TORONTO, Jan. 3 /CNW/ - Bird Construction Inc. (TSX: BDT) ("Bird") announced today the completion of the reorganization ("Reorganization") of Bird Construction Income Fund (the "Fund") from an income trust into a corporation on January 1, 2011. The Reorganization was implemented by way of a plan of arrangement under the Business Corporations Act (Ontario), pursuant to which all of the units of the Fund ("Units") have been exchanged for common shares of Bird ("Bird Shares") on a one-for-one basis.

As a result of the Reorganization, Bird now owns all of the issued and outstanding Units. Bird will continue to carry on the business of the Fund with the same experienced management team. The board of directors of Bird is comprised of the same individuals who are on the board of trustees of the Fund and the executive officers of Bird Construction Company Limited, the administrator of the Fund, will serve as the executive officers of Bird.

It is expected that Bird will adopt an initial quarterly dividend rate of $0.45 per share, which is equivalent to the monthly distributions of $0.15 per Unit made by the Fund prior to the completion of the Reorganization. The dividend policy of Bird, including the amount of dividends to be paid, will be evaluated on a quarterly basis and may be revised subject to business circumstances, expected capital requirements and any unforeseen economic, operating or other circumstances.

As described in the management information circular sent to unitholders of the Fund in connection with the Reorganization, certificates representing Units need not be tendered for certificates representing Bird Shares. Pursuant to the Reorganization, the existing Unit certificates now represent Bird Shares and the right to receive physical certificates representing an equivalent number of Bird Shares on exchange of such Unit certificates. An exchange of Unit certificates can be made on request by a former holder of Units and will be made upon a transfer of Bird Shares. In the event that a former unitholder wishes to receive a physical certificate in their name representing the Bird Shares now owned by them, the certificates representing such holder's Units should be mailed, with a letter requesting the certificates representing such holder's Bird Shares, to Computershare Investor Services Inc., 100 University Avenue, Toronto, Ontario M5J 3Y1, Attention: Service Delivery 9th Floor, Phone: 1-800-564-6253.

The Bird Shares will begin trading on the Toronto Stock Exchange ("TSX") under the symbol "BDT" on January 4, 2011. The Units were de-listed from the TSX as of the close of the market on December 31, 2010.

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future, including the future rate of dividends to be paid by Bird. Many factors, including those described herein, could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

The TSX does not accept responsibility for the adequacy or accuracy of this release.

For further information:

Tim Talbott, President & CEO or
Stephen Entwistle, CFO
Bird Construction Inc.
5403 Eglinton Avenue West
Toronto, ON  M9C 5K6
Phone: 416.620.7122
Fax: 416.620.1516
Bird Construction Inc. Announces Completion Of Reorganization : News & Media : Bird Construction