TORONTO, October 30, 2009 – Criterion Investments Inc. (“Criterion”), the Manager and Trustee of Criterion U.S. Buyback Fund (the “Trust”) today announced that it intends to terminate the Trust on or about December 29, 2009.
For unitholders who purchased deferred sales charge or low load units of the Trust, Criterion has voluntarily committed to absorb any early redemption charge or fee associated with the redemption of these units.
The Trust has failed to attract sufficient net sales to achieve satisfactory scale and maintain a management expense ratio that is competitive with similar investment products thus prompting this step. Despite out-performance relative to its benchmark, Criterion does not believe the Trust can increase its size and achieve satisfactory scale in the foreseeable future.
In accordance with the Trust’s Declaration of Trust, commencing immediately, the Trust’s investment advisor will commence liquidating the assets of the Trust in an orderly manner such that its portfolio will consist entirely of cash at the time of termination, and commencing immediately, the rights of unitholders with respect to redemption of units will cease. As soon as all assets of the Trust have been converted to cash, the Trust shall distribute to unitholders of record as of the date of termination of the Trust their proportionate share of all property and assets of the Trust available for distribution through the final redemption of all outstanding units of the Trust. This is anticipated to occur on or about December 30, 2009.
For more information, please contact Rohit Mehta, Criterion Investments Inc. at (416) 642-5988 or 1-888-642-5998 or visit www.criterioninvestments.com.