CALGARY, ALBERTA — (Marketwire) — 08/10/12 — Foremost Income Fund (“Foremost” or the “Fund”) announces the financial results for the three and six months ended June 30, 2012.
FINANCIAL RESULTS
Condensed Consolidated Interim Statements of Comprehensive Income
Unaudited
The key elements from Q2 2012 are:
The key financial elements for the year to date are:
TRUST UNIT REDEMPTIONS
For the six month period ending June 30, 2012 the Fund redeemed 7,709 Trust Units through its normal redemption program resulting in payments of $59,656. The Trustees have determined that, as of August 9, 2012 the Fund will increase the redemption price for tendered Trust Units from $7.75 to $8.26.
The Fund is an unincorporated open end mutual fund trust conducting its business through Foremost Universal LP (“Universal”) and Foremost Industries LP (“Foremost”). The Fund derives its operational income from both Universal and Foremost. Universal–s overall business is focused on the oil and gas industry and contains the business units of:
Foremost is comprised of the business unit of Foremost Industries, a manufacturer of custom equipment used for the oil and gas, construction, water-well and mining industries.
On behalf of the Trustees
Foremost Income Fund
James T. Grenon, Trustee
FORWARD-LOOKING STATEMENT
Certain statements in this news release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use words such as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. These statements reflect management–s current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties, including: the impact of general economic conditions, industry conditions, changes in laws and regulations, increased competition, fluctuations in commodity prices and foreign exchange, and interest rates.
Contacts:
Foremost Income Fund
Jackie Schenn, CA
(780) 875-8459
(780) 871-0456 (FAX)