Fund to implement its business strategy; the Fund's ability to retain major customers; the Fund's ability to invest successfully in new technologies and other factors which are described in the Fund's filings with applicable securities commissions. Due to the potential impact of these factors, the Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
