Tree Island Reports April Covenant Breach

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Tree Island Wire Income Fund (the "Fund") (TSX:TIL.UN) today announced that as a result of continuing difficult market conditions, it is out of compliance with its EBITDA covenants under the GE credit facilities for the month of April 2009. The Fund has notified its lender of this breach and is working with them to resolve this issue.

About the Fund

The Fund was launched on November 12, 2002, with the completion of an Initial Public Offering. There are 21,960,447 units of the Fund outstanding, representing a 100% ownership interest in Tree Island.

The Fund's performance depends entirely on the performance of Tree Island.

About Tree Island Industries

Headquartered in Richmond, British Columbia, Tree Island Industries produces wire products for a diverse range of construction, agricultural, manufacturing and industrial applications. Its products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products. The company markets these products under the Tree Island, TI Imports and HK Universe brand names. Tree Island also owns and operates a Hong Kong-based trading company that provides internationally sourced products to Tree Island and its customers worldwide.

Construction/Building

CMHC: Canada's Economic Action Plan Creates Jobs and Improves Housing on Reserve in Yukon and Northern British Columbia (2010-03-18)

SCHL : Le Plan d'action économique du Canada crée des emplois et améliore les logements dans les réserves du Yukon et du Nord de la Colombie-Britannique (2010-03-18)

Black Diamond Group Limited Announces March Dividend (2010-03-18)

GTA REALTORS(R) Reporting March Mid-Month Housing Statistics (2010-03-17)

Dessau raises $330,000 for Centraide (2010-03-17)

CEMATRIX Corporation Announces Appointment of a Vice President (2010-03-17)

CEMATRIX Corporation Announces Appointment of New Director and Grant of Stock Options (2010-03-17)

ADF Group Inc. announces the departure of its Chief Financial Officer (2010-03-17)

Black Diamond Group Limited Announces Closing of $25.33 Million Bought Deal Equity Financing (2010-03-17)

Laird Electric secures $45 million of new projects in the Alberta oil sands (2010-03-16)

CanWel Building Materials Fourth Quarter and 2009 Year End Earnings Release and Conference Call Notification (2010-03-16)

GENIVAR Income Fund: Notice of 2009 Fourth Quarter and Year-End Results and Conference Call (2010-03-16)

Bird Construction Income Fund announces Its Selection as the Preferred proponent for Alberta New Schools Project (2010-03-16)

Global demand for equipment strong at Ritchie Bros. Edmonton auction (2010-03-15)

PARA PAINTS and Lowe's Announce Partnership (2010-03-15)

Mohawk Announces Cash Tender Offer for Up To $200,000,000 Aggregate Principal Amount of Its Outstanding 6.50% Senior Notes Due 2011 (2010-03-15)

Vicwest Income Fund Announces Distribution for March 2010 (2010-03-15)

European Energy Giants Increase Renewable Energy Portfolios, an Industrial Info News Alert (2010-03-14)

Media Advisory: CMHC-Social Housing Renovation Announcement (2010-03-12)

CMHC: Canada's Economic Action Plan Creates Jobs and Improves Housing on Reserve in Quebec (2010-03-12)

SCHL : Le Plan d'action économique du Canada crée des emplois et améliore les logements dans les réserves au Québec (2010-03-12)

Avis Aux Médias: SCHL-Annonce concernant la rénovation de logements sociaux (2010-03-12)

Bird Construction Income Fund announces strong 2009 annual financial results and March and April 2010 distributions (2010-03-12)

Environmentally Friendly Soil Stabilizer Introduced to the Dominican Republic (2010-03-12)

Bird Construction Income Fund announces intention to convert to a dividend paying corporation and dividend policy (2010-03-12)

Governments of Canada and Quebec Invest in New Affordable Housing in La Peche (2010-03-12)

The Churchill Corporation Reports 2009 Financial Results (2010-03-12)

Brampton Brick Reports Results for the Fourth Quarter and Year Ended December 31, 2009 (2010-03-12)

Seacliff Awarded $8.4 Million Electrical Contract at Edmonton Clinic North (ECN) Bringing Total Work at ECN to $56.0 Million: Fourth Institutional Infrastructure Contract Win in 2010 (2010-03-11)

NorthGrid Solar Inc. opens regional offices in Ottawa and Sault Ste. Marie (2010-03-11)

Media Advisory: Social Housing Renovation Announcement (2010-03-11)

The Ultimate Design Tool for Segmental Retaining Walls Now Available From Allan Block(R) -- AB Walls 10 (2010-03-11)

SNC-Lavalin refutes misinformation published on federal building contracts (2010-03-11)

Kids Crooked House Partners with Kinder Canada in Playhouse Giveaway (2010-03-11)

