93.7% VOXCOM Income Fund Units Accept UE Waterheater Income Fund Offer



    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
    SERVICES./

    TORONTO, June 8 /CNW/ - UE Waterheater Income Fund ("UE Waterheater" or
the "Fund") (TSX: UWH.UN) and VOXCOM Income Fund ("VOXCOM") (TSX: VOX.UN) have
jointly announced that 6764495 Canada Inc. (the "Offeror"), a wholly-owned
indirect subsidiary of the Fund, has on June 8, 2007, taken-up and accepted
for payment, 7,682,206 trust units ("Units") in the capital of VOXCOM pursuant
to its offer for all of the outstanding Units of VOXCOM dated May 4, 2007 (the
"Offer"). The Offeror will pay for all the taken up Units on the basis of
$13.25 in cash per Unit by June 13, 2007. Following payment for all the taken
up Units, the Offeror will own 7,682,206 Units which represent approximately
93.7% of the outstanding Units of VOXCOM.
    The Offeror has also extended the acceptance period for the Offer by
amending the expiry time of the Offer to 5:00 p.m. (Toronto time) on Wednesday
June 20, 2007. The Offeror expects to mail a formal notice of extension to
VOXCOM unitholders shortly.

    About UE Waterheater Income Fund

    UE Waterheater Income Fund is an unincorporated, open-ended, limited
purpose trust established under the laws of Ontario that indirectly holds,
through UE Waterheater Operating Trust, the water heater rental business of
Union Energy Limited Partnership (Union Energy LP) and its related commercial
activities as well as the security monitoring business of Protectron Limited
Partnership (Protectron LP). Each Unit of the Fund represents an indirect
ownership interest in Union Energy LP and Protectron LP, which own and operate
the businesses.
    Union Energy LP's main business is the rental and service of a portfolio
of more than one million residential water heaters in Ontario which is
Canada's second largest portfolio of rental water heaters in a program that
was initiated in the 1960s. In addition, Union Energy LP has related
commercial activities that complement the water heater rental business, being
the retail sale, rental, service and maintenance, and financing of heating,
ventilation and air conditioning equipment as well as electronic security
system sales, installation, rental, service, monitoring, and related
commercial activities. The businesses operate under the Reliance Home Comfort,
Reliance Protectron Security Services, UEI Financial and Reliance Commercial
Solutions brand names.
    For more information on the UE Waterheater Income Fund, visit the web
site at www.ueincomefund.com

    About VOXCOM Income Fund

    VOXCOM Income Fund holds all the issued and outstanding common shares of
VOXCOM Incorporated ("VOXCOM Inc."). VOXCOM Inc. is a national leader of
security alarm installation and monitoring services in Canada, serving more
than 122,000 residential and commercial customers. VOXCOM Inc. provides
monitoring services for security alarm systems and LifeCall emergency response
systems to all provinces from its head office and call centre in Edmonton, and
has branch offices in major centres across the country. VOXCOM Inc. also
maintains extensive marketing partnerships and a network of Authorized Dealers
throughout Canada. Information about VOXCOM Income Fund can be found at
www.voxcomincomefund.com and about VOXCOM Incorporated can be found at
www.voxcom.com.





For further information:

For further information: UE Waterheater Income Fund, Media, Jennifer
Garland, (416) 490-4968; Investment Community, Catherine David Nolan, Chief
Financial Officer, (416) 499-7098; VOXCOM Income Fund, Douglas O. Goss, Q.C.
Chair, (780) 420-4713

Organization Profile

UE WATERHEATER INCOME FUND

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