Armtec Announces Closing of Bought Deal Financing



    
    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES./

    Toronto Stock Exchange: ARF.UN
    

    GUELPH, ON, Feb. 23, 2009 /CNW/ - Armtec Infrastructure Income Fund ("the
Fund") is pleased to announce that it has completed the issue and sale of
3,100,000 trust units ("Trust Units") to the public at a price of $17.75 per
Trust Unit (the "Offering Price"), raising total gross proceeds of $55,025,000
(the "Offering"). The syndicate was co-led by Scotia Capital Inc. and BMO
Capital Markets and also included TD Securities Inc., Canaccord Capital
Corporation, CIBC World Markets Inc., National Bank Financial Inc., M Partners
Inc. and Raymond James Ltd. (the "Underwriters"). The 3,100,000 Trust Units
issued today included 280,000 Trust Units issued pursuant to the Underwriters'
exercise of the over-allotment option granted to them by the Fund.
    Proceeds from the Offering will be used for the repayment of outstanding
indebtedness of the Fund and its subsidiaries and for general business
purposes.
    The securities to be offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any State in which such offer, solicitation or sale would be
unlawful

    
    About Armtec Infrastructure Income Fund
    ---------------------------------------
    

    The Fund is a leading manufacturer and marketer of a comprehensive range
of infrastructure products and engineered construction solutions for customers
in a diverse cross-section of industries that are located in every region of
Canada, as well as in selected markets in North America and worldwide. These
markets include Canada's national and regional public infrastructure markets
and private sector markets in agricultural drainage, commercial building,
residential construction and natural resources. Operating through its three
divisions and with a network of offices and production facilities across the
country, the Fund is Canada's only national multi-material manufacturer. The
Armtec division specializes in high density polyethylene and corrugated steel
pipe products for drainage and bridge applications, and water management
systems. The Con-Force division offers a wide variety of precast and
pre-stressed concrete products, as well as advanced construction components
and high-value engineered solutions to large project customers. The Durisol
division provides a full suite of highway noise barriers and related
infrastructure products to the transportation sector. Armtec Infrastructure
Income Fund is listed on the TSX under the ARF.UN symbol. For more
information, please visit www.armtecincomefund.com.

    
    Forward-Looking Statements
    --------------------------
    

    This news release may contain "forward-looking" statements within the
meaning of applicable securities legislation which involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Fund or industry results, to be materially
different from any future results, events, expectations, performance or
achievements expressed or implied by such forward-looking statements.
Forward-looking statements may include comments with respect to the Fund's
objectives, strategies to achieve those objectives, expected financial
results, and the outlook for the Fund's business, and include the expected
completion and closing date of the offering. These statements reflect current
expectations regarding future events and operating performance and are based
on information currently available to the Fund's management.
    Forward-looking statements involve numerous assumptions, and significant
and inherent risks and uncertainties, should not be read as guarantees of
future performance or results and will not necessarily be accurate indications
of whether or not such results will be achieved. You should not unduly rely on
forward-looking statements as a number of factors, many of which are beyond
the control of the Fund, could cause actual results to differ materially from
the results disclosed in the forward-looking statements, including, but not
limited to the factors listed below and those discussed in the Fund's
materials filed with the Canadian securities regulatory authorities from time
to time including the Annual Information Form and the Annual MD&A. Those risks
and uncertainties include, but are not limited to: the state of financial
markets; industry cyclicality; competition; acquisition and expansion risk;
capital and liquidity risk; reductions in demand for the expiration of rights
under license and distribution arrangements; availability and price volatility
of raw materials; product liability; intellectual property; reliance on key
personnel; labour markets; environmental; collective bargaining; currency
fluctuations; interest rates; uninsured and underinsured losses; operating
hazards; risk of future legal proceedings; securities laws compliance and
corporate governance standards; geographical risk; seasonality and adverse
weather; geopolitical; and certain risks associated with the structure of the
Fund including dependence of the Fund on Armtec entities; income tax matters;
leverage and restrictive covenants; credit facilities; nature of units;
distribution of securities on redemption or termination of the Fund;
restrictions on potential growth; effect of market interest rates on the price
of units; undiversified and illiquid holdings in Armtec Operating Trust;
potential dilution. These and other factors may cause the Fund's performance
to differ materially from that contemplated by forward-looking statements.
Cash distributions are not guaranteed.





For further information:

For further information: Charles M. Phillips, President & Chief
Executive Officer, Armtec Limited Partnership, Tel: (519) 822-0210, Fax: (519)
822-8894; James R. Newell, Chief Financial Officer, Armtec Limited
Partnership, Tel: (519) 822-0210, Fax: (519) 822-8894; Carrie Boutcher, Vice
President, Finance, Armtec Limited Partnership, Tel: (519) 822-0210, Fax:
(519) 822-8894

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ARMTEC INFRASTRUCTURE INCOME FUND

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