Economic News/Trends and Analysis

Risk-Filled Recovery (2010-03-18)

Higher prices drive rebound in oil extraction industry profits (2010-03-18)

Savvy advice for first time home buyers: TD Canada Trust reveals what women in Quebec want to know (2010-03-16)

Media Advisory - Which G7 country and which city has the lowest business costs? (2010-03-16)

Trade Unions Ask Norwegian Pension Funds to Divest of Grupo Mexico Shares (2010-03-16)

Manitoba's housing market perks up: RBC Economics (2010-03-15)

Government-funded construction projects at Ontario universities boost local economies, strengthen learning and research environments (2010-03-15)

Canada's housing affordability slips slightly: RBC Economics (2010-03-15)

Higher prices melt housing affordability in British Columbia: RBC Economics (2010-03-15)

Slow housing market in Saskatchewan helps improve affordability: RBC Economics (2010-03-15)

Alberta's housing affordability remains in check: RBC Economics (2010-03-15)

Ontario's housing market shifts into high gear: RBC Economics (2010-03-15)

Booming housing market undermines affordability in Quebec: RBC Economics (2010-03-15)

Housing affordability improves in Atlantic Canada: RBC Economics (2010-03-15)

Surprising new evidence on the impact of dollar volatility (2010-03-12)

Consumer confidence may be turning the corner: Survey (2010-03-12)

Ontario's economic recovery gains steam: RBC Economics (2010-03-11)

Alberta's slow recovery should speed up through 2010: RBC Economics (2010-03-11)

British Columbia's economy expected to turn the corner in 2010: RBC Economics (2010-03-11)

The worst is over for Manitoba's economy: RBC Economics (2010-03-11)

Atlantic Canada's economy poised for growth in 2010: RBC Economics (2010-03-11)

Saskatchewan's economy set to rebound: RBC Economics (2010-03-11)

Rising benefit costs challenge employers to balance attractive programs with affordability (2010-03-11)

CIOs Report On Second Quarter Hiring Expectations (2010-03-11)

Quebec's economy on the mend: RBC Economics (2010-03-11)

Canada's economy shifts into recovery mode: RBC Economics (2010-03-11)

CFOs Report On Second Quarter Hiring Expectations (2010-03-11)

The Canadian Aerospace Industry praises the federal government for recognizing Space as a strategic capability for Canada (2010-03-11)

Environmental Services

OPG Calls for Supply of Wood-Based Biomass Fuel for Atikokan Coal-Fired Generating Station (2010-03-18)

Carbon Friendly announces plans to open briquetting facility (2010-03-18)

More Alberta charities receive free computers from ERA.ca (2010-03-17)

Ontarians get the picture - there are not nearly enough trees and forests in southern Ontario (2010-03-17)

Nestlé drives rainforest destruction pushing orangutans to brink of extinction (2010-03-17)

Alcan Cable signs distribution agreement with Promethean Devices LLC to sell new transmission line monitoring technology (2010-03-17)

Carbon Friendly Submits its Phase I Poland Afforestation PDD for VCS Validation (2010-03-17)

Charities in need continue to wait for donations of computer equipment (2010-03-17)

Maple Leaf signs Yellowhorn seedling distribution agreement with U.S. entity (2010-03-16)

Day4 Energy Reports Fourth-Quarter and Year End 2009 Results (2010-03-16)

Catch the Wind signs sales agreement with leading manufacturer of wind turbines (2010-03-16)

Sino-Forest Achieves Strong Fourth Quarter and Annual 2009 Results (2010-03-16)

Domtar to permanently close its coated groundwood paper mill in Columbus, Mississippi (2010-03-16)

New field-study on the potential use of biodiesel for off-road machinery in highway construction and forest operations (2010-03-16)

Multiple Site roll out by Major US Produce Wholesaler (2010-03-16)

Avon Launches Hello Green Tomorrow in More Than 65 Countries: A Global Women's Environmental Movement to Nurture Nature (2010-03-16)

Transcontinental Northern California receives Silver LEED certification from U.S. Green Building Council (2010-03-15)

BIOREM receives C$1.7 million in new orders (2010-03-15)

Newalta Announces Quarterly Dividend (2010-03-15)

Media advisory: Domtar at the Goldman Sachs Conference (2010-03-15)

Thermal Energy announces cancellation of 2,700,000 common shares (2010-03-15)

Thermal Energy Signs $4 million Contract with Kruger Products Limited to provide FLU-ACE(R) Heat Recovery Solution (2010-03-12)

Thermal Energy was headline sponsor of NHS Sustainable Development 2010 (2010-03-12)

