Canadian Equipment Rental Fund Limited Partnership Announces Proposed
Acquisition of Waste Disposal and Recycling Assets and Private Placement

TSX Venture Symbol: CFL.UN

CALGARY, Sept. 23 /CNW/ - CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERFLP"), is pleased to announce that CERFLP has entered into a non-binding Letter of Intent to acquire assets comprising the entire waste disposal and recycling division of an Edmonton Alberta based corporation. The transaction is expected to be completed, subject to due diligence and other customary conditions, by mid-October 2009.

CERFLP has created a wholly owned subsidiary called The Smart-Way Disposal & Recycling Company Ltd. to hold the assets. Mr. Wayne Wadley of CERF GP Corp., states, "This acquisition is exciting for CERFLP in that we will be able to provide additional rental services to our existing customer base as well add new customers. The waste disposal business and particularly the recycling solutions that we will now be able to provide will have a growing significance as the homebuilders, industrial, commercial and infrastructure contractors, and renovators need to look for solutions to reduce the amount of waste deposited in landfill sites. Currently, construction and demolition waste accounts for about 25% of the total amount of municipal solid waste sent to landfills in Alberta, however, only about 10% of these waste materials are currently being recycled. It is estimated that at least 80% of material currently sent to landfills in Alberta can be recovered. To address this issue, regulations are being considered by Alberta Environment, under the Landmark Agreement, that propose that at least 50% of construction and demolition material be diverted from landfills to approved recycling facilities. The completion of the asset acquisition will allow CERFLP to offer additional services to our customers which will enable them to increase the ratio of materials to be recycled in anticipation of the pending regulations."

CERFLP proposes to issue 166,670 limited partnership units ("Units") of CERF LP, at a price of $3.00 per Unit, to certain insiders of CERFLP, for gross proceeds of $500,010, the proceeds from the private placement will be used to fund the asset acquisition. CERFLP also proposes to issue to the vendor of the waste disposal business assets, 28,333 Units, at a deemed price of $3.00 per Unit, as a portion of the purchase price therefor. Both issuances of Units are subject to approval by the TSX Venture Exchange.

CERFLP is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERFLP trades on the TSX Venture Exchange under the symbol "CFL.UN" and currently has 5,842,897 units issued and outstanding.

    
    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

%SEDAR: 00022335E

SOURCE CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

For further information: For further information: Wayne Wadley, President and CEO, CERF GP Corp., general partner of CERF LP, Telephone: (403) 850-4095, E-mail: wwadley@cerflp.com; Ken Stephens, CFO, CERF GP Corp., general partner of CERF LP, Telephone: (403) 298-8695, Fax: (403) 269-3540, E-mail: kstephens@cerflp.com

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CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

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