TORONTO, ONTARIO--(Marketwired - April 8, 2013) - The Board of Directors of Income STREAMS III Corporation ("STREAMS III") announced today that it will hold a special meeting of shareholders to consider a proposal, subject to certain preconditions and all required regulatory approvals, which would take effect upon the termination date of STREAMS III on December 1, 2013.

Under the proposal, shareholders will be provided with a choice to have their Capital Yield or Equity Dividend shares exchanged (on a tax free rollover basis) for an equal dollar amount of units of Dividend 15 Split Corp. ("Dividend 15"), another Fund managed by Quadravest Capital Management Inc. (the "Manager") on or about December 1, 2013. This exchange would be accomplished by the merger of STREAMS III into Dividend 15. Alternatively, Capital Yield and Equity Dividend shareholders would still be able to exercise their existing retraction rights upon termination of STREAMS III on December 1, 2013 as originally contemplated.

Dividend 15 invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial Corporation, Enbridge Inc., Sun Life Financial Inc., TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation and TransCanada Corporation. Shares held within the portfolio are expected to range between 4-8% in weight but may vary at any time. In addition to the dividend income received from these high paying dividend companies, Dividend 15 also utilizes a selective covered call writing program to add additional income to the portfolio.

One unit of Dividend 15 consists of one Class A share and one Preferred share. Since inception, Dividend 15 has exceeded its distribution objectives. Class A shareholders and Preferred shareholders have each received 108 consecutive monthly distributions since inception. Class A shareholders have received a total of $14.30 per share (including five special distributions of $0.25 per share, one special distribution of $0.50 per share and one special stock dividend of $1.75 per share) and Preferred shareholders have received a total of $4.75 per share for a combined total of $19.05 per unit. All distributions have been made in tax advantaged eligible Canadian dividends or capital gains dividends. As at April 5, 2013, the current yield of the Class A shares is 11.65% and for the Preferred share it is 5.05%. The combined market prices of each share have consistently traded at a premium to its net asset value per unit over the last several years.

Further information will be presented in the Management Information Circular that is expected to be sent out in June. The proposed merger of STREAMS III into Dividend 15 on or about December 1, 2013 is subject to the prior approval of the shareholders of Dividend 15 which will vote on such proposal at its own shareholder meeting on June 3, 2013. STREAMS III will require this approval in order to proceed with this proposal. All costs associated with this proposal will be paid for by the Manager and not STREAMS III.

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