CALGARY--(CCNMatthews - March 31) - AltaGas Income Trust (AltaGas or the Trust) (TSX: ALA.UN) today announced that Patricia Newson will step down as Chief Financial Officer of AltaGas effective May 1, 2006, to focus her attention on her role as President and Chief Executive Officer of AltaGas Utility Group Inc. (Utility Group). While Patricia is leaving her position as Chief Financial Officer with AltaGas, she remains a Senior Vice President of the Trust.
Richard M. Alexander is joining the Trust as Senior Vice President Finance and Chief Financial Officer, effective May 1, 2006. Mr. Alexander has served in senior positions with a number of large oil and gas companies in Toronto and Calgary, most recently as Vice President Finance. He has his Chartered Financial Analyst (CFA) designation, is a CMA (Society of Management Accountants), a member of the Society of Financial Analysts and has a Bachelor of Business Management from Ryerson University in Toronto.
Patricia Newson joined AltaGas Services Inc., the predecessor to the Trust, in June 1996 as Vice President Finance and Chief Financial Officer. Ms. Newson was appointed Senior Vice President Finance and Chief Financial Officer in 1998. During her tenure, AltaGas has grown its assets from $14 million to more than $1 billion, went public in 1999 and converted to an income trust in 2004. In late 2005, the Trust spun-out Utility Group as a separate, publicly traded entity in which the Trust retains a 26.7 percent interest. Ms. Newson was appointed President and Chief Executive Officer of Utility Group in 2005.
"Patricia Newson has been an important contributor to the growth of AltaGas and our success to date," said David Cornhill, Chairman, President and Chief Executive Officer of AltaGas. Mr. Cornhill added: "We thank her for her dedication to the Trust and wish her the very best in her new role as President and Chief Executive Officer of Utility Group. The Trust is also very pleased to announce the appointment of Rick Alexander as its Senior Vice President Finance and Chief Financial Officer. Mr. Alexander's knowledge and experience will complement the management team of AltaGas as we continue to implement our strategy to enhance unitholder value."
AltaGas Income Trust is one of Canada's largest and fastest growing integrated energy infrastructure and services organizations. The Trust creates value by growing and optimizing assets and services across the energy value chain to serve North America's energy demand. Since 1994, AltaGas Income Trust has expanded its business to include natural gas gathering, processing and transmission, extraction of ethane and natural gas liquids, power generation, marketing of natural gas and natural gas liquids, as well as retail energy services to commercial, industrial and institutional end-users across Canada.
AltaGas Income Trust's units are listed on the Toronto Stock Exchange under the symbol ALA.UN. The Trust is included in the S&P/TSX Composite Index, the S&P/TSX Capped Income Trust Index and the S&P/TSX Capped Energy Trust Index.
This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Trust or an affiliate of the Trust, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Trust's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Trust's public disclosure documents. Many factors could cause the Trust's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Trust does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.