BFI CANADA COMPLETES ACQUISITION OF RIDGE LANDFILL |
01/04/2005 |
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For Immediate Release
BFI CANADA COMPLETES ACQUISITION OF RIDGE LANDFILL
Toronto, Ontario – January 4, 2005 -- BFI Canada Income Fund (TSX:BFC.UN) today announced that it has successfully completed the purchase of the Ridge landfill from Waste Management of Canada Corporation in a transaction valued at Cdn$110 million. The completion of this transaction follows regulatory approval from the Competition Bureau and was in accordance with the terms previously announced.
With an annual permitted capacity of 680,000 tonnes, the Ridge landfill provides an important and ongoing solution to Ontario’s non-hazardous, solid waste management challenge. By acquiring it, BFI Canada will be able to increase internalization of volumes and further enhance its market presence in Ontario while delivering immediate and long-term economic benefits to its unitholders.
“We are delighted to be able to add the Ridge landfill to our expanding footprint in southern Ontario because it enables us to optimize performance of our existing collection operations by internalizing volumes and achieving a higher degree of vertical integration,” said Keith Carrigan, President and CEO of BFI Canada. “The Ridge landfill acquisition rounds out BFI’s base platform in Ontario, provides a long-term disposal solution for industrial, commercial and institutional (IC&I) waste generated from the southern Ontario market, and is immediately accretive to unitholders.”
About BFI Canada
BFI Canada Income Fund, through its subsidiaries, is one of Canada’s largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services for municipal, commercial, industrial and residential customers in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec. The Fund's units are listed on The Toronto Stock Exchange under the symbol BFC.UN. For more information on the Fund, visit www.bficanada.com.
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This document may contain forward-looking statements relating to the Fund’s operations or to the environment in which it operates, which are based on the Fund’s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the Fund’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the Fund’s renewal Annual Information Form for the period ended December 31, 2003. Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Fund cannot assure unitholders that actual results will be consistent with these forward looking statements, and 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.
For further information, please contact:
Keith Carrigan
President & Chief Executive Officer, BFI Canada
Tel: (416) 401-7721
Email: keith.carrigan@bficanada.com
Anne MacMicken,
Manager, Investor and Employee Relations, BFI Canada
Tel: (416) 401-7729
Email: anne.macmicken@bficanada.com
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