Plutonic Power Announces Energization Plans for Toba Montrose Transmission Line (2010-03-12)

Hybridyne Power Systems Canada's CEO returns (2010-03-12)

Thermal Energy Receives Purchase Order from King's College Hospital in England (2010-03-12)

Cleanfield Announces Non-Brokered Private Placement for up to $480,000 (2010-03-11)

U.S. Department of State Announces Winners of Global Online Video Contest: 'Change Your Climate, Change Our World' (2010-03-11)

Alcan Specialty Sheet introduces a comprehensive product portfolio of Automotive Body in White sheet specifications to meet European automotive industry's growing demand (2010-03-11)

Smurfit-Stone Partners With Emerald Waste to Provide Recycling and Waste Solutions in Gainesville, FL (2010-03-11)

ENPAR commissions ammonia treatment system for a gold mine located in northeastern Ontario (2010-03-11)

British Columbia's clean energy industry welcomes Clean Power Call results (2010-03-11)

Finavera Renewables Awarded Four Electricity Purchase Agreements in BC Hydro Clean Power Call (2010-03-11)

Government of Canada/Public Works

Government of Canada Supports University Scholarships and Internships in Translation (2010-03-18)

Public Notice: Public Works and Government Services Canada (2010-03-17)

REMINDER/Chaudiere Crossing - Lane Closures (2010-03-16)

REMINDER: Alexandra Bridge-Closure of Northbound Lane to Gatineau (2010-03-16)

Chaudiere Crossing - Lane Closures (2010-03-15)

Alexandra Bridge-Closure of Northbound Lane to Gatineau (2010-03-15)

Government of Canada Increases Support for Young Musicians of the Morningside Music Bridge Program (2010-03-12)

Real Estate

Cominar Real Estate Investment Trust Announces March 2010 Monthly Distribution (2010-03-18)

Northern Property reports 2009 financial results (2010-03-17)

Serious housing shortage in Nunavik - Inuit sounds a warning to federal government (2010-03-17)

Calloway Real Estate Investment Trust Declares March 2010 Distribution (2010-03-17)

Dundee REIT March 2010 Monthly Distribution (2010-03-17)

Holloway Lodging Real Estate Investment Trust reports 2009 year end results; Announces intention to convert to a corporation (2010-03-16)

Artis releases fourth quarter and 2009 results; Reports solid same property NOI growth of 5.2% (2010-03-16)

C.A. Bancorp Strategic Process Continuing (2010-03-16)

Pure Industrial Real Estate Trust Announces Release of Fiscal 2009 Financial Results, Schedules Conference Call and Announces Cash Distribution for March 2010 (2010-03-16)

Cominar and Overland announce completion of acquisition (2010-03-16)

Morguard REIT declares March 2010 distribution of 7.5 cents per unit (2010-03-16)

Allied Properties Real Estate Investment Trust Announces March Distribution (2010-03-16)

Killam announces monthly dividend (2010-03-16)

Artis REIT Announces Closing of $50 Million Offering of Units (2010-03-16)

Dundee REIT Completes $100 Million Equity Offering (2010-03-16)

RioCan Real Estate Investment Trust Announces March 2010 Distribution (2010-03-15)

Northern Property Real Estate Investment Trust Announces March 2010 distribution (2010-03-15)

SCHL : Le Plan d'action économique du Canada crée des emplois et améliore les logements sociaux au Québec (2010-03-15)

CMHC: Canada's Economic Action Plan Creates Jobs and Improves Social Housing in Quebec (2010-03-15)

Extendicare REIT Declares March 2010 Distribution (2010-03-15)

C.A. Bancorp Canadian Realty Finance Corporation (TSX:RF.PR.A)(TSX:RF.A) Announces Distributions (2010-03-15)

Primaris Retail REIT Announces March Distribution (2010-03-15)

Demand and supply coming into balance in resale market (2010-03-15)

Royal Host REIT Announces Distribution of $0.025 to Unitholders (2010-03-15)

InnVest Real Estate Investment Trust Announces Monthly Distribution (2010-03-15)

Amica Mature Lifestyles Announces Third Quarter Fiscal 2010 Results Conference Call (2010-03-15)

Artis Real Estate Investment Trust announces monthly cash distribution (2010-03-15)

iLOOKABOUT Announces Series E Warrant Term Extension (2010-03-15)

CMHC: Canada's Economic Action Plan Creates Jobs and Improves Social Housing in Ontario (2010-03-15)

SCHL: Le Plan d'action économique du Canada crée des emplois et améliore les logements sociaux en Ontario (2010-03-15)

Chartwell REIT Announces March 2010 Distribution (2010-03-15)

Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN) Announces Distribution of $0.01333 Per Unit (2010-03-15)

CMHC-Canada's Economic Action Plan Creates Jobs and Improves Social Housing in Ontario (2010-03-12)

March Madness @ Promenade - Celebrate your March Break 'staycation' in Thornhill! (2010-03-12)

InnVest REIT Reports Fourth Quarter Results (2010-03-12)

GT Canada Capital Corporation announces completion of qualifying transaction (2010-03-12)

Gulf & Pacific Equities Corp. Announces Renewal of Normal Course Issuer Bid (2010-03-12)

Canada’s Economic Action Plan Creates Jobs and Improves Social Housing in Ontario (2010-03-12)

Le Plan d'action économique du Canada crée des emplois et améliore les logements sociaux en Ontario (2010-03-12)

SCHL-Le Plan d'action économique du Canada crée des emplois et améliore les logements sociaux en Ontario (2010-03-12)

Energie renouvelable Brookfield voit un de ses projets hydroélectriques sélectionné pour une convention d'achat d'électricité (2010-03-11)

Educators Financial Group Announces Filing of Amended Mortgage & Income Fund MRFP (2010-03-11)

Avis aux médias : Annonce concernant la rénovation de logements sociaux (2010-03-11)

Huntingdon REIT Announces Binding Letter of Agreement to Sell Material Assets of CRESI (2010-03-11)

Xceed Mortgage Reports Fiscal 2010 First-Quarter Financial Results (2010-03-11)

Brookfield Renewable Power Hydroelectric Project Selected for Electricity Purchase Agreement (2010-03-11)

First Capital Realty Announces 2009 Year End Results (2010-03-11)

Media Advisory: Social Housing Renovation Announcement (2010-03-11)

Cominar REIT Achieves Another Year of Growth and Expansion (2010-03-11)

COMPASS Income Fund Rights Offering (2010-03-11)

Transportation/Trucking

NAV CANADA and Sensis Corporation win 2010 Environment Award at international air traffic control conference (2010-03-18)

Mullen Group Ltd. announces declaration of dividend (2010-03-18)

Porter Airlines takes leading position with Toronto-Ottawa, Toronto-Montreal routes (2010-03-18)

Canadian Helicopters reports 2009 year-end results (2010-03-17)

Hy-Drive Patent News - Hy-Drive Adds Two More Patents to its Patent Portfolio (2010-03-17)

/R E P E A T -- Mercier Bridge: Lane Closure - Road Work Heading to Châteauguay March 17/ (2010-03-17)

Jazz Air Income Fund announces March distribution (2010-03-17)

Cargojet Income Fund Announces Distribution (2010-03-17)

CN executive vice-president and chief financial officer, to address The National Bank Financial Annual Transportation & Logistics Conference March 24 (2010-03-17)

OC Transpo receives penalty for failing to call out stops (2010-03-16)

TSB Launches Watchlist, Calls for Action (2010-03-16)

Media advisory: The Transportation Safety Board of Canada will hold a news conference on March 16, 2010 to launch its safety issues Watchlist (2010-03-16)

CN selects Children's Hospital Foundation of Manitoba as community charity for 2010 CN Canadian Women's Open (2010-03-16)

Hy-Drive News - Leadership Transition (2010-03-16)

New Flyer To Announce 2009 Results on March 23rd and Hold Conference Call on March 24th (2010-03-16)

Mercier Bridge: Lane Closure - Road Work Heading to Châteauguay March 17 (2010-03-16)

Hy-Drive Developments - Ontario Waste Management to take delivery of Eighteen (18) Hy-Drive HGS(R) Units (2010-03-16)

Canadian Pacific to address National Bank Financial 5th Annual Transportation & Logistics Conference (2010-03-15)

TransForce declares quarterly dividend (2010-03-15)

CN awarded Innovator of the Year by Wal-Mart Canada (2010-03-15)

Media Advisory - The Transportation Safety Board of Canada (TSB) will hold a news conference to launch its safety issues Watchlist (2010-03-15)

New Flyer Industries Inc. and New Flyer Industries Canada ULC announce March cash distribution (2010-03-15)

Mercator Transport sets up office in Kenya (2010-03-15)

Canadian Helicopters Income Fund declares monthly distribution (2010-03-12)

GO Transit making changes to meet increased demand (2010-03-12)

NAV CANADA announces ratification of collective agreement with financial officers (2010-03-11)

Trimac Income Fund announces distribution (2010-03-11)

Porter Airlines expands Boston service to 5 daily roundtrips (2010-03-11)

Trimac Announces Fourth Quarter, Year-End Results (2010-03-11)

Alstom Acquires Services Company Assets in the U.S. (2010-03-11)