Atlas replaces board of directors

TORONTO, (Jan. 12, 2004) — Atlas Cold Storage Income Trust will replace the board of directors at its troubled operating company in an effort to restore confidence in the business.

The company — which operates North America’s second-largest network of temperature-controlled warehouses, as well as trucking assets that supply food distributors and grocery chains — has announced Nicholas Ross, Joseph Wiley, Jeffrey Rosenthal and Jack Scott will resign as directors of Atlas. Wes Voorheis and Robert Gillespie, the other two directors, will continue to serve until no later than the next annual meeting of Atlas’ unitholders.

The directors leaving at the end of January will be replaced by Peter Dey, who will become chairman.

The company has been tuned upside down by a series of troubles since it announced last fall it would have to restate 2002 and 2001 financial statements after an internal investigation found irregularities. In December the company said it indefinitely suspending distributions and announced it would not pay debenture interest due Dec. 31.

The company also said it would discontinue its Canadian trucking operations. It cited that its main troubles were in Western Canada, particularly at TCT Logistics, which sold all its refrigerated trucking assets to Atlas after it went into receivership in January of 2002.

— with files from Canadian Press