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Non-GAAP measures
References to "EBITDA" are to earnings before interest, income taxes, depreciation, and amortization. Management
believes that, in addition to net income or loss, EBITDA is a useful supplemental measure in evaluating its performance.
Specifically, management believes that EBITDA is the appropriate measure from which to make adjustments to determine
the Fund's distributable cash. EBITDA is not a financial measure recognized by Canadian generally accepted accounting
principles ("GAAP") and does not have a standardized meaning prescribed by GAAP. Management cautions investors
that EBITDA should not replace net income or loss as an indicator of performance, or cash flows from operating,
investing, and financing activities as a measure of the Fund's liquidity and cash flows. The Fund's method of calculating
EBITDA may differ from the methods used by other issuers.
References to "EBITDA margin" are to EBITDA, as defined above, expressed as a percentage of revenue. Management
believes that in addition to EBITDA and net income or loss, EBITDA margin is a useful supplemental measure in
evaluating performance. EBITDA margin is not a financial measure recognized by GAAP and does not have a
standardized meaning prescribed by GAAP.
Distributable cash is a non-GAAP measure generally used by Canadian income funds as an indicator of financial
performance. The Fund defines distributable cash as EBITDA less interest expense, maintenance capital expenditures,
and current taxes. Distributable cash is not a financial measure recognized by GAAP and does not have a standardized
meaning prescribed by GAAP. The method of calculating the Fund's distributable cash may differ from similar
computations as reported by similar entities and, accordingly, may not be comparable to distributable cash as reported by
such entities.
Forward-Looking Statements
The statements contained in this news release may contain forward-looking statements that reflect our expectations
regarding the future growth, results of operations, performance and business prospects, and opportunities of the Fund.
Forward-looking statements contain such words as "anticipate", "believe", "continue", "could", "expects", "intend", "plans"
or similar expressions suggesting future conditions or events. Such forward-looking statements reflect our current beliefs
and are based on information currently available to us. Forward-looking statements involve significant risks and
uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-
looking statements, including changes in national and local business conditions, decreased crop yields, industry
cyclicality, and competition. These risks and uncertainties are fully described in our 2005 Annual Report and our Annual
Information Form dated March 16, 2006. Further information about these and other risks and uncertainties can be found in
the disclosure documents filed by Ag Growth Income Fund with the securities regulatory authorities, available at
Contacts: Ag Growth Income Fund Steve Sommerfeld Investor Relations (204) 489-1855 Email: steve@aggrowth.com
Copyright 2007, Market Wire, All rights reserved.
-0- Ag Growth Announces Completion of Strategic Acquisition
NOBLEFORD,ALBERTA,CANADA
WINNIPEG, MANITOBA, May 31 (MARKET WIRE) --
Ag Growth Income Fund (TSX: AFN.UN) ("Ag Growth" or the "Fund") announced today the
successful completion of its previously announced acquisition of substantially all of the operating
assets of Twister Pipe Ltd. of Calgary, AB. The purchase price and related acquisition costs are to be
funded via a revised term debt agreement with TD Commercial Banking.